Jan 17 2012 |
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Saudi Sabic CEO Hopeful Will End Turkey's Anti-Dumping Claims
Tuesday, Jan 17, 2012
RIYADH (Zawya Dow Jones)--The chief executive of Saudi Basic Industries Corp . (2010.SA), the world's largest petrochemical maker, said Tuesday he is hopeful that the firm will resolve its anti-dumping dispute in Turkey.
"Talks (with Turkey) are continuing...we are complying with the regulations and I think this one is on its way to be resolved," Mohammed Al Mady told a press conference in Riyadh.
The Turkish government is accusing Sabic , the Middle East's largest listed company, of dumping monoethylene glycol in its market.
Saudi Arabia set prices for ethane, a form of natural gas widely used in the production of chemicals in the Gulf region, at $0.75 per million British thermal units in 1998, below international prices.
The European Union has recently terminated an anti-dumping and anti-subsidy probe on imports of Polyethylene terephthalate, or PET, products from Saudi Arabia and Oman after a major leading European PET industry association withdrew its complaint.
The move came after China in 2010 decided it won't impose anti-dumping duties on imports of methanol from Saudi Arabia, following investigations to assess whether the material--used in blended gasoline--has been dumped onto the Chinese market at prices below production costs.
-By Summer Said and Ellen Knickmeyer, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
17-01-12 1813GMT
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