Saudi petrochemical exports increase 18% in October

Riyadh: Saudi Arabian petrochemical exports increased by 18 per cent in October as global prices rebounded amid stronger demand from Asia, the government reported.

Petrochemical exports in October rose to 3.52 billion riyals (Dh3.45 billion) from 2.99 billion riyals in September, the Department of Statistics and Information said on its website yesterday.

Saudi Arabia holds the world's largest oil reserves.

Prices of petrochemicals, especially methanol, increased in October, Abdul Rahman Al Zamil, the head of the Riyadh-based Export Development Center, said last month. Al Zamil, whose centre promotes the country's non-oil exports, expects to see higher prices for November and December.

Saudi Arabia is adding five petrochemical crackers in the next five years and plans to increase chemical exports.

China, Singapore, and India are the largest importers of Saudi Arabia's non-oil exports, including petrochemicals and plastics.