Petchems add SAR 45 bln to Saudi economy each year: Al-Benyan

Saudi Arabia's petrochemical industry contributes over SAR 45 billion annually to local economy, Yousef Al-Benyan, Vice Chairman and Chief Executive Officer of Saudi Basic Industries Corporation (SABIC), told Al-Eqtisadiah newspaper on Tuesday.

The giant petrochemical producer’s local sales hit nearly 2.7 million tons, accounting for 94 percent of the Kingdom’s consumption.

SABIC’s production of petrochemicals exceeds 85 million tons annually.

Today, Saudi Arabia has more than 2,000 plastics producers, compared to seven factories before SABIC establishment, Al-Benyan added in a forum at King Saud University.