Saudi’s SABIC eyes joint-ventures in China, U.S.

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemicals groups, is considering launching joint ventures in China and the United States, its acting chief executive told Reuters on Sunday.

SABIC, which reported a fifth straight decline in quarterly profit on Sunday, could make an announcement regarding the potential joint ventures in the first quarter of 2016, Yousef Abdullah al-Benyan said in an interview with Reuters on the sidelines of a news conference in Riyadh.

The company, 70 per cent state-owned, has no plans to issue bonds or raise other debt before the end of 2015, Benyan added.