RIYADH: Petrochemical prices are expected to remain the same through 2022, and likely to continue until 2023, CEO of National Industrialization Co., also known as Tasnee, Mutlaq Al-Morished, said.
Al-Morished told Argaam that petrochemical prices are “very good” for all producers at present, while indicating a marginal decline in some prices.
The price of basic materials such as iron, copper, lead, and aluminum is also high, he added.
The GCC region terminal prices reached $8,000, up from $800-850 earlier, resulting in higher prices for end products.
Prices for propane and butane in Saudi Arabia remained unchanged, as those in Japan rose significantly, where propane prices topped $800 per ton — the highest level in 30 years.
Prices have fallen to $600 per ton today, but they are unattractive to investors building new industries, Al-Morished said.
Established in 1985, Tasnee is one of the largest petrochemical and industrial companies in the Kingdom. It also has interests in metals, industrial services, and environmental technologies.
