Sumitomo Chem in $7 bln petchem expansion, unfazed over mkt low point
TOKYO May 25 (Reuters) - Sumitomo Chemical Co announced a $7 billion expansion of the Rabigh II petrochemical project jointly with Saudi Aramco on Friday, then said although the petrochemical industry is now at a low point it is not worried about the market's long-term prospects.
"The industry is now at low point, but we are not worried about its long-term prospects," Osamu Ishitobi, vice president of Sumitomo Chemical, told a news conference held shortly after the announcement. (Reporting by Yuko Inoue; Editing by Michael Watson)
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