RIYADH, April 20 Saudi Basic Industries Corp
(SABIC), the world's biggest petrochemicals group, is
reviewing its global growth outlook, especially in light of the
weak economic situation in Europe, chief executive Mohamed
al-Mady said on Saturday.
He was speaking at a news conference after SABIC said on
Thursday that it planned to cut 1,050 jobs in Europe and close
some operations there because lower consumer spending had hit
"SABIC does not do this because it wants to lay off people
or shut down any plants. It does this because the situation
demands it," Mady said.
However, he described Europe as a "special case" and said
the continent would remain a very important market for the
company, even in bad times.
Mady said he could not predict global petrochemical prices
for this year but thought 2013 would be similar to 2012, with
improvement in prices occurring after 2013.
Earlier on Saturday, SABIC said it posted a 10 percent
year-on-year fall in its first-quarter net profit.