Petrochemical prices ‘very good’ for all producers at present: Tasnee CEO

Tasnee’s CEO Mutlaq Al-Morished

Mutlaq Al-Morished, CEO of National Industrialization Co. (Tasnee), said that petrochemical prices are “very good” for all producers at present, pointing to a marginal decline in prices of some products.

Prices of basic materials such as iron, copper, lead and aluminum are high, Al-Morished told Argaam on the sidelines of GPCA Plastics Conference, held in Riyadh.

He also expected price levels to remain the same through 2022, noting that they are likely to continue until 2023.

Al-Morished added that the supply chain crisis resulted in higher prices. Terminal prices in the GCC region reached $8,000, compared to $800-850 earlier, which in turn impacted end product prices.

Feedstock costs in Saudi Arabia remained unchanged. The prices of propane and butane significantly increased, as they are linked to prices in Japan, where propane cost over $800 per ton — the highest level in 30 years. These prices have retreated today to $600 per ton, however, they are unattractive for investors building new industries, Al-Morished explained.

Elsewhere, Al-Morished stated that Tasnee has no current plans for scheduled maintenance.

recycling as the industry faces global pressure plasticHe also underlined the importance of due to its plastic waste generation.