China largest consumer of chemicals, petchems; all vying to supply: Tasnee CEO

Mutlaq Al-Morished, CEO of Tasnee

China is a major petrochemicals market, where Saudi Arabia has established presence through a number of companies including National Industrialization Co. (Tasnee), Saudi Basic Industries Corp. (SABIC), Saudi Aramco and others, Al Ekhbariya TV reported, citing Tasnee CEO Mutlaq Al-Morished.

Several countries are vying to enter the Chinese sizable market as it consumes two-thirds of the global output of chemicals and petrochemicals, Al-Morished said on the sidelines of the 10th Arab-China Business Conference in Riyadh.

The Chinese market is important for the petrochemicals industry, said Al-Morished, adding that Saudi Arabia has the technological tools, financial resources and feedstock, but all the Arab markets do not have ample presence in China.

“We excel China in basic materials, but China surpasses the Kingdom in terms of manufacturing products,” Al-Morished noted.