Saudi petrochemicals to face challenges from Chinese competitors: Tasnee CEO

The petrochemicals industry in Saudi Arabia is poised to face a challenging future, as companies like National Industrialization Co (Tasnee) face competition from Chinese producers that have contributed to drops in prices, Mutlaq Al-Murshid, Tasnee CEO, was quoted as saying in al-Riyadh newspaper.

Tasnee’s growth has slowed in the past few years amid limited profit coupled with higher costs of operation, he added.

Cristal, Tasnee’s subsidiary and one of the world’s largest producers of titanium dioxide, is losing revenue because of weak prices of its products.

The company is no longer able to operate its production units in full capacity, he added.