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RIYADH: Saudi Advanced Petrochemicals Company is seeing a rise in product prices as demand for plastics such as polypropylene increases.
The company has seen an improvement in petchem prices by as much as 25 percent since the beginning of the year, Chairman Khalifa Al-Melhem told Al Arabiya on Wednesday.
Al-Melhem said that demand for polypropylene which is used to make a wide range of consumer goods including visors, had increased by 4 to 5 percent.
He also confirmed that the company would receive its feedstock for its latest project at the same price as all other producers in the Kingdom,
Saudi petrochemical companies use the Kingdom's vast reserves of natural gas as the main feedstock to make a range of plastics that are exported worldwide.
Advanced Global Investment Company (AGIC), a unit of Saudi Advanced Petrochemicals Company, has received Ministry of Energy approval to allocate feedstock for the construction of a petrochemical complex project in Jubail Industrial City, the company said this week.