Khalifah Al Mulhem, chairman of Advanced Petrochemical Co. (APC), told Al-Arabiya TV in a phone call that his company benefited from the decline in oil prices.
“Feedstock prices declined more than the prices of the company’s end products, and we benefited from this,” he said.
Crude Brent extended its decline to eight straight weeks, recording its biggest weekly loss since 1988.
Al Mulhem indicated that the Naphtha prices dropped in the global markets more than the prices of APC’s end products.
“The feedstock prices fell by 5-10%; thus we benefited from the difference between production costs and end product sale prices,” he said.
The International Energy Agency (IEA) expected that oil prices will further decline in the next year after hitting lowest level since 2010.