By: Aseel bin Taleb

Riyadh – Mubasher: National Industrialisation Co. (Tasnee) will focus on its sales in African markets owing to their large impact and due to weaker competition in those markets, said CEO Mutlaq Al Morished.

The financial impact resulting from the amendment of energy prices and amounting to SAR 190 million is likely to be divided on the four quarters of the year by around less than SAR 50 million per quarter, the top official added in an interview with Mubasher.

Al Morished noted that he does not believe that the failed meeting for oil-producing countries in Doha will significantly affect the petrochemicals market.

The prices of the company’s petrochemical products are valued at oil prices ranging between $30-40 per barrel, he noted.

Should oil prices remain stable and not decline further, then it is expected that product prices will see good results, the CEO stated, adding that in the event of an increase in oil prices, then product prices will go up.

In a press conference held after the announcement of Tasnee’s financial results, Al Morished noted that the company saw good results during the first quarter of the year and that it is likely the company will see a restructure soon.

The long-term restructure programme aims to cut costs and boost production efficiency at Tasnee, the CEO revealed.

Translated by: Nada Adel Sobhi