Petchems giant Sabic and Swiss specialty chemicals firm Clariant have announced a temporary halt to discussions over a proposed merger of their specialty chemicals business. The Saudi state-led firm cites “unfavourable market conditions.”
The announcement came as Sabic reported a 68% year-on-year fall in net profits to SR2.12bn ($565mn) for Q2, the lowest quarterly figure since 2009. Sabic chief executive Yousef al-Benyan says a “slowdown in global GDP growth coincides with a decline in petrochemical prices due to a significant increase in new supply capacity.” (CONTINUED - 269 WORDS)
