Leading chemical maker Saudi Basic Industries Corp (Sabic) sees petrochemical prices under pressure in 2009, its chief financial officer said on Wednesday.

"Demand is expected to remain subdued. US and European customers are unable to maintain enough credit, and Asia demand remains weak," Mutlaq Al-Morished told a conference in Dubai.

"Petrochemical prices will remain under pressure in 2009," he added.

Sabic, one of the world's largest chemical firms, posted a fall of more than 95 percent fourth-quarter net profit due to a drop in demand for petrochemical products and said in January it would halt output at some plants and cut jobs.

Demand has been evaporating as the global economic crisis hits the automotive, building and construction industries. - Reuters