Saudi International Petrochemical Company (Sipchem) chief executive said on Tuesday that he expected his company's performance to improve in 2016 with higher product prices and as maintenance of some of its facilities ended.

“I am optimistic that 2016 will be a better year in stabilising prices and increasing production in all plants of the company,” Ahmad al-Ohali said in an interview with Al Arabiya television.

“Some projects which are in a testing phase...will have completed their testing and be in operation.”

Earlier, Sipchem reported a 55.4 per cent year-on-year slump in third-quarter net profit to SR71.6 million ($19.1 million), blaming lower average selling prices of all company products. – TradeArabia News Service