Saudi Basic Industries Corporation (SABIC) is on the hunt for acquisition targets, focusing on firms affected by the market turmoil, its top executive said in remarks aired on Monday.

The Saudi firm had secured financing worth 50 billion riyals ($13.3 billion) over the past five years up to 2008 for its expansion, Mohamed Al-Mady told Al Arabiya television.

'(That is) more than 95 per cent of the financing we need. It was (secured) at unimaginable pricing,' he said. 'We have very excellent financing rates.'

The earnings of Sabic, the world's largest chemical firm by market value, were affected by its US GE Plastic unit, which it later renamed Sabic Innovative Plastics, he said.

He expects the US unit's profitability to improve due to the decline in fuel prices in the United States.

Sabic posted its first quarterly decline in profits in more than two years during the third quarter, citing a slowdown in sales growth.-Reuters