RIYADH, April 20 (Reuters) - Saudi Basic Industries Corp (SABIC), the world’s biggest petrochemicals group, is reviewing its global growth outlook, especially in light of the weak economic situation in Europe, chief executive Mohamed al-Mady said on Saturday.
He was speaking at a news conference after SABIC said on Thursday that it planned to cut 1,050 jobs in Europe and close some operations there because lower consumer spending had hit demand.
“SABIC does not do this because it wants to lay off people or shut down any plants. It does this because the situation demands it,” Mady said.
However, he described Europe as a “special case” and said the continent would remain a very important market for the company, even in bad times.
Mady said he could not predict global petrochemical prices for this year but thought 2013 would be similar to 2012, with improvement in prices occurring after 2013.
Earlier on Saturday, SABIC said it posted a 10 percent year-on-year fall in its first-quarter net profit.