Sabic: China not yet clarified protectionist duties on Saudi

Riyadh, July 05, SPA -- The Saudi Arabian Basic Industries Company
(SABIC) said today that the Chinese Ministry of Commerce, which began
investigation in cases filed by a number of Chinese raw coal-based
Methanol manufacturing companies to impose protectionist duties
against Saudi Methanol on the ground of dumping, have not yet taken
any action for the clarification of all parties concerned.

In a statement posted on 'TADAWUL' web-site, SABIC noted that no
protective duties have been imposed on Saudi Methanol, and
consultations were still under way to rebut the arguments of dumping,
while the Saudi Ministry of Commerce and Industry and the Saudi
Embassy in China are currently negotiating with the concerned Chinese
authorities to resolve the issue amicably in the light of the strong
links between the two countries.

The Saudi production of methanol amounts to 6.2 million tons. Out of
this volume, SABIC produces 83 per cent. SABIC exports 70 tons per
month of the Chinese market.

Moreover, the Chinese market gets 16 per cent of SABIC's Methanol
production.

--SPA