Prices and volumes rise in third quarter Global demand shows positive trend LONDON: Saudi Basic Industries Corp. (SABIC) is targeting investments in Africa as the petrochemicals giant taps rising demand for plastics worldwide. The Riyadh-headquartered chemicals maker reported a 5.3 percent rise in third quarter net income to SR6.1 billion ($1.62 billion) on Sunday, which it attributed to better sales prices and volumes. The world’s fourth-biggest petrochemicals company is looking for future investment opportunities in Africa, which is a promising market to maintain sales growth, Reuters reported citing its chief executive. Yousef Al-Benyan also told reporters that the outlook for business in the US, Asia and China was still broadly positive despite some challenges relating to high energy prices. The vast Saudi petrochemical industry is expected to experience a wave of consolidation this year with SABIC expected to be at the center of that process. Saudi Aramco, the world’s biggest national oil company, is working on buying a stake in SABIC, Aramco CEO Amin Nasser told the Future Investment Initiative in Riyadh last week. Hoever, anti-trust regulations will mean that the company’s planned acquisition of a controlling stake in SABIC is expected to take time, he said. Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and nearly half the growth to 2050, adding nearly 7 million barrels of oil a day by then, the IEA said. “Our economies are heavily dependent on petrochemicals, but the sector receives far less attention than it deserves,” said Fatih Birol, the IEA’s executive director. “Petrochemicals are one of the key blind spots in the global energy debate, especially given the influence they will exert on future energy trends. In fact, our analysis shows they will have a greater influence on the future of oil demand than cars, trucks and aviation.” Demand for plastics – the key driver for the petchem industry – has outpaced all other bulk materials (such as steel, aluminum, or cement), nearly doubling since 2000, the agency estimates.