RIYADH: Saudi National Industrialization Co. has succeeded in reducing loans from SR27 billion ($7.19 billion) to less than SR9 billion, its CEO revealed. In an interview, Mutlaq Al-Morished further disclosed that the company, also referred to as Tasnee, has begun the construction process on expanding the ethylene crushing plant in partnership with Saudi chemicals firm Sipchem. The CEO pointed out that the impact of this expansion is expected to roll out in 2026, Al-Ekhbariya reported. This falls in line with the company’s aim of advancing economic diversification in the Kingdom, as well as its vision to optimize stakeholders’ returns and contribute to industrialization. Al-Morished also noted that the first quarter of 2024 will witness a slight increase in prices from 2 percent to 3 percent, except for polypropylene, which is in surplus supply. He went on to say that China will continue to import petrochemicals as long as the cost of manufacturing them locally is high. In addition, the CEO highlighted concerns regarding the competitiveness of the sector in the Gulf because of the rise in costs and the entry of US companies. Established in 1985, Tasnee is dedicated to maintaining consistently high levels of agility, efficiency, sustainability, and innovation in its operations. In March, Saudi Arabia and US industry representatives were set to explore financial goals and the development of green technology at the Industrial Investment Conference held in Houston. Organized by the Kingdom’s Ministry of Investment in collaboration with the Saudi-US business council, the event saw discussions focused on the nations’ national strategies, the Saudi Press Agency reported at the time. Representatives from 12 government entities and conglomerates contributed to the conference as the one-day event linked the petrochemical industry with the transformation sector to discuss green energy prospects to form zero petro-and-transformation industries complexes. The Kingdom’s Ministry of Investment’s mission is to promote Saudi Arabia as a world-class destination, attract and retain stakeholders, and expand business to benefit sustainable national economic growth. The sector plays a vital role in elevating the region’s overall financial environment, commissioning multiple market intelligence studies annually, and developing local opportunities for joint ventures.