World economies

Positively for Saudi Arabia, the agreement confirmed Saudi Arabia’s right to retain low feedstock prices on the grounds that its hydrocarbon resources are a natural advantage and not classed as a subsidy. The Saudi Basic Industries Corporation (Sabic) plans to raise its output of petrochemicals and other products to 51m tonnes in 2006 (from 43m tonnes in 2004) as part of an expansion to 60m tonnes by 2008.

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