(Adds context, detail)
DUBAI May 2 Saudi Basic Industries Corporation
(SABIC) is "very positive" about 2017 despite global challenges,
its chief executive said on Tuesday.
Yousef Abdullah al-Benyan told reporters in Riyadh the firm
was monitoring the global situation, but it was difficult to
predict prices due to the uncertainty in oil markets.
Al-Benyan was speaking a day after the petrochemical maker
reported an 80 percent jump in net profit from a year earlier in
the first quarter of 2017.
Al-Benyan said SABIC had no plans to raise new debt, but
might consider refinancing.
The company is aiming to become the world's third biggest
petrochemical maker by growing its existing businesses and by
making acquisitions, Al-Benyan said, adding SABIC was currently
ranked number four.
(Reporting by Marwa Rashad, Reem Shamseddine in Riyadh, writing
by Alexander Cornwell and Hadeel Al Sayegh in Dubai; Editing by
Sherry Jacob-Phillips and Mark Potter)