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Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss. The loss stemmed from a 2.93 billion riyals impairment charge on the fair value of Saudi Iron and Steel Company (Hadeed) after the sovereign wealth fund of Saudi Arabia acquired SABIC's complete share in the company. The global petrochemical market continues to witness weak global demand and an increase in supply for most products, SABIC said.

Saudi Arabian petrochemical giant SABIC reports Q3 net loss

Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss. The loss stemmed from a 2.93 billion riyals impairment charge on the fair value of Saudi Iron and Steel Company (Hadeed) after the sovereign wealth fund of Saudi Arabia acquired SABIC’s complete share in the company. The global petrochemical market continues to witness weak global demand and an increase in supply for most products, SABIC said.

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