Egypt has decided to lift anti-dumping fees on polypropylene imports from Saudi Arabia as the measure was against its public interest, Saudi Arabia's deputy oil minister Prince Abdul-Aziz bin Salman said in remarks published Tuesday.
Egypt
has
decided to lift anti-dumping fees on polypropylene imports from
Saudi
Arabia
as the measure was against
its public interest,
Saudi Arabia
's
deputy oil minister Prince Abdul-Aziz bin Salman said in remarks published
Tuesday.
The north African country has been investigating since April protective
measures and anti-dumping fees imposed on Saudi imports due to claims that they
are damaging its industry, Prince Salman said, according to state-run Saudi
Press Agency, or SPA.
The investigation discovered that the damage was caused by other factors and
that the measures against Saudi imports "were not in interest of the Egyptian
public," SPA, reported.
The fees were imposed on several Saudi petrochemical makers such as Saudi Basic
Industries Corp. (2010.SA), the world's largest petrochemical maker, Rabigh
Refining and Petrochemical Co. (2380.SA) and National Industrialization Co.
(2060.SA).
Early last year,
Turkey
ended
its anti-dumping claims on monoethylene glycol imports from Saudi Basic
Industries Corp., or Sabic after it confirmed that the firm was complying with
all the regulations.
The move came after
India
scrapped
an anti-dumping duty on polypropylene exports from the
Middle
East
's largest listed company.
Saudi Arabia
set
prices for ethane, a form of natural gas widely used in the production of
chemicals in the Gulf region, at $0.75 per million British thermal units in
1998, below international prices. Saudi petrochemical firms are benefiting from
the low cost of feedstock at home, giving the company a competitive edge over
producers elsewhere that use naphtha, a crude derivative whose price has risen
in line with surging oil prices.
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