SABIC official on investing in Iran

Mohammad al-Mady, deputy chairman of the Saudi Basic Industries Corporation (SABIC), said yesterday that his company "believes it is possible that cooperative arrangement with Iranian producers could lead to future mutual benefits. such efforts could take a variety of forms, and a number of different ideas could be considered." The Iranian news agency IRNA quoted al-Mady as saying, "We see where annual chemical imports (mostly from Europe and Japan) to Iran and Saudi Arabia account for roughly 10 percent of total import purchases of all products imported by Iran and Saudi Arabia. if some cooperative chemical manufacturing and marketing efforts can reduce the future 'import bill' we pay to others, Iran and Saudi Arabia may both stand to benefit,"