By SUMMER SAID
DUBAI -- 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. (Sabic), the world's largest petrochemical maker, Rabigh Refining and Petrochemical Co. and National Industrialization Co.
Early last year, Turkey ended its anti-dumping claims on monoethylene glycol imports from 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.
Dow Jones Newswires