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
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
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
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