A total of 14 Saudi companies in the energy sector booked hefty losses last year, Middle East Monitor reported on Wednesday, quoting analysts who had spoken to local media. One of the companies with losses is Saudi chemicals giant Sabic, which booked US$1.5 billion (5.63 billion Saudi riyals) in losses last year, according to Middle East Monitor, which quotes Saudi outlet Arabi21. In the fourth quarter of 2019, Sabic booked a loss of US$192 million (720 million Saudi riyals), which was the first loss in more than 10 years, according to Sabic’s chief executive officer Yousef Abdullah Al-Benyan, quoted by Middle East Monitor. A drop in demand globally, higher prices for feedstock, and lower prices of petrochemical products were the key reasons for the losses last year, according to Sabic’s chief executive. Last year, Saudi Aramco said it would buy 70 percent in Sabic. In March 2019, Aramco signed […]