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Petrochemicals project all around the world are being reconsidered or cancelled.
We hear that in Saudi Arabia project in Ras Tanura is being downsized and possible changed to a different location.
We also hear that in Qatar the Honam quits a 2.63 bln project planned. The excuse? Global financial crisis.
So, my thoughts about it... The same as latest SABIC Europe CEO, in its last speech before leaving the company: "The chemical business is a cyclical one, everybody knows it, but yet it strikes me how many people still don´t understand this situation and act according to it".
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