The European Commission (EC) has dropped two anti-dumping cases against Saudi Basic Industries Corp (Sabic) and the Saudi Arabian government regarding the export of polyethylene terephthalate (PET).

Prince Abdul Aziz bin Salman, assistant minister of petroleum and mineral resources for petroleum affairs, announced through the Saudi Press Agency that the cases had been dropped due to them “not harming the interests of the European Union”.

The EC has initiated proceedings against both Sabic and the government in Riyadh in February 2011 after allegations were made that PET made in the kingdom was being dumped on the European market at prices lower than what it is sold for in Saudi Arabia.

PET is mostly used to make plastic packaging and bottles and the sector is estimated to be worth about $4.1bn a year.