(EnergyAsia, May 12) — Saudi Basic Industries Corporation (SABIC) reported first quarter profits of SR5.077 billion (US$ 1.354 billion), an increase of 116% compared to the same period in 2004 and an increase of 8% over the profits of SR4.691 (US$ 1.251) billion in the last quarter profits of 2004.             SABIC vice chairman and…