SABIC to grow its way out of earnings slump - acting CEO

* New projects to return profit growth - acting CEO * Studying increased specialties business * Cost-cutting, asset sales to also play part * Posted lower profits in 8 straight quarters (Changes dateline, recasts with growth plans, adds detail, context) By Marwa Rashad and Reem Shamseddine RIYADH, July 28 (Reuters) - Saudi Basic Industries Corp (SABIC) aims to grow its way out of an extended earnings slump brought on by the impact of lower oil prices on the petrochemicals sector, its acting chie