After enduring two lean years, Saudi petchems firms are optimistic that they have turned the corner. Preliminary earnings results show that many experienced a strong end to 2020 and are looking ahead to an increasingly buoyant market in 2021.
By far the largest player in the sector is state-led Sabic, in which Saudi Aramco last year bought a 70% stake for $69.1bn (MEES, 19 June 2020). The petchems giant says in its preliminary Q4 results on 31 January that “Sabic and Saudi Aramco have been working together to explore areas of synergies that will maximize value for both parties. At a strategic level, Sabic is now the chemicals arm of Saudi Aramco, which reinforces the company’s vision to be the preferred world leader in chemicals and maintain its role as a national champion.” (CONTINUED - 896 WORDS)