Saudi petchems firms are looking ahead to a much-improved economic environment in 2021, with the first batch of Q1 results pointing towards bumper revenues. While only a handful of firms have reported results so far, the initial readings show that not just has the late-2020 momentum been carried into 2021 (MEES, 5 February), but that revenues have risen above pre-Covid levels.
The petrochemicals sector is a key plank of Riyadh’s efforts to expand its industrial base in order to strengthen the economy through the Vision 2030 strategy. In a televised interview this week (MEES, 30 April), Crown Prince Muhammad bin Salman stated that the government intends for 3mn b/d of Saudi Aramco’s crude output to be converted to petrochemical products by 2030. This target was previously referenced in 2019 by Aramco CEO Amin Nasser (MEES, 29 March 2019). (CONTINUED - 706 WORDS)