The Sadara JV (Saudi Aramco 65%, Dow Chemicals 35%) is the latest Saudi petrochemicals firm to report higher profits for Q1 as the market outlook brightens (MEES, 30 April). Revenues rose 80% year-on-year to SR4.4bn ($1.17bn) as the firm flipped from a SR24mn ($6.4mn) loss to a bumper SR1.6bn ($430mn) profit.
Dow is upbeat about the outlook for Sadara, with CEO Jim Fitterling saying that the completion of the JV’s debt reprofiling “will provide approximately $350mn cash tailwind to Dow in 2021. Sadara is now expected to be cash flow self-sufficient” (MEES, 29 January). (CONTINUED - 205 WORDS)