Saudi Arabia’s petrochemicals firms are beginning to announce their Q4 earnings. And the numbers to date indicate the extent to which the sector bounced back in 2021. Rising demand and prices since the second half of 2020 have enabled a marked turnaround after a stretch of barren years.
One of the first to report is the National Petrochemical Company (Petrochem) which was established in 2008 as a joint stock company. Petrochem has a 65% stake in Saudi Polymer Company (SPC) and 65% in the Gulf Polymers Distribution Company. These are joint ventures with US petrochemicals giant ChevronPhillips and are based in Jubail. SPC manufactures polyethylene, polypropylene, polystyrene, and 1-Hexene. (CONTINUED - 270 WORDS)
