Saudi Arabia’s petrochemical industry churned out $7.8bn of profits last year, and is now likely to resume an overseas acquisition and expansion drive interrupted by the financial crisis.
After the local industry’s net profits fell by almost two-thirds to $2.8bn in 2009, Saudi chemical companies – led by Saudi Basic Materials Corporation, or Sabic, the state-controlled group with operations from the US to China – roared back to life last year.
“There’s a very bullish tone at the moment, as the current petrochemical up-cycle is very strong,” says Sebastian Pollems, a managing director and petrochemical specialist at Morgan Stanley in Frankfurt.
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