The Cracker Came Back Without the Liquids
Dow's third quarter release says "Middle East conflict" four times and never names Jubail. Asked directly on Thursday's call, the CEO said Sadara is partially restarted with a cracker and the polyethylene trains online and the liquids still down. On Dow's own capacity table that leaves 1,470 thousand tonnes a year of isocyanates, polyols, amines and glycol ethers off the board.
Dow's third quarter release names the thing four times without naming it once.
"Middle East conflict" appears four times across the segment commentary. Search the same document for Jubail and you get zero hits. Search it for Saudi and you get zero hits.
Nearly seven months of that. Then Matthew Blair of TPH asked on Thursday morning's call which Middle East assets were actually running, and Karen Carter answered in one sentence.
Sadara "is partially restarted, with a cracker and polyethylene plastic trains that are online, but the liquids remain down."
"When half of Jubail comes back, which half is it?"
That sentence is the only public statement of Jubail's operating state since the site went down on March 31, and it splits the complex along the exact seam that decides whether any of this reaches your contracts.
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