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Sabic News

Aramco has cancelled a 400,000 bpd refinery and chemicals project at Ras Al Khair, according to a media report

Aramco cancels Saudi project amid Asia focus

Aramco, the world’s largest oil producer, has scrapped plans for a refinery and chemicals project in Saudi Arabia to focus on Asia expansion, mainly in China. The 400,000 barrels per day (bpd) facility at Ras Al Khair, which was being planned in collaboration with Saudi Basic Industries Corporation, an Aramco subsidiary, has been cancelled, Bloomberg […]

Alba Maaden Aluminium Ras al Khair

Ma’aden-Alba merger ‘a potential game changer’

The proposed merger between the Saudi Arabian mining company Ma’aden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […]

Saudi petrochemical

Second-half slide expected for Saudi petrochemical industry

With higher shipping and logistic rates and stable prices of raw materials, Saudi petrochemical producers are likely to report lower earnings in the second half of the year, an expert has said. The companies reported margin peaks in the second quarter of the year, but they are likely to face pressures on profit margins in […]

Maaden will become the second-largest shareholder in Alba, holding a 20.62% stake on completion of the deal

Maaden to acquire Sabic’s stake in Bahrain’s Alba

Saudi Arabian Mining Company (Maaden) will acquire Saudi Basic Industries Corporation’s (Sabic) 20.62 percent share in Aluminium Bahrain (Alba) as part of its global growth strategy. The Saudi-listed mining major aims to grow ten times by 2040, with its aluminium business being the core contributor. Maaden will become the second-largest shareholder in Alba, holding a 20.62 […]

Architecture, Building, Factory

Iraq to issue first licence for blue ammonia plant

Iraq will soon issue a license to build its first blue ammonia plant, in an attempt to cut the country’s carbon footprint. The National Investment Commission (NIC), which is entrusted with drawing foreign investments in the country, is working on completing the requirements to grant an investment license for the plant in the Basra region, […]

Gulf companies returned an average dividend yield of 3.5% and the majority to declare returns for Q2 have been Saudi

Saudi blue-chips help Gulf dividends dwarf global average

Saudi companies form the bulk of Gulf businesses that have announced second quarter dividends, but it is the Commercial Bank of Kuwait that provided the highest dividend yield. Saudi Aramco, Bahrain’s Batelco and Dubai’s Tecom Group are other standouts by this metric.  Of the listed Gulf companies with a market capitalisation of more than $1 […]

Sabic keeps capex at $5bn in 2024 as quarterly profit rises

Petrochemicals major Saudi Basic Industries Corporation (Sabic) will maintain capital expenditure between $4 billion and $5 billion for 2024 after its quarterly profits surged. Net profit rose 32 percent year on year to SAR2.4 billion ($640 million) in the first half of 2024, driven by higher sales volume. NewsletterGet the Best of AGBI delivered straight […]

Saudi Arabia's Sabic Agri-Nutrients will build its new blue ammonia production facility in Jubail Industrial City

Saudi Arabia to build new blue ammonia plant

Saudi Arabia’s energy ministry has approved feedstock for a new blue ammonia plant. Sabic Agri-Nutrients Company, which trades on the Saudi stock exchange, will build its sixth facility in Jubail Industrial City to produce 1.2 million metric tonnes per annum (mmtpa) of low-carbon blue ammonia and 1.1 mmtpa of urea and specialised agri-nutrients. Engineering studies […]

Architecture, Building, Factory A Sabic facility in Jubail. The company reported a net profit of SAR250 million in Q1 2024, down 62% year on year

Sabic to pay $1.4bn dividend despite profit drop

Saudi Basic Industries Corporation (Sabic) has declared a cash dividend of more than SAR5 billion ($1.4 billion) for the first six months of 2024. The board of the company, which is wholly owned by oil giant Saudi Aramco, announced the dividend payout this week, paying SAR1.7 per share. The dividend payout will take place on […]