Company Insights Sabic Petrochemicals Sabic News Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024 Finance PIF top spender among sovereign funds in 2023 Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), was the top spender worldwide among state-owned investors, the 2024 Global Sovereign Wealth Fund report has revealed, underlining the kingdom’s determination to reallocate its hydrocarbon revenues to diversify and expand its domestic economy. State-owned investors include sovereign wealth funds (SWFs), public pension funds and central banks, […] January 1, 2024 Industry Sabic CEO warns of ‘difficult’ 2024 for chemicals industry The chemicals industry will face another “difficult” year in 2024 as the global economic outlook remains weak, Saudi Basic Industries Corporation (Sabic) CEO Abdulrahman Al-Fageeh was quoted as saying. This was a bad year for the chemical industry, he told the Bloomberg news agency, adding that he was “uncertain on whether 2024 was going to […] December 12, 2023 Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023 Sustainability Just 12% of Mena businesses have net zero target Businesses in the Middle East and North Africa (Mena) “lag behind” their global peers in terms of net zero targets, according to a report by the World Economic Forum and US consultancy Bain & Company. WEF evaluated the disclosure and sustainability measures of around 200 publicly listed and private companies across Mena’s nine biggest economies. […] October 20, 2023 Exclusive Sustainability Saudi carbon credit firm to invest in Middle East and Africa Saudi Arabia’s Regional Voluntary Carbon Market Co plans to invest in carbon abatement projects in the Middle East, Africa and Southeast Asia, the CEO of the government-backed startup has told AGBI. Saudi’s Public Investment Fund (PIF) and Saudi Tadawul Group, owner of the kingdom’s stock market, last October launched RVCMC. PIF holds an 80 percent […] October 12, 2023 Finance PIF sells its stake in Saudi-listed LPG retailer for $131m Saudi Arabia’s Public Investment Fund (PIF) has completed the sale of its 10.92 percent stake, or 8.19 million shares, in National Gas and Industrialization Company, a Saudi-listed liquefied petroleum gas (LPG) retailer and distributor. The sale was concluded through a private transaction for SAR491.19 million ($130.95 million), the PIF said in a statement. Jadwa Investment Company […] September 6, 2023 Industry Sabic to sell steel subsidiary to PIF for $3.3bn Saudi Basic Industries Corporation (Sabic) has signed an agreement to sell its 100 percent stake in its steel manufacturing subsidiary to the Public Investment Fund (PIF) for SAR12.5 billion ($3.33 billion). The final sale price for Saudi Iron & Steel Company (Hadeed) will be determined only on the deal closure date, which is expected to […] September 3, 2023 Oil & Gas Aramco in talks with Sinopec to expand Yanbu refinery China’s Sinopec Corp, the world’s largest refiner by capacity, is exploring expanding the Yasref refinery in Yanbu, Saudi Arabia, following a preliminary agreement with Saudi Aramco last December, a company executive told Reuters. The Chinese state-run company’s overseas investments to date include the 400,000 barrels-per-day (bpd) Yasref refinery and the $10 billion Amur Gas Chemical […] September 1, 2023 Industry Petrochemicals producer in $40m blow A major Saudi Arabian petrochemicals company has announced a temporary shutdown at some of its plants which is likely to cost it SAR150 million ($40 million). Yanbu National Petrochemical Company (Yansab) said a “technical upset” forced the shutdown on August 14 and is likely to continue into early September. “The work is in progress to […] August 22, 2023 Posts navigation Previous 1 … 5 6 7 … 9 Next
Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024
Finance PIF top spender among sovereign funds in 2023 Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), was the top spender worldwide among state-owned investors, the 2024 Global Sovereign Wealth Fund report has revealed, underlining the kingdom’s determination to reallocate its hydrocarbon revenues to diversify and expand its domestic economy. State-owned investors include sovereign wealth funds (SWFs), public pension funds and central banks, […] January 1, 2024
Industry Sabic CEO warns of ‘difficult’ 2024 for chemicals industry The chemicals industry will face another “difficult” year in 2024 as the global economic outlook remains weak, Saudi Basic Industries Corporation (Sabic) CEO Abdulrahman Al-Fageeh was quoted as saying. This was a bad year for the chemical industry, he told the Bloomberg news agency, adding that he was “uncertain on whether 2024 was going to […] December 12, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Sustainability Just 12% of Mena businesses have net zero target Businesses in the Middle East and North Africa (Mena) “lag behind” their global peers in terms of net zero targets, according to a report by the World Economic Forum and US consultancy Bain & Company. WEF evaluated the disclosure and sustainability measures of around 200 publicly listed and private companies across Mena’s nine biggest economies. […] October 20, 2023
Exclusive Sustainability Saudi carbon credit firm to invest in Middle East and Africa Saudi Arabia’s Regional Voluntary Carbon Market Co plans to invest in carbon abatement projects in the Middle East, Africa and Southeast Asia, the CEO of the government-backed startup has told AGBI. Saudi’s Public Investment Fund (PIF) and Saudi Tadawul Group, owner of the kingdom’s stock market, last October launched RVCMC. PIF holds an 80 percent […] October 12, 2023
Finance PIF sells its stake in Saudi-listed LPG retailer for $131m Saudi Arabia’s Public Investment Fund (PIF) has completed the sale of its 10.92 percent stake, or 8.19 million shares, in National Gas and Industrialization Company, a Saudi-listed liquefied petroleum gas (LPG) retailer and distributor. The sale was concluded through a private transaction for SAR491.19 million ($130.95 million), the PIF said in a statement. Jadwa Investment Company […] September 6, 2023
Industry Sabic to sell steel subsidiary to PIF for $3.3bn Saudi Basic Industries Corporation (Sabic) has signed an agreement to sell its 100 percent stake in its steel manufacturing subsidiary to the Public Investment Fund (PIF) for SAR12.5 billion ($3.33 billion). The final sale price for Saudi Iron & Steel Company (Hadeed) will be determined only on the deal closure date, which is expected to […] September 3, 2023
Oil & Gas Aramco in talks with Sinopec to expand Yanbu refinery China’s Sinopec Corp, the world’s largest refiner by capacity, is exploring expanding the Yasref refinery in Yanbu, Saudi Arabia, following a preliminary agreement with Saudi Aramco last December, a company executive told Reuters. The Chinese state-run company’s overseas investments to date include the 400,000 barrels-per-day (bpd) Yasref refinery and the $10 billion Amur Gas Chemical […] September 1, 2023
Industry Petrochemicals producer in $40m blow A major Saudi Arabian petrochemicals company has announced a temporary shutdown at some of its plants which is likely to cost it SAR150 million ($40 million). Yanbu National Petrochemical Company (Yansab) said a “technical upset” forced the shutdown on August 14 and is likely to continue into early September. “The work is in progress to […] August 22, 2023
