Company Insights Sabic Petrochemicals Sabic News Manufacturing Sabic Q1 2023 profit drops 90% to $176m on lower sales Saudi Basic Industries Corporation (Sabic), one of the largest global petrochemical companies, saw its net profit for the first quarter of 2023 tumble 90 percent to SAR660 million ($175.98 million) from SAR6.47 billion a year earlier. Revenue fell 25 percent year-on-year to SAR39.69 billion in Q1 2023. Average sales prices slipped 22 percent, while sales […] May 5, 2023 Energy Aramco delivers low-carbon ammonia shipment to Japan Saudi Aramco’s first shipment of independently-certified low-carbon ammonia has reached Japan for use as fuel in power generation. The ammonia was produced by Sabic Agri-Nutrients with feedstock from Aramco and sold by Aramco Trading Company to the Fuji Oil Company. Mitsui OSK Lines was tasked with shipping the liquid to Japan, which will be transported […] April 21, 2023 Energy Saudi, Omani and Kuwaiti firms to set up petchem complex Companies from Saudi Arabia, Oman and Kuwait have signed an agreement to jointly develop a petrochemical complex in the Special Economic Zone at Duqm in Oman, state-run Oman News Agency reported. Oman’s OQ Group, Saudi Basic Industries Corporation (Sabic) and Kuwait Petroleum International aim to establish the petrochemical complex consisting of a steam cracker and […] December 29, 2022 Opinion Development Roxana Mohammadian-Molina: Signposts on Saudi’s road to 2030 For UK companies doing business in Saudi Arabia and the ones that want to join them, the next year is all about Vision 2030 December 23, 2022 Energy Saudi and Chinese firms propose feasibility for petchem complex Saudi Basic Industries Corp. (Sabic) has signed a memorandum of understanding (MoU) with Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) to look into developing an integrated petrochemical complex with an existing refinery in Yanbu. The MoU would be valid for 18 months, the petrochemicals major said in a statement to the Saudi stock […] December 19, 2022 Energy Saudi Arabia ships world’s first consignment of blue ammonia Saudi Arabia has shipped 50 kilometre-tonnes (kmt) of low-carbon blue ammonia to South Korea, representing a new landmark in the development of decarbonisation solutions. Vessel Seasurfer, carrying 25 kmt of certified low-carbon “cradle-to-gate” blue ammonia, is expected to reach its destination between December 9 and 13, marking the world’s first commercial shipment of its kind, […] November 29, 2022 Energy SABIC and Aramco plan crude into petrochemicals projects Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning a joint project to convert crude into petrochemicals in Ras Al Khair, Reuters reported, citing energy minister Prince Abdulaziz bin Salman. The project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity […] November 24, 2022 Energy Gulf petrochemical giants well placed to weather tough economy Petrochemical companies in the Gulf have safe credit ratings despite rising interest rates and higher energy costs. S&P Global reported this week that Saudi Arabia’s SABIC and Industries Qatar (IQ), which are both ultimately state-controlled, benefit from low feedstock prices, strong shareholder support and “solid bases” of customers. Feedstock is raw material used for processing […] October 21, 2022 Banking and Finance Saudi wealth fund’s returns hit 25% in 2021 as markets recover The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale. Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020. However, 2021 returns matched […] September 28, 2022 Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022 Posts navigation Previous 1 … 7 8 9 Next
Manufacturing Sabic Q1 2023 profit drops 90% to $176m on lower sales Saudi Basic Industries Corporation (Sabic), one of the largest global petrochemical companies, saw its net profit for the first quarter of 2023 tumble 90 percent to SAR660 million ($175.98 million) from SAR6.47 billion a year earlier. Revenue fell 25 percent year-on-year to SAR39.69 billion in Q1 2023. Average sales prices slipped 22 percent, while sales […] May 5, 2023
Energy Aramco delivers low-carbon ammonia shipment to Japan Saudi Aramco’s first shipment of independently-certified low-carbon ammonia has reached Japan for use as fuel in power generation. The ammonia was produced by Sabic Agri-Nutrients with feedstock from Aramco and sold by Aramco Trading Company to the Fuji Oil Company. Mitsui OSK Lines was tasked with shipping the liquid to Japan, which will be transported […] April 21, 2023
Energy Saudi, Omani and Kuwaiti firms to set up petchem complex Companies from Saudi Arabia, Oman and Kuwait have signed an agreement to jointly develop a petrochemical complex in the Special Economic Zone at Duqm in Oman, state-run Oman News Agency reported. Oman’s OQ Group, Saudi Basic Industries Corporation (Sabic) and Kuwait Petroleum International aim to establish the petrochemical complex consisting of a steam cracker and […] December 29, 2022
Opinion Development Roxana Mohammadian-Molina: Signposts on Saudi’s road to 2030 For UK companies doing business in Saudi Arabia and the ones that want to join them, the next year is all about Vision 2030 December 23, 2022
Energy Saudi and Chinese firms propose feasibility for petchem complex Saudi Basic Industries Corp. (Sabic) has signed a memorandum of understanding (MoU) with Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) to look into developing an integrated petrochemical complex with an existing refinery in Yanbu. The MoU would be valid for 18 months, the petrochemicals major said in a statement to the Saudi stock […] December 19, 2022
Energy Saudi Arabia ships world’s first consignment of blue ammonia Saudi Arabia has shipped 50 kilometre-tonnes (kmt) of low-carbon blue ammonia to South Korea, representing a new landmark in the development of decarbonisation solutions. Vessel Seasurfer, carrying 25 kmt of certified low-carbon “cradle-to-gate” blue ammonia, is expected to reach its destination between December 9 and 13, marking the world’s first commercial shipment of its kind, […] November 29, 2022
Energy SABIC and Aramco plan crude into petrochemicals projects Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning a joint project to convert crude into petrochemicals in Ras Al Khair, Reuters reported, citing energy minister Prince Abdulaziz bin Salman. The project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity […] November 24, 2022
Energy Gulf petrochemical giants well placed to weather tough economy Petrochemical companies in the Gulf have safe credit ratings despite rising interest rates and higher energy costs. S&P Global reported this week that Saudi Arabia’s SABIC and Industries Qatar (IQ), which are both ultimately state-controlled, benefit from low feedstock prices, strong shareholder support and “solid bases” of customers. Feedstock is raw material used for processing […] October 21, 2022
Banking and Finance Saudi wealth fund’s returns hit 25% in 2021 as markets recover The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale. Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020. However, 2021 returns matched […] September 28, 2022
Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022
