Petrochemicals Adnoc and OMV seal deal for $60bn chemicals JV Abu Dhabi National Oil Company (Adnoc) and Austria’s energy group OMV have agreed to merge their polyolefin operations to form a $60 billion joint venture. Borouge Group International (BGI) will be the world’s fourth largest by nameplate production capacity, the UAE company said. BGI will acquire Canada-headquartered Nova Chemicals Corporation from Abu Dhabi’s sovereign wealth fund […] March 4, 2025
Petrochemicals Aramco-owned Sabic turns $400m profit in 2024 Saudi Basic Industries Corporation, a listed petrochemicals company that is 70 percent owned by Saudi Aramco, turned a profit last year after losing money in 2023. Sabic’s profit was SAR1.5 billion ($400 million) in 2024, compared with a loss of SAR2.8 billion in 2023. Annual revenue fell 1 percent to SAR140 billion and sales volumes […] February 26, 2025
Analysis Petrochemicals Petrochemicals ‘won’t even get fleeting respite’, analysts warn Executives and investors in Saudi petrochemicals could be forgiven for needing a break from industry news after its biggest companies report what are widely expected to be lacklustre results for the final quarter of 2024. They won’t be getting that pause any time soon, however. Extra production capacity that was expected in 2024 is instead […] February 26, 2025
Analysis Petrochemicals Gloomy outlook for Saudi petrochemicals Saudi Arabia’s 10 listed petrochemical companies are likely to report lacklustre earnings for the fourth quarter of 2024 because of an ongoing downturn in the global chemicals industry, analysts predict. The sector’s prolonged malaise means they are likely to be of little interest to international institutional investors – although all enjoy significant cost advantages over […] February 25, 2025
editor's insight Petrochemicals Adnoc’s big bet on petrochemicals Pay attention at the back. Earlier this week Abu Dhabi-listed Fertiglobe reported net profits of $160m for 2024, down by more than half on 2023 because of lower revenues. Meanwhile, net earnings at Borouge, another of Abu Dhabi’s listed petrochemicals ventures, jumped by nearly a quarter year-on-year to $1.2 billion. Borouge reported record production and sales. What […] February 14, 2025
Oil & Gas Kuwait successfully using drones to inspect oil facilities Kuwait’s first-time use of drones to inspect oil and gas facilities has reduced costs, improved operational efficiency and enhanced worker safety, a local newspaper has reported, without giving numbers. The drones are used to inspect oil and gas fields, petrochemical and refining facilities, and pipelines and export terminals across the country, the Arabic-language daily Alanba […] February 4, 2025
Petrochemicals Borouge profit rises on high-value product sales The net earnings of Borouge, Abu Dhabi’s listed petrochemicals company, jumped 24 percent year on year to $1.2 billion in 2024, supported by record production and sales volumes. Annual revenue rose 4 percent to $6 billion, while total costs improved by 2 percent. The high-value infrastructure services segment accounted for 40 percent of total sales […] February 4, 2025
Industry $1.7bn contract awarded for UAE’s first methanol plant A joint venture between Abu Dhabi National Oil Company (Adnoc) and the state-owned sovereign wealth fund Abu Dhabi Developmental Holding Company (ADQ) has awarded an AED6.2 billion ($1.7 billion) contract to build the UAE’s first methanol production facility. The joint venture, Ta’ziz, has granted an engineering, procurement and construction (EPC) contract to South Korea’s Samsung […] February 3, 2025
Markets Oman’s OQBI poised to make Muscat bourse debut Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] December 5, 2024
Petrochemicals Adnoc’s XRG to take over Germany’s Covestro XRG, the low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), is to become a major shareholder of German chemicals producer Covestro. The $16.3 billion takeover offer from Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, has exceeded the minimum acceptance threshold, reaching 69.94 percent as of November […] December 3, 2024
Sustainability Adnoc launches $80bn unit for low-carbon transition State-backed energy major Abu Dhabi National Oil Company (Adnoc) has launched a new global lower-carbon energy and chemicals investment company valued at more than $80 billion. XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand […] November 28, 2024
Analysis Renewable Energy Trump’s return may alter the future of renewable energy Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […] November 26, 2024
Markets OQ chemical subsidiary targets $490m from IPO OQ Base Industries, a subsidiary of Oman’s state energy company OQ, intends to raise up to OR187 million ($490 million) through an initial public offering on the Muscat Stock Exchange (MSX). The price range was set between 106 and 111 baisas per share, valuing the company between OR188 million and OR385 million. The subscription period […] November 19, 2024
Trade Nigeria nears trade deal with Saudi Arabia Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […] November 13, 2024
Energy Sabic announces SAR1bn profit in dramatic turnaround Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […] November 4, 2024
Oil & Gas Aramco considers investment in Vietnam’s oil industry Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says. Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital. “Vietnam has great potential in the region, therefore, Aramco wishes to […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Trade UAE and Vietnam pact aims for $20bn in bilateral trade The UAE and Vietnam have signed a comprehensive economic partnership agreement (Cepa), paving the way for $20 billion in bilateral trade. This marks Vietnam’s first Cepa with a Middle Eastern country and was signed by prime minister Pham Minh Chinh in Dubai on Monday, the UAE state-run Wam news agency reported. The agreement seeks to […] October 29, 2024
Oil & Gas 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 […] October 16, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Transport Hafeet Rail secures $1.5bn loan for UAE-Oman rail link Hafeet Rail, formerly Oman and Etihad Rail Company, has secured funding of $1.5 billion from a consortium of regional and global banks for the 238km railway network. The $2.5 billion Omani-Emirati railway network project is the first link in a unified regional transport and logistics chain and will link five major ports and various industrial and free […] October 10, 2024
Finance UAE-Jordan trade deal targets non-oil growth The UAE’s comprehensive economic partnership agreement (Cepa) with Jordan, its first with an Arab nation, is poised to strengthen economic ties and drive non-oil trade, which reached $4.2 billion in 2023. The agreement intends to foster investment, accelerate growth in key industries and bolster supply chains, the UAE state-run Wam news agency reported. The Cepa […] October 9, 2024
