Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Oil & Gas Energy ambitions in Algeria go beyond oil and gas Algeria has ambitious plans to revitalise its bread-and-butter energy industry. The country is Africa’s largest gas exporter and third-largest oil producer. World Bank figures show hydrocarbons make up 93 percent of its total exports. The International Monetary Fund said Algeria’s economy grew by 4.2 percent to $244.75 billion in 2023, in part because of renewed hydrocarbon […] September 30, 2024
Oil & Gas 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 […] September 20, 2024
INTERVIEW Oil & Gas Shopping trip for NMDC Energy boss after blockbuster IPO NMDC Energy is looking for merger and acquisition targets after delivering the UAE’s biggest initial public offering of 2024, its CEO has told AGBI. Ahmed Al Dhaheri said the Emirati company, which listed on the Abu Dhabi exchange on Wednesday, would announce “some M&A soon” and was focusing on expansion outside the Gulf. He also […] September 12, 2024
Oil & Gas Aramco and Rongsheng move on chem plant expansion Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […] September 12, 2024
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024
Energy Gulf’s profits rise thanks to petrochemicals and banks A turnaround in Saudi Arabia’s long-troubled petrochemicals industry has helped Gulf companies’ second-quarter earnings rise year on year. The region’s banking, telecom and real estate sectors also prospered. GCC listed companies’ earnings totalled $60.7 billion in the three months to June 30, up from $57.4 billion a year earlier, a report by Kuwait’s Kamco Invest […] September 9, 2024
Oil & Gas Iraq targets 6m bpd crude oil output by 2028 Iraq will increase its crude oil production to 6 million barrels per day (bpd) by 2028, a senior government official has said. The ambitious plan aims to support production levels and increase exports, state-owned Iraqi News Agency (INA) reported, citing deputy minister for extraction affairs Basim Khudair. Iraq, the second-largest producer in Opec, extracts more […] September 9, 2024
Industry QatarEnergy’s new plant will double urea production State-backed QatarEnergy will build a new urea production complex to more than double the Gulf country’s urea output to meet growing global demand. The new project involves building three ammonia production lines to supply feedstock to four new urea production trains in Mesaieed Industrial City, located 36 kms from Doha. Accordingly, urea production will increase […] September 2, 2024
Oil & Gas Omani-Chinese venture wins oil exploration contract Oman has contracted an Omani-Chinese oil exploration and producing venture to explore and develop an oil concession area. The arrangement will boost the sultanate’s oil and gas reserves, expanding production rates in a stretch of 1,389 sq km, called area no. 15, in Al Dhahirah governorate, state-run Oman News Agency reported. Muscat-headquartered Daleel Petroleum Co […] September 2, 2024
Logistics Maersk opens logistics park in Jeddah Danish shipping major Maersk has opened its largest logistics park in the Middle East, aiming to bolster Saudi Arabia’s rapidly growing logistics sector. The $250 million facility in Jeddah Islamic Port is Maersk’s most expansive single-site logistics and services centre in the region. Spanning 225,000 sq m, the Maersk Logistics Park offers warehousing facilities and […] August 22, 2024
Oil & Gas Sipchem to build new $189m Saudi petchem facility Saudi International Petrochemical Company (Sipchem) has awarded a $189 million contract to a South Korean contractor to build a new petrochemicals facility in Saudi Arabia. The project was won by SGC Engineering & Construction, an engineering, procurement and construction contractor, The Korean Economic Daily, a financial news outlet, reported. The deal involves the construction of […] August 12, 2024
Trade Oman-China trade value hits $15bn Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […] August 9, 2024
Oil & Gas Petro Rabigh’s turnaround hinges on Aramco’s support Saudi Aramco and Japanese company Sumitomo Chemical will inject new funds into Rabigh Refining and Petrochemical Company (Petro Rabigh), as well as waive loans, in a bid to support the Saudi refinery’s turnaround strategy. As part of its plan to strengthen Petro Rabigh’s financial position, Aramco will acquire a 22.5 percent stake in the company from […] August 7, 2024
Energy 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 […] August 2, 2024
Industry Borouge profit up 33% on higher product sales Record production volumes, higher sales and increased cost efficiencies helped net profits at petrochemicals company Borouge rise 33 percent year on year in the second quarter of 2024 to $308 million. Revenue at the Abu Dhabi-listed company reached $1.5 billion during the quarter, up 6 percent annually. NewsletterGet the Best of AGBI delivered straight to […] July 31, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Industry Adnoc makes final bid for German chemicals maker German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […] June 25, 2024
Oil & Gas QatarEnergy signs second naphtha deal with Japan QatarEnergy has signed a second long-term naphtha supply agreement with a Japanese company. The state-backed gas producer will provide Eneos Corporation, a refining and petrochemical company, with up to 9 million tonnes of naphtha – a partially refined petroleum product commonly used as a solvent – over 10 years starting in July. The agreement is […] June 24, 2024
Oil & Gas QatarEnergy signs naphtha deal with Japanese refiner QatarEnergy will supply six million tonnes of naphtha to Japan over the next 10 years starting in July. The state-backed gas producer has signed a supply deal with Idemitsu Kosan Company, a Japanese refining and petrochemicals company. Naphtha is a flammable liquid hydrocarbon mixture commonly used as a solvent. It can also be used in […] June 5, 2024
Industry Qatar signs 15-year urea supply pact with US company Qatar, the world’s second-largest exporter of urea, has signed a long-term urea supply agreement with US-based Koch Fertilizer. The 15-year agreement, starting in July, will lead to the supply of up to 0.74 million tonnes per annum (MTPA) of urea, state-backed QatarEnergy said in a statement. Locally manufactured urea will be supplied to the agricultural […] May 27, 2024
Energy 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 […] May 22, 2024
