Oil & Gas QatarEnergy breaks ground on $6bn ethylene complex QatarEnergy has broken ground on the $6 billion Ras Laffan petrochemical complex as part of its downstream expansion strategy. The state-owned Qatari energy firm had signed a final investment decision on the complex with its partner Chevron Phillips Chemical in January last year. The complex will house an ethane cracker with a capacity of 2.1 […] February 20, 2024
Industry Advanced unit awards $191m contract for new Saudi petchem plant Advanced Petrochemical Company (Advanced) said its subsidiary has awarded engineering, procurement and construction contracts (EPC) worth $191.3 million for the first isopropanol (IPA) plant in Saudi Arabia. The plant will be built in Jubail Industrial City and has a production capacity of 70,000 tonnes per annum. The contracts were awarded to SGC eTEC Company and SGC Arabia […] February 18, 2024
Trade Turkey targets $30bn trade with Saudi Arabia Turkey intends to increase its trade volume with Saudi Arabia to $30 billion, according to a local media report. Bilateral trade between the two countries reached $6.8 billion in 2023, with investments from Saudi companies making up $2 billion of the total, Daily Sabah reported, citing Turkey’s vice president Cevdet Yılmaz. “We believe investments can […] February 16, 2024
Oil & Gas Some countries missing oil cut targets, says Opec Crude production by Opec fell by 350,000 barrels per day (bpd) in January, as members of the wider Opec+ group started implementing voluntary output cuts, the oil bloc said in its monthly report published this week. Some countries did not adhere to the pledged amounts, complicating Opec’s efforts to stabilise global oil prices. Kuwait and […] February 14, 2024
Energy Oman-Kuwait JV to open $9bn crude oil refinery The $9 billion OQ8 crude oil refinery, which has a daily capacity of 230,000 barrels, will be inaugurated on Wednesday. The refinery has been developed by Duqm Refinery and Petrochemical Industries, a joint venture between Oman’s OQ Group and state-run Kuwait Petroleum International. It is the largest joint investment in the petrochemical and refinery industry between […] February 6, 2024
Economy UAE and India to sign new investment treaty Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan are to sign a bilateral investment treaty (Bit) during the former’s visit to the emirate this month. The UAE is India’s third-largest source of foreign direct investment and the seventh-largest trade partner. The Indian government cleared the treaty on February 1, after which the […] February 5, 2024
Industry Borouge’s 2023 profit falls 29% on produce price drop Abu Dhabi-listed petrochemicals major Borouge said net profit fell 29 percent to $1 billion in 2023 from $1.41 billion in 2022. The slide in profit was attributed to a 16 percent decline in average selling prices as global polyolefins demand reduced from peak levels in 2022. This was partially offset by a one percent increase […] February 1, 2024
Logistics Saudi Arabia to establish shipping route with Iran Saudi Arabia is planning to establish shipping links between Dammam on the Gulf coast and the Iranian port of Bandar Kangan, an Iranian official said this week, following the resumption of diplomatic ties between the two countries last year. The Iranian port, which lies across from Dammam in the Gulf, is currently undergoing renovations to […] January 29, 2024
Oil & Gas Aramco awards $3.3bn contract for new gas facilities Saudi Aramco, the world’s largest oil producer, has awarded a $3.3 billion contract to a joint venture between Spain’s Técnicas Reunidas and China’s Sinopec Engineering Group to develop new natural gas liquids (NGL) fractionation facilities in Saudi Arabia. Two engineering, procurement and construction (EPC) contracts were awarded for the Riyas NGL facilities at Jafurah gas […] January 23, 2024
Oil & Gas Sabic to commence $6.4bn project in China in 2024 Saudi Basic Industries Corporation (Sabic) will start constructing a $6.4 billion petrochemicals complex in Fujian, China, during the first half of 2024. The Saudi-listed petrochemicals producer announced its final investment decision, which allows the development of the mega complex, after signing a memorandum of understanding (MoU) with the Fujian Provincial Government in 2018. The project […] January 22, 2024
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
Industry Saudi’s Alujain sells unit stake for $500m to lower debt Saudi industrial group Alujain Corporation has agreed to sell a 35 percent stake in its subsidiary, National Petrochemical Industrial Company (Natpet), for SAR1.87 billion ($498.60 million). Basell International Holdings BV, a New York Stock Exchange-listed LyondellBasell Industries subsidiary, will purchase the stake. The cash proceeds will be used to repay the current and future financial […] January 17, 2024
Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024
Energy Saudi Arabia poised for $600bn inflow into petrochemicals sector Investments into Saudi Arabia’s petrochemicals sector are expected to reach $600 billion by 2030, investment minister Khaled Al Falih told the Saudi-Japanese Investment Forum in Riyadh. “We will continue our joint investment and partnership in developing the hydrocarbon sector while looking forward to expanding our joint ventures in the future of new energy,” he added. […] December 26, 2023
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
Industry Oman signs $88m industrial projects in plastics sector OQ Refineries and Petrochemical Industries has signed nine investment agreements worth $88 million to establish industrial projects in the Ladayn polymer park in Sohar Industrial City. The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers, state-owned Oman News Agency reported. The company, a subsidiary of state-run OQ Group, […] December 11, 2023
Economy Dubai growth spills over to neighbouring Sharjah S&P Global Ratings has affirmed ‘BBB-/A-3’ ratings on Sharjah, driven by UAE’s buoyant oil and non-oil activity supporting growth in the emirate. “We expect Sharjah’s budgetary performance to gradually stabilise over 2023-2026,” the ratings agency said in a report. The primary fiscal deficit – deficit excluding debt interest payments – is forecast to trend toward […] November 21, 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
Energy Borouge quarterly profit falls 9% on lower sales prices Net profit at the Abu Dhabi petrochemicals firm Borouge for the third quarter 2023 fell 9 percent year-on-year to $282 million (AED1.04 billion) on a 15 percent drop in average selling prices. However, the company’s profits rose 22 percent quarter on quarter, driven by robust production performance and cost management. Third-quarter revenue fell 11 percent year on […] October 30, 2023
Energy South Korea’s Hyundai to build $2.4bn Aramco gas plant Saudi Aramco, the world’s largest oil producer, and two South Korean companies will partner to build a $2.4 billion gas processing plant in the Jafurah gas field in Saudi Arabia. The deal was signed with South Korea’s Hyundai Engineering & Construction and Hyundai Engineering Company, Yonhap news agency reported, citing South Korea’s presidential office. The […] October 24, 2023
Energy Aramco in talks to buy 10% of Shandong Yulong refinery Saudi Aramco, the world’s largest oil producer, is discussing buying a 10 percent stake in China’s Shandong Yulong Petrochemical Company. Shandong Yulong is currently in the process of completing the construction of a refining and petrochemicals complex in eastern China’s Shandong province. The facility will process 400,000 barrels per day of crude oil and produce […] October 12, 2023
Energy Aramco in talks to buy 10% stake in Chinese refiner Saudi Aramco has started talks with China’s privately owned Jiangsu Eastern Shenghong Company to acquire a 10 percent equity stake in the Chinese firm’s refiner and petrochemical subsidiary. Under the cooperation framework agreement, the world’s largest oil producing company intends to supply Jiangsu Shenghong Petrochemical Industry Group with crude oil and potentially other feedstocks. Aramco and […] September 28, 2023
