Finance Kuwait’s Beyout targets $147m from IPO Kuwait’s Beyout Investment Group (BIG) has set the price of its initial public offering (IPO) between 480 and 500 fils per share. The company plans to raise up to KD45,000,000 ($147 million) by selling a 30 percent stake, or 90 million shares, on the local bourse, the first in nearly two years. The final offer […] May 20, 2024
Real Estate Kuwait’s Beyout Investment Group to list on local bourse Kuwait’s Beyout Investment Group (BIG) has announced plans to offer a 30 percent stake on the local bourse, the first in nearly two years. The final offering price will be determined through a bookbuilding process, which will be held from May 19 to 23, the company said in a statement. The shares are slated to […] May 15, 2024
Oil & Gas Adnoc ends talks to buy stake in Brazilian petchem producer Abu Dhabi state-owned energy company Adnoc has ended talks to buy a controlling stake in Brazilian petrochemical company Braskem. “Adnoc International Limited has no interest in continuing the process of analysis and negotiations with Novonor on the potential transaction,” the São Paulo-listed company said in a bourse filing on Monday. Following the disclosure, Braskem shares dropped […] May 7, 2024
Industry Borouge profit rises to $273m despite revenue fall Petrochemicals major Borouge said its net profit for the first quarter of 2024 rose 37 percent to $273 million amid stronger price premium on high-value products. The Abu Dhabi-listed company said revenue fell 6 percent year on year to $1.3 billion on planned feedstock-related operational maintenance. Average sales prices increased quarter on quarter by 4 […] April 30, 2024
Oil & Gas Aramco targets another petrochemical company in China Saudi Aramco has begun talks to acquire a 10 percent stake in Hengli Petrochemical Company, owner of a 400,000 barrel a day refinery and chemicals complex in Liaoning, north-east China. Hengli Petrochemical, a subsidiary of Hengli Group, also operates plants and production facilities in Jiangsu and Guangdong provinces. The kingdom’s state-owned oil company is looking […] April 23, 2024
Construction UAE wealth fund ADQ buys stake in Abu Dhabi builder UAE sovereign wealth fund ADQ is acquiring a stake in the construction company building the Guggenheim and Zayed National museums in Abu Dhabi. Alpha Dhabi Holding (ADH), an investment holding company, announced in a filing to the Abu Dhabi Stock Exchange on Tuesday that it will divest 49 percent of its subsidiary Alpha Dhabi Construction […] April 16, 2024
Construction Saudi cement prices under pressure as competition mounts Strong competition among Saudi Arabia’s cement companies is likely to continue and will exert pressure on prices in the short to medium term, according to a report from investment advisory company Ubhar Capital. There is ongoing optimism regarding the pipeline of mega and giga projects, as well as anticipated investments related to Expo 2030. However, […] April 10, 2024
Oil & Gas Aramco invests $8bn to raise gas output by 60% Saudi Aramco is building on its natural gas reserves to free more crude oil for value-added refining and export. As part of the strategy, the oil giant has awarded engineering, procurement and construction contracts worth $8 billion for a major expansion of its Fadhili gas plant in the Eastern Province. The contracts for the gas […] April 3, 2024
Video length: 03:31 VIDEO Industry Borouge to treble production despite lacklustre demand The UAE petrochemicals company Borouge is to treble annual production capacity at its $6 billion polyolefin complex, despite forecasts of an oversupply in the sector. Once completed next year, Borouge 4 will be the world’s largest single-site producer of polyolefins, plastics mainly obtained from oil and natural gas. Borouge’s CEO, Hazeem Al Suwaidi, told AGBI […] March 25, 2024
Oil & Gas Aramco to focus all LNG efforts on overseas projects Saudi Aramco intends to expand its liquefied natural gas (LNG) business internationally, as it plans to use all its natural gas production domestically. CEO Amin Nasser told investors on Monday that the energy major has no intention of building LNG capacity in the kingdom and is discussing opportunities with different entities in the US, Australia […] March 12, 2024
Energy Adnoc buys 25% of Austrian chemical group OMV Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV. The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company. Financial details were not disclosed. Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, […] March 1, 2024
Manufacturing Sabic reports loss of $747m as product prices tumble Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […] February 28, 2024
Oil & Gas Adnoc faces hurdles in completing ambitious European deals Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […] February 23, 2024
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
