Manufacturing Borouge profit down 50% as merger talks continue Petrochemicals company Borouge saw its net profit slide 53 percent year on year to $231 million in the second quarter, attributed to a decline in average sales prices for its products. The business said in a filing to Abu Dhabi Securities Exchange, where its shares are traded, that total revenues fell by 25 percent to […] July 28, 2023
Oil & Gas Aramco acquires 10% stake in China’s Rongsheng for $3.4bn Saudi Aramco has completed the acquisition of a 10 percent stake in China’s Rongsheng Petrochemical Company Limited (Rongsheng) for $3.4 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands. The acquisition follows the signing of definitive strategic agreements announced on March 27, 2023. The deal represents the continued growth of Aramco’s downstream […] July 23, 2023
Banking and Finance Adnoc raises bid for Covestro to $12.4bn Abu Dhabi National Oil Company (Adnoc) has increased its takeover bid for German chemical producer Covestro AG to €11 billion ($12.4 billion), Bloomberg reported, citing informed sources. The Abu Dhabi energy firm’s latest proposal values Covestro at €57 per share, up from its first informal bid of €55 apiece. Reuters last month reported that the […] July 19, 2023
Manufacturing Adnoc confirms talks on potential chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) has confirmed formal negotiations with Austria’s OMV AG (OMV) on the potential creation of a new combined petrochemicals holding entity. The new entity will be created through the proposed merger of the two companies’ existing shareholdings in Borouge plc and Borealis AG. Borouge is listed on the Abu […] July 16, 2023
Energy Work set to start on $11bn new Saudi petrochem project Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies have awarded contracts for the $11 billion new petrochemicals facility in Jubail, the eastern coast of Saudi Arabia. The award of engineering, procurement and construction (EPC) contracts for main process units and associated utilities marks the start of construction work on the ‘Amiral’ complex, following the final […] June 25, 2023
Manufacturing Egyptian and Chinese firms sign $487m industrial deals Egypt’s Suez Canal Economic Zone (SCZone) said $487 million agreements and contracts have been signed between Chinese companies and Tianjin Economic-Technological Development Area (Teda) Egypt to establish new projects in the Al Ain Al Sokhna industrial zone. The SCZone delegation, led by chairman Waleid Gamal El Dein, met with officials of Tianjin city, comprising 270 representatives of […] May 28, 2023
Trade Canada and Saudi Arabia restore diplomatic relations Canada and Saudi Arabia have brought an end to a five-year dispute by resuming diplomatic relations. They will now appoint new ambassadors and renew diplomatic talks. A statement from both countries said that the decision was reached “on the basis of mutual respect and common interests”. Canadian Prime Minister Justin Trudeau and Saudi Crown Prince […] May 25, 2023
Energy Saudi mining firm exports blue ammonia to China Saudi Arabian Mining Company (Ma’aden) has exported its first shipments of low-carbon blue ammonia to China. The Saudi Exchange (Tadawul)-listed mining major signed an agreement to supply 25,000 tonnes of blue ammonia to China’s Shenghong Petrochemicals. Ma’aden is among the largest exporters of blue ammonia, having received certification for production in 2022. It will ship […] May 19, 2023
Energy Brazil’s Braskem confirms takeover bid from Adnoc Braskem confirmed on Tuesday that its controlling shareholder Novonor received a takeover offer from Abu Dhabi National Oil Company (Adnoc) and Apollo Global Management. The Brazilian petrochemicals producer had previously said that a non-binding bid of 37.5 billion reais ($7.5 billion) had been presented to Novonor but did not say where the offer had come […] May 11, 2023
Energy Adnoc ‘in talks’ to buy Brazilian petro firm Braskem Abu Dhabi National Oil Company (Adnoc) and US-based asset manager Apollo Global Management are said to have submitted a joint bid of 37.5 billion reais ($7.5 billion) to acquire São Paulo-headquartered Braskem. Discussions are in the early stages, Bloomberg reported, citing sources close to the potential deal. AGBI has contacted Adnoc for comment. The state-owned […] May 9, 2023
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 Duqm refinery likely to begin operations by end of 2023 Oman-based Duqm Refinery and Petrochemical Industries Company has started trial operations for the crude oil distillation unit at Duqm refinery. The move will pave the way for the launch of all Duqm refinery units, state-run Oman News Agency reported. The refinery has a capacity of 230,000 barrels per day, and its design is based on […] April 4, 2023
Energy Aramco buys 10% of Chinese petrochemical firm for $3.6bn Saudi Aramco has signed definitive agreements to acquire a 10 percent interest in Shenzhen-listed Rongsheng Petrochemical Co. Ltd. (Rongsheng) for $3.6 billion. Aramco Overseas Company (AOC), a wholly-owned subsidiary of Aramco, will acquire the interest in Rongsheng, the Saudi oil producer said in a statement. The deal seeks to expand the oil major’s downstream presence […] March 28, 2023
Energy Aramco to begin work on $10bn China refinery complex in Q2 Saudi Aramco intends to construct a $10 billion integrated refinery and petrochemical complex in northeast China in the second quarter of 2023, it announced on Sunday. The Huajin Aramco Petrochemical Company (Hapco) joint venture is developing the complex, which will combine a 300,000 barrels per day (bpd) refinery and a petrochemical plant with an annual production […] March 27, 2023
Banking and Finance Adnoc lines up another unit for Abu Dhabi listing Abu Dhabi National Oil Co (Adnoc) plans to launch an initial public offering of its maritime and logistics unit in June, Reuters reported, in what will be the government-owned conglomerate’s latest flotation of an ancillary business. Adnoc’s part-privatisation drive began in 2017. It has sold minor stakes in subsidiaries Adnoc Drilling, Adnoc Gas, Adnoc Distribution, […] March 24, 2023
Logistics Aramco and DHL plan logistics hub in Saudi Arabia Saudi Aramco and logistics giant DHL Supply Chain have signed an agreement to develop a new procurement and logistics hub in Saudi Arabia to improve supply chain efficiency and sustainability. The hub will provide end-to-end integrated procurement and supply chain services to customers in the industrial, energy, chemical and petrochemical sectors, Aramco said in a statement. […] March 21, 2023
Energy Abu Dhabi’s Borouge to pay $650m in dividends for 2022 Abu Dhabi-listed petrochemicals company Borouge will pay a final dividend of $650 million for 2022. The payout was approved by shareholders at the annual general meeting on Monday and will be distributed in April, state-owned WAM news agency reported. The Abu Dhabi Securities Exchange-listed company has confirmed dividends of $1.3 billion in 2023. Sultan bin […] March 14, 2023
Energy Aramco advances $7bn South Korea petrochemicals project Saudi Aramco has broken ground on the $7 billion Shaheen petrochemical project, one of the largest integrated steam crackers in the world, in Ulsan, South Korea. The Shaheen project, announced in November 2022, is being developed by Aramco affiliate S-OIL and is considered an important part of Aramco’s regional crude-to-chemicals strategy, the oil major said […] March 10, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Energy Egypt set to launch first-ever bid for obsolete energy fields Egypt will launch the first-ever bid for obsolete energy fields, minister of petroleum Tarek el-Molla said. Details of the bid will be released before the end of February. “Its economic model will be determined to increase production from those fields that need unconventional methods and specialised technology to extract the quantities available in these fields,” […] February 16, 2023
Energy Borouge secures two new $15m contracts from UAE firms Abu Dhabi-listed petrochemicals major Borouge has secured two new contracts worth AED55 million ($15 million) to supply polyolefins to Ducab and Union Pipes Industry (UPI), the company said in a statement. Both companies will use Borouge materials to produce energy and infrastructure applications to construct Borouge 4. Ducab, a UAE-based energy solution provider and industrial […] January 11, 2023
Energy Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […] January 9, 2023
