Air Products Plans $5 Billion Green Ammonia Plant in Saudi Arabia

Air Products on Tuesday announced an agreement for $5 billion green hydrogen-based ammonia production facility that will be powered by renewable energy. The project will be equally owned by Air Products, ACWA Power of Saudi Arabia and NEOM. NEOM is a new model for sustainable living located in the North West corner of the Kingdom … Read more Air Products Plans $5 Billion Green Ammonia Plant in Saudi Arabia

Sasol, Enaex Conclude Explosives JV in South Africa

Sasol and Enaex S.A., a subsidiary of the Sigdo Koppers Group, have announced the start of operations of new explosives JV in Southern Africa. The new explosives joint venture Enaex Africa started operations on 1 July 2020. In line with the company’s growth strategy review of 2017, Sasol’s explosives business was identified as having substantial … Read more Sasol, Enaex Conclude Explosives JV in South Africa

Aramco Completes Acquisition of 70% Stake in SABIC

Aramco has announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corp. (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 ($32.89) price per share. The acquisition enhances … Read more Aramco Completes Acquisition of 70% Stake in SABIC

Antidumping Probe will hurt Chemical Imports to India, GPCA warns

Gulf Cooperation Council (GCC) mono ethylene glycol (MEG) imports into India may be severely hurt as a result of an ongoing anti-dumping investigation targeting imports from Oman, Saudi Arabia, Kuwait & UAE, according to the Gulf Petrochemicals and Chemicals Association (GPCA). According to GPCA analysis, the inconsistent investigative practices by Indian authorities on anti-dumping regulations … Read more Antidumping Probe will hurt Chemical Imports to India, GPCA warns

Aramco in Talks with Banks to borrow $10bn to Finance SABIC Acquisition

Saudi Aramco is in early discussions with lenders for a loan of approximately $10 billion to help fund its purchase of a 70% stake in Saudi Basic Industries Corp (SABIC), according to a Reuters report. Last year, Aramco agreed to buy SABIC’s majority stake from the Kingdom’s wealth fund for $69.1 billion, signing one of … Read more Aramco in Talks with Banks to borrow $10bn to Finance SABIC Acquisition

Tata Chemicals South Africa Announces ‘Force Majeure’ – COVID-19

Tata Chemicals announced force majeure on shipments of soda ash to South Africa after government restrictions resulted in the closure of several berths at Maydon Wharf including Tata Chemicals South Africa’s berth at Maydon Wharf 14. The South African government has placed restrictions on the continued operation of various business activities, including port operations due … Read more Tata Chemicals South Africa Announces ‘Force Majeure’ – COVID-19

Advanced Petrochemical and SK Gas Plan $1.8B PDH/PP Complex

Advanced Global Investment Company (AGIC), a subsidiary of PP producer Advanced Petrochemical, has agreed to form a joint venture with South Korea’s SK Gas and build a propane dehydrogenation (PDH)/PP complex at Jubail, Saudi Arabia. The JV agreement follows a Memorandum of Understanding (MoU) signed in June, 2019. The new entity, called Advanced Polyolefins, will … Read more Advanced Petrochemical and SK Gas Plan $1.8B PDH/PP Complex

Sasol Considers $2B Rights Issue, in Talks to Sell LCCP Assets

Sasol said on Tuesday that it aims to generate $6 billion by the end of financial year 2021 as it seeks to stabilise its balance sheet. The energy and chemicals major is battling high debt, the impact of the corona virus outbreak and falls in oil and chemical prices. Sasol said it could sell up … Read more Sasol Considers $2B Rights Issue, in Talks to Sell LCCP Assets

Sadara Chemical Reports Huge Losses, Sales Decline

Sadara Chemical Company, a joint venture (JV) between Saudi Aramco and Dow, reported a huge loss in full-year of 2019 due to lower product prices and the costs of asset maintenance which reached SAR9.2 billion ($2.45 billion). Net loss was SAR14.486 billion ($3.86 billion), up from 2018’s SAR3.86 billion ($1.03 billion). Operating loss was at … Read more Sadara Chemical Reports Huge Losses, Sales Decline

SABIC Increases Its Stake in Clariant to 31.5%

SABIC (Saudi Basic Industries Corporation) said on Tuesday that it had raised its stake in specialty chemicals maker Clariant. The state-owned company now owns 31.5% in Clariant, up from 24.99% previously, it said in a filing. The increase in stake holding was just short of the one-third ownership that would trigger a mandatory offer for … Read more SABIC Increases Its Stake in Clariant to 31.5%

Air Products Qudra Breaks Ground for Industrial Gases Hub in Saudi Arabia

Air Products Qudra, in collaboration with the Royal Commission for Jubail and Yanbu, held a ceremonial groundbreaking to mark the start of work in building a world-class, fully-integrated industrial gases hub in the Jubail Industrial City. The significant investment by Air Products Qudra involves building, owning and operating a world-scale steam methane reformer (SMR) to … Read more Air Products Qudra Breaks Ground for Industrial Gases Hub in Saudi Arabia

Turkey’s Rönesans, Algeria’s Sonatrach Sign Petchem JV

Turkey and Algeria will jointly establish a petrochemicals plant in Adana on the Mediterranean coast, Algerian Energy Minister Mohammed Arkab told state-run Anadolu Agency. Turkey’s Rönesans Holding and Algeria’s state-owned energy company Sonatrach will take part in the project, Arkab said on the margins of the Turkey-Algeria Business Forum. The petrochemical facility is estimated to … Read more Turkey’s Rönesans, Algeria’s Sonatrach Sign Petchem JV

SABIC, Yokogawa Sign Strategic Collaboration Agreement

Saudi Basic Industries Corporation (SABIC) announced that it has entered into a strategic alliance framework agreement to accelerate collaboration with Yokogawa Electric Corporation. The agreement includes selection of Yokogawa as a preferred supplier of control systems. Under this alliance agreement, Yokogawa will promote localization in Saudi Arabia, and its integrated control systems and safety instrumented … Read more SABIC, Yokogawa Sign Strategic Collaboration Agreement

SAFCO Acquires SABIC’s Agri-Nutrients Unit

The Saudi Arabian Fertiliser Company (SAFCO) agreed to acquire a unit of Saudi Basic Industries Corporation (SABIC) to improve growth and look for new markets, the company said on Wednesday. SAFCO will acquire 100% of SABIC Agri Nutrients Investment Company, which is valued at 4.59 billion Saudi riyals ($1.2 billion) by way of an increase … Read more SAFCO Acquires SABIC’s Agri-Nutrients Unit

RIL, ADNOC in pact to explore setting up Ethylene Dichloride JV

The Abu Dhabi National Oil Company (ADNOC) signed a framework agreement with Reliance Industries to explore development of an Ethylene Dichloride facility in Ruwais. The agreement was signed by Mr. Abdulaziz Alhajri, Executive Director of ADNOC’s Downstream Directorate, and Mr. Nikhil R. Meswani, RIL Executive Director. Under the terms of the agreement, ADNOC and RIL … Read more RIL, ADNOC in pact to explore setting up Ethylene Dichloride JV

SAGIA, Shell and AMG Sign Agreement to Build Catalyst Recycling Facility

The Saudi Arabian General Investment Authority (SAGIA), Shell Overseas Services Ltd. (Shell) and Advanced Metallurgical Group N.V. (AMG) signed a memorandum of understanding (MOU) to evaluate the potential for construction and operation, subject to regulatory approvals, of a spent catalyst recycling facility in Jubail Industrial City, Saudi Arabia. The signing took place in Riyadh, Saudi … Read more SAGIA, Shell and AMG Sign Agreement to Build Catalyst Recycling Facility

Air Products Signs MOU to Establish Industrial Gas Production Facilities in Saudi Arabia

Air Products Qudra and Royal Commission for Jubail and Yanbu signed a Memorandum of Understanding (MOU) to establish world-class industrial gas production facilities and distribution networks in the industrial cities of Royal Commission. The MOU sets preliminary framework details for Air Products Qudra to establish a hydrogen fueling economy in the Kingdom, achieve higher values … Read more Air Products Signs MOU to Establish Industrial Gas Production Facilities in Saudi Arabia

Air Products to form $11.5bn JV

Air Products has confirmed that it is in final negotiations to form a joint venture with Saudi Aramco, ACWA Power and Air Products Qudra to acquire the gasification, power and industrial gas assets at Jazan Economic City, representing a total investment value of about $11.5 billion. Air Products’ confirmation follows an announcement made on Tuesday … Read more Air Products to form $11.5bn JV

Sabic to Invest in Methanol Plant in Russian Far East

Sabic (Saudi Basic Industries Corporation) signed a preliminary agreement with the state-controlled Russian Direct Investment Fund and Moscow-based ESN Group for a potential investment in a methanol plant in the Russian Far East, as the Middle East’s biggest petrochemicals producer looks to expand its international footprint. The agreement, part of a broad range of pacts … Read more Sabic to Invest in Methanol Plant in Russian Far East

Saudi Aramco Suspends 50% of Production following Drone Attacks

Saudi Aramco emergency crews contained fires at its plants in Abqaiq and Khurais, as a result of terrorist attacks with projectiles, according to a media release from the company. These attacks resulted in production suspension of 5.7 million barrels of crude oil per day. After visiting the incident locations, Amin H Nasser, Saudi Aramco president … Read more Saudi Aramco Suspends 50% of Production following Drone Attacks