Abu Dhabi National Oil Company and industrial holding company ADQ are looking to collaborate on $5 billion worth of projects in the Ruwais Derivatives Park. The two companies signed a deal to form the JV in July to invest in chemical projects, with ADNOC holding a 60% equity stake and ADQ having the remaining 40%. … Read more
Saudi Arabia’s Advanced Petrochemical Company is planning to add a 70,000 tonnes per annum capacity Isopropanol (IPA) plant as part of its joint venture project in Jubail Industrial City, according to an Arab media report. In March, Advanced Petrochemical’s subsidiary, Advanced Global Investment Company (AGIC) has signed a shareholders’ agreement with SK Gas Petrochemical (SKGP), … Read more
Saudi Arabian petrochemicals companies Saudi Industrial Investment Group (SIIG) and the National Petrochemical Company (Petrochem) have started initial discussions for a potential merger, both companies said on September 20. SIIG and Petrochem announced in separate statements that they have begun talks to study the “economic feasibility” of merging the two companies. The SIIG and Petrochem … Read more
LyondellBasell announced that Duqm Refinery and Petrochemical Industries Company LLC (DRPIC) has selected LyondellBasell’s world-leading polypropylene (PP) and high-density polyethylene (HDPE) technologies for a new facility. The new plants will comprise of a polypropylene (PP) plant that will utilize LyondellBasell’s Spheripol PP process technology to produce 280,000 metric tons per year of PP and a … Read more
President Hassan Rouhani of Iran on Thursday inaugurated the world’s largest methanol producing plant in the country’s southern province of Bushehr through a ceremony held via videoconference, according to a news report by Tasnim News Agency. President Rouhani simultaneously ordered the opening of two energy projects in Bushehr and one in the western province of … Read more
Sasol Ltd. has signed an exclusive negotiation agreement for Air Liquide to acquire the biggest oxygen-production site in the world located in Secunda in South Africa. The agreement is in line with Sasol’s plan to reduce its emissions of CO2. In this context, Air Liquide would operate the 16 air separation units (ASU) of this … Read more
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
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
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
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
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
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
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
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
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
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
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
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
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
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