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Will Saudi Arabia soon be an exporter of gas?
Saudi Arabia plans to start exporting gas and will soon make a major announcement on the topic, the country’s energy minister said.
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Saudi Aramco Energy Ventures Prepares New $500m Fund, Opens Office in China
Saudi Aramco Energy Ventures (SAEV), a unit of the kingdom’s energy company, is preparing to start a new $500 million fund this year after completing $500m in investments, Bloomberg reports.
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Saudi Arabia’s PIF has agreed initial terms for a $10bn loan – report
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has agreed to initial terms for a $10 billion loan, the second time the fund has sought to raise money in less than a year, the Financial Times reports. Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have […]
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UK Petrochemical Company INEOS will Invest $2bn to Build Three Plants in Saudi Arabia
INEOS, one of the world’s largest chemical producers and oil and gas companies, is a privately owned company based in London. “On top of a combined $4bn investment recently announced in the UK and Europe, this is part of a wider Group strategy of globalisation that will stimulate growth and jobs worldwide,” the company said on Twitter. […]
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Saudi Arabia’s Sipchem, Sahara Eye U.S. and Asia Deals after Merger – Report
Saudi International Petrochemical Co (Sipchem) and Sahara Petrochemical “plan to target acquisitions and joint ventures in the United States and Asia when their merger is completed in order to expand market reach,” Reuters reports, citing top executives. Sipchem signed a non-binding agreement to buy Sahara Petrochemicals Company in a deal valued at 8.25 billion riyals ($2.2 […]
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Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom’s Public Investment Fund
Saudi Arabia’s national oil company Saudi Aramco has agreed to buy a 70% stake in Saudi Basic Industries Corporation (SABIC), the kingdom’s leading petrochemical firm, for $69.1 billion in a private transaction, SABIC said in a press release. The move continues Saudi Aramco’s plans to diversify away from oil to “generating more of its profits […]
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Large Quantities of Natural Gas Discovered in Red Sea, Al-Falih Says
Large quantities of gas have been discovered in the Red Sea, the official Saudi Press Agency said, citing comments made by Minister of Energy Khalid Al-Falih. Al-Falih said that Saudi Aramco will intensify exploration work over the next two years after completion of a feasibility study. Falih also said Saudi Aramco was studying possible Liquified Natural Gas (LNG) project […]
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PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]
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Report: Saudi to Invest $10b in South Africa’s Economy
Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]
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Jadwa Investment Chartbook: SAMA Reserves Rise and Other Positive Signs for Saudi Economy
The latest monthly edition of the Saudi Chartbook published by Jadwa Investment finds positive indicators for the Saudi economy as growth picks up in the Kingdom. According to Jadwa, non-oil exports in March increased by 1.8 percent year-on-year, the Kingdom’s FX reserves soared to the largest monthly increase since October 2013, and while inflation ticked […]
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Domestic consolidation and international partnerships provide support to Saudi Arabia’s petrochemicals industry
For 2019 as a whole, the company made a profit of SR8.5bn ($2.3bn), a 73% decline from the SR31.9bn ($8.5bn) recorded in 2018, according to SABIC’s 2019 financial statements. Further contraction is expected in 2020, as the global outbreak of Covid-19 shuttered factories around the world and dampened demand.
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Petrochemicals industry outlook: GCC firms face risks from coronavirus spread, oil drop
“Furthermore, the chemicals sector is highly exposed to key end markets such as automotive, oil & gas and aerospace, which are expected to contract heavily as a result of the current global economic situation,” he added. A series of measures have been implemented worldwide to stop the spread of the virus including shutting down businesses, imposing travel restrictions and urging people to stay indoors. These measures have started affecting numerous industries across the globe including petrochemical producers.
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Saudi Arabia aims to export gas, petrochemicals soon: energy minister
Saudi Arabia, the world's biggest crude exporter, plans to add gas and petrochemicals to its slate of exports and will soon make a major announcement on the topic, the country's energy minister said on Sunday.
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Can Iraq Become A World Class Petrochemicals Player?
Corruption in Iraq is so broad- and deep-reaching that it has now become almost passé to mention it, however for Shell (and all Western international oil companies) it was and remains the principal reason why Shell is still - according to the MoO – ‘in the process of evaluating the viability of the Nebras petrochemicals complex’, rather than having already made progress.
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Saudi Arabia looks abroad to LNG and petrochemicals to hedge its bets
The non-binding agreement also envisages Saudi Aramco acquiring 25 percent of the Port Arthur operation, whose plan has just been approved by the U.S. Department of Energy and the Federal Energy Regulatory Commission.
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Saudi Petrochemicals Giant’s Quarterly Profit Meets Estimates
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, posted a 5.4 percent increase in third-quarter profit on higher prices and sales, meeting analysts’ estimates.
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Saudi Petrochemicals Giant’s Quarterly Profit Meets Estimates
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, posted a 5.4 percent increase in third-quarter profit on higher prices and sales, meeting analysts’ estimates.
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Video: Saudi Arabian Banks, Petrochemicals Favored, BofAML’s Yazhari Says
Saudi Arabian Banks, Petrochemicals Favored, BofAML's Yazhari Says
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Saudi Banks, Petrochemicals Favored, Emirates NBD Asset Says
Salman Bajwa, chief executive officer at Emirates NBD Asset Management Ltd., talks about Saudi stocks and the economy.
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Saudi Petrochemicals Giant Posts 81% Gain in Quarterly Profit
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, posted an 81 percent increase in second-quarter profit on higher sales prices and volumes.
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