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  • ExxonMobil, SABIC Start Operations At Gulf Coast Manufacturing Facility

    ExxonMobil and SABIC have partnered together for 40 years on petrochemical projects. Gulf Coast Growth Ventures represents their first joint venture in the Americas. SABIC is the operating partner for two long-standing joint ventures with ExxonMobil in the Kingdom of Saudi Arabia, Kemya in Jubail and Yanpet in Yanbu. Ownership interests in Gulf Coast Growth Ventures is evenly divided with 50 percent to ExxonMobil and 50 percent to SABIC. ExxonMobil is the site operator.

  • Saudi Arabia’s SABIC launches U.S. Gulf Coast project with ExxonMobil

    Petrochemicals giant Saudi Basic Industries Corp's (SABIC) (2010.SE) joint venture project with ExxonMobil (XOM.N) in the U.S. Gulf Coast, which involves an ethylene production unit, has begun commercial operations, it said on Thursday. The company announced plans on Sept. 19 to establish an ethylene production unit with annual capacity of about 1.8 million tonnes, SABIC said in a bourse statement.

  • Saudi SABIC plans petrochemicals plant in Jubail – CEO to Asharq TV

    Saudi Basic Industries Corporation (SABIC) (2010.SE) plans to build a petrochemicals plant in the city of Jubail on the gulf coast in the Eastern Province, after a similar plant in South Korea starts production by year-end, CEO Yousef Abdullah al-Benyan told Asharq TV on Tuesday. Al-Benyan added that the company views the Korean market as an opportunity to expand in Asia.

  • Sabic highlights Saudi mining sector in global summit

    Sabic, through its Nusaned local content program, is helping to establish partnerships and empower supply chains in Saudi Arabia that can meet the needs of companies both at home and abroad. The program has registered 21 proposals in the mining and minerals sector, nine of which have completed all requirements for a total capital investment exceeding $290 million.

  • SABIC’s local initiative, NUSANED, to add $3bln to Saudi GDP

    Investors under a local initiative to support Saudi businesses led by SABIC are expected to contribute more than SR11.4 billion ($3 billion) to the Kingdom's economy and create around 10,316 jobs. In a statement Saudi Basic Industries Corp. said it included a new batch of 33 eligible investors to the initiative known as NUSANED, bringing the total number of candidates qualified to initiate new projects since its launch

  • Saudi petrochemicals producer SABIC posts fivefold profit jump

    Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) on Thursday reported a fivefold increase in third-quarter profit helped by higher average selling prices. SABIC reported a post-tax profit of 5.6 billion riyals ($1.5 billion), up from 1.1 billion riyals a year earlier but missing a 6.1 billion riyal consensus from estimates by four analysts compiled by Refinitiv.

  • Saudi Arabia’s SABIC to invest at Teesside plant in northeast England

    The British government said that Saudi petrochemical firm Saudi Basic Industries Corp (SABIC) (2010.SE) would invest nearly 1 billion pounds ($1.37 billion) at its Teesside facility in northeast England with the aim of decarbonisation. "Fantastic to see nearly £1 billion invested in @SABIC's Teesside facility, creating and safeguarding 1,000 jobs," British Prime Minister Boris Johnson said in a tweet on Wednesday evening.

  • SABIC, ExxonMobil JV in U.S. preparing for initial startup

    Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil in the U.S. Gulf Coast has started commissioning activities and preparing for an initial startup. The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a statement.

  • Saudi Railway, SABIC sign 25-year deal to transport polymer

    The Saudi Railway Co. and the Saudi Basic Industries Corp. on Monday signed a 25-year deal for the transportation of polymers. Saudi Minister of Transport and Logistic Services Saleh Al-Jasser said the agreement envisages transportation of polymers from factories directly to ships on trains.

  • Saudi SABIC swings to Q2 profit as product prices, sales volume spike

    “This was driven by higher sales volumes and prices, supported by a rise in oil prices and a healthy supply and demand balance for most of our key products as the global economy continued its path to recovery,” he added.