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  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
    The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
    First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer. The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical. First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • Saudi Chemicals Giant Sabic Hires Aramco IPO Banker Mirza

    Sabic hired Sulaiman Mirza as a senior adviser, according to his LinkedIn profile, an indication the Saudi chemicals producer may be eyeing more deals.

    Saudi Basic Industries Corp., as the company is formally known, is a key part of the country’s strategy to funnel more oil into chemicals as it prepares for a future beyond crude sales. Sabic took part in one of the Middle East’s largest deals last year, divesting its Hadeed metals unit to focus on its core business.

  • Saudi Arabian petrochemical giant SABIC reports Q3 net loss

    Saudi Basic Industries Corp (SABIC), one of the world’s biggest petrochemical companies, on Thursday posted an almost 17% fall in third-quarter revenue and a net loss.

  • Saudi Arabia’s PIF signs $3.3bn deal with Sabic to create national steel ‘champion’

    Saudi Arabia’s Public Investment Fund will fully acquire the Saudi Iron & Steel Company (Hadeed) from Saudi Basic Industries Corporation (Sabic) in a 12.5 billion Saudi riyals ($3.3 billion) deal, as the kingdom seeks to accelerate its industrial development. The deal is expected to close before the end of the first quarter of 2024, Sabic, the Middle East's biggest petrochemicals company, said on Sunday in a bourse filing to the Tadawul stock exchange. The final sales price will be disclosed at the closing date, Sabic said.

  • Saudi Arabia’s PIF signs $3.3bn deal with Sabic to create national steel ‘champion’

    “These transactions will bring together PIF’s financial capabilities and industry experience with Hadeed and Rajhi Steel’s leading technical and commercial expertise, to create a national champion in Saudi Arabia’s steel sector,” Yazeed Al Humied, deputy governor and head of Middle East and North Africa Investments at PIF, said. The deals are in line with the PIF's wider efforts to develop the local industrial sector and to establish strategic partnerships that boost the private sector's economic contribution.

  • Saudi Arabia’s Sabic: World’s Biggest Chemical Firm Sees Profit Plunge

    The Riyadh-based company known as Sabic said its “target markets were subject to a continuous decline in demand and an increase in supply for most of the company’s products, leading to lower average selling prices.” “The global economy is continuously slowing down as a result of tightening monetary policies to confront inflation, leading to weaker demand and a decrease in the average selling prices of the company’s products as well as lower quantities sold,” it said.

  • Saudi Aramco-Owned Sabic Says Inflation Hurting Industry’s Recovery

    The world’s most valuable chemicals maker reported worse-than-expected earnings and said the market remained fragile, with demand in China yet to recover strongly and inflation hurting consumers. Saudi Basic Industries Corp. made net income of 660 million riyals ($176 million) in the first quarter, down 90% from the same period a year earlier and 16% below the average estimate among analysts surveyed by Bloomberg.

  • SABIC achieves $4.4bln profits in 2022

    The net profits after Zakat and tax of Saudi Basic Industries Corporation (SABIC) hit SAR 16.53 billion in 2022, an annual drop of 28.35% from SAR 23.07 billion. Revenues increased by 13.49% year-on-year (YoY) to SAR 198.47 billion in 2022 from SAR 174.88 billion, according to the annual income statements. On the other hand, the earnings per share (EPS) plummeted to SAR 5.51 as of 31 December 2022, from SAR 7.69 a year earlier.

  • SABIC’s quarterly profit slumps 94% on lower sales prices

    Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier.