Saudi-based petrochemicals giant SABIC hit a $2 billion quarterly profit in the second quarter of this year as a healthy global demand for its products drove sales, according to reports.
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.
Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources.
Sadara, a joint-venture between Dow Chemical Company and Saudi Aramco announces the startup of its mixed feed cracker, the only one of its kind in the Middle East and one of 26 manufacturing units that will be part of the Sadara chemical complex.
The Deputy Crown Prince's interview in Riyadh was 5 hours long and went until 4 in the morning. He discussed plans to privatize a small percentage of Saudi Aramco and expand and re-task the country's Public Investment Fund.
The plant, slated to produce ethylene and polyethylene at first, will be in full production by 2017 despite facing "stiff review" in the face of falling oil prices.
Mohammed al Mady said that it “plans to invest in companies in the U.S and elsewhere that have technology to turn shale gas into chemical products,” according to Bloomberg.
U.S.-based fertilizer giant Mosaic Company signed a $7 billion contract with Saudi Arabia Basic Industries (SABIC) and the Saudi Arabian Mining Company (Ma’aden) for a 3.5 million ton phosphate operation in the Kingdom, according to a press release issued today.
