The new firm will provide wireline and mechanical intervention services for oil and gas wells.
The company lost Dhs3.63 billion in the fourth quarter of 2014.
Testing of the plant’s performance will take between three and six months, the company said.
OPEC supply has risen in March to 30.63 million barrels per day (bpd) from a revised 30.07 million bpd in February, according to the survey.
The plant, located in Jubail Industrial City, will manufacture up to 63,000 tonnes per year of polybutylene terephthalate (PBT) resin.
The cash will be used to finance a number of projects that Shandong is currently working on.
The loan will replace an existing $4 billion facility due to mature later this year.
Saif Humaid Al Falasi will replace Saeed Al Khoory, who has served as ENOC’s CEO since 2007.
An official said that tankers were operating in a safe and usual manner through the Bab el-Mandeb strait.
Saudi Kayan had said earlier that it would shut several units at its petrochemicals complex in Jubail for about five weeks.
The utility last week disclosed it was in talks with an unnamed Gulf investor, raising hopes that it could receive fresh funds and emerge from a crisis.
The conflict could potentially damage Bab el-Mandeb passage through which nearly 4 million barrels of oil are shipped daily to Europe, the United States and Asia.
These measures include “securing all industrial safety and security requirements and raising the level of security measures of oil installations.
The plant, in Jubail, is operated by Sahara & Ma’aden Petrochemicals Co (SAMAPCO) and will be offline for 25 days from April 1.
The comments appear to counter some market forecasts that the U.S. oil glut may push prices to as low as $20-$30.
Pickens revised his previous forecast which said oil prices would reach the $100 level as early as this year.
Al Hosn Gas is the Shah gas development joint venture by the Abu Dhabi National Oil Company (Adnoc) and U.S.-based Occidental Petroleum.
The company said that the shutdown at the facility in Ras Al Khair would last for around 10 days.
Full operational capacity at the two plants would be achieved in 8-10 days.
The contract was won along with Dhofar International Development and Investment Holding Co.
Saudi Oil Minister Ali al-Naimi asserted on Sunday that the Kingdom will not curb output to prop up prices.
Ali al-Naimi also said that OPEC will not take sole responsibility for propping up the oil price.
Mohammed al-Madi said that the current price drop was because of fundamental supply and demand factors, not any non-economic policies.
The project is expected to provide 2,000 megawatts of solar energy to Egypt.
The Kingdom has been ramping up the number of machines drilling for oil and gas.
Actual oil output from the United States could prove harder to beat back, sources say.
Kuwait’s oil minister said on Thursday that OPEC had no choice but to keep output steady.
Ali al-Omair said the OPEC has to keep output unchanged to sustain marketshare.
Production was steady in January at 9.680 million bpd from 9.630 million bpd in December.
The company has an exclusive licence to carry out a geological survey of the Mediterranee Ouestarea, which comprises 3,433 sqkm.