The company lost 913 million riyals during the three months to March 31, compared to 657 million riyals during the same period of the previous year.
SABIC chief said that increased competition among sectors and a shortage of gas have made internal expansion hard.
SABIC made a net profit of 6.44 billion riyals ($1.72 billion) between January and March compared to 6.56 billion riyals a year earlier.
As the UAE and Saudi race to build nuclear reactors to meet mounting energy needs, the inevitable question arises – is nuclear a viable option?
The firm estimated financial loss due to the outage to amount to around SAR214 million.
TAQA has invested in Bergermeer storage facility alongside Dutch energy company EBN.
Sahara blamed the decline on lower sales, citing a planned shutdown of Al Waha plant as well as lower income from associates.
The deadline for bids for the engineering, procurement and construction (EPC) contract is May 11, a senior executive said.
The refinery, which will become the biggest in the Middle East, will begin operations by late 2018 or early 2019.
The total volume of super-cooled gas to be delivered between the two companies would be around 2.5 million tonnes a year, a senior official said.
ExxonMobil, Royal Dutch Shell, Total and BP have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s.
Is the rise of shale gas and oil a threat or an opportunity for GCC nations?
Sipchem made a profit of 68.7 million Saudi riyals ($18.3 million) in the three months to March 31.
Saudi Arabia has supplied full contractual volumes to most Asian buyers since late 2009.
The world’s largest oil exporter and OPEC heavyweight supplied 9.899 million bpd in February.
Kuwait Petroleum Corporation will provide Egypt with 85,000 barrels of crude oil per day.
In July 2013 Kuwait pledged $4 billion to Egypt, including $1 billion in oil products.
Kuwait’s oil production is expected to reach 3.5 million barrels per day by 2015, a senior official said.
The joint venture, operated by France’s Total and Saudi Aramco, began a gradual startup of operations last year.
TAQA’s chief executive told media that the firm’s capex will be “a little less than in 2013”.
TAQA said that the impairment did not affect the company’s ability to continue operations or service its debt.
The offering is likely to take place before the end of the year or in the early part of 2015, sources say.
Oil and gas firms in the Middle East have an above-average approach to risk management compared to their global counterparts, a study says.
Refineries across Asia typically shut for maintenance in the second quarter, reducing crude demand.
The collaboration will help the bourses offer energy products such as liquefied natural gas and electricity.
Three agreements were signed between Oman and Iran, one of which was an initial deal on building a gas pipeline linking Iran with the Sultanate.
The view on oil demand growth from the OPEC contrasts with that of the U.S. government’s Energy Information Administration, which on Tuesday cut its forecast.
The project looks likely to be on time and on budget and is being built as per the “highest standards”, says nuclear expert Lady Barbara Judge.
Saudi Arabia aims to develop shale gas for power generation in order to save more of its crude oil for export.
Buyers of Qatar’s deodorised field condensate include Shell, South Korea’s SK Energy and Samsung Total Petrochemical.