The deal is valued between $963.25m and $1.06bn (BHD363m and 398m), and the proceeds will help SABIC grow in the chemicals industry
Saudi Aramco’s recent acquisition of additional stake in Japan’s Sumitomo Chemical is a sign of consolidation in the petrochemical industry
The company said its long-term focus would remain on “strategic portfolio optimisation” and restructuring underperforming assets
SABIC’s fall in net profit is attributed to lower revenues, lower results and losses from discontinued operations
The complex is expected to be able to produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC’s manufacturing presence in Asia
The new initiative aims to nurture the next generation of entrepreneurs in the region to develop solutions to regional and global sustainability challenges
SABIC has attributed the fall in revenue to a downturn in the global petrochemical market which continues to witness weak demand
The deal is expected to close before the end of the first quarter of 2024
SABIC, which is majority-owned by Saudi Aramco, said average sale prices dropped 9 per cent from the previous quarter.
The three entities are exploring collaboration across refining and petrochemical projects in Saudi Arabia as well as China
By virtue of a royal decree, Al-Benyan was appointed as the kingdom’s new education minister
Demand for products from plastics to paint has soared in the past year with economies recovering from the coronavirus pandemic
Revenue climbed 72 per cent year-on-year to $11.3bn
Aramco raised $12.4bn by selling leasing rights over oil pipelines to a US-led group of investors in April
Brent crude has gained over 30 per cent this year to top $68 a barrel
Revenue rose 24 per cent year-on-year to SAR37.5bn and 14 per cent from the previous quarter
The highest ranked Arabs originating from Saudi Arabia in Gulf Business’ annual Arab power list
The new plan comes after the coronavirus pandemic and oil market turmoil created a double crisis for Saudi Arabia
SABIC earned net income of SAR40m in 2020, down sharply from SAR5.2bn in 2019
SABIC hasn’t decided on a venue for the sale
SABIC reported its biggest quarterly loss in at least a decade in the three months through June
Profit rose mainly due to the reversal of SAR690m of impairments associated with Clariant AG
SABIC suspended new capital spending earlier this year as it reported losses in the first and second quarters
Saudi Arabia published an overview of its spending for the next three years that envisages annual cuts to help contain its fiscal deficit
Japan will receive 40 tons of blue ammonia in the first shipment
Saudi Arabia is seeking to diversify its economy away from petroleum by building new industries
SABIC generated second-quarter sales of SAR24.62bn, down 29 per cent from the previous year
Aramco will push back the bulk of installments until after 2022 and delay the final one by three years until 2028
Aramco will pay $24.8bn this week as a first installment in the deal
In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, Saudi Arabia led the pack with 33 entries