Petrochemicals Borouge prepares for era of ‘transformative’ growth UAE petrochemicals company Borouge is focusing on international expansion and long-term value creation as it gears up to become a next-generation global powerhouse. Borouge reported first-quarter net profit of $281 million and record production of 5.2 million tonnes at the end of April, driven by exceptional utilisation rates of 110 percent for polyethylene and 98 […] June 4, 2025 In association with
Industry DP World unit signs 50-year deal to develop UAE-Oman free zone A DP World unit has signed a 50-year deal to develop an economic free zone between the UAE and Oman. Mahdah Development Company, a UAE-Omani joint venture led by DP World, is working with Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the first phase of the Al Rawdah zone. […] May 27, 2025
Industry UK’s Wood wins contract for UAE’s first methanol facility UK-based engineering company Wood Group has been awarded a project management consultancy contract for the UAE’s first methanol production facility, the British company said in a statement. The contract was awarded by Ta’ziz, a joint venture between Abu Dhabi National Oil Company (Adnoc) and state-owned Abu Dhabi Developmental Holding Company (ADQ). Construction of the plant, in […] May 27, 2025
Oil & Gas Iraq awards major oil deal to Chinese company Geo-Jade Iraq’s oil minister Hayan Abdel Ghani on Wednesday signed a large contract with a Chinese company and its local partner to develop an oilfield in the south of the country and build a refinery, a petrochemical complex and two power plants, according to the state press agency. Geo-Jade, the Chinese company, and the local company Crescent […] May 22, 2025
Analysis Petrochemicals Adnoc bets big on petrochems as sector struggles Abu Dhabi National Co.’s (Adnoc) multibillion-dollar bet to expand its petrochemical capabilities comes at a fraught time for the sector. The numbers may not immediately add up in terms of return on investment but the focus should boost the company’s global reach and technological capabilities, analysts say. “Abu Dhabi is trying to create a global […] May 22, 2025
Analysis Petrochemicals Trump’s China tariffs give relief to Saudi petrochems Saudi Arabia’s beleaguered petrochemicals industry, especially those that rely on propane gas to make their products, has received some welcome relief from an unexpected source: President Donald Trump and his trade tariffs on China. Trump’s first notable tariff moves against China – the world’s largest importer of propane – came in February. Beijing, which had […] May 21, 2025
Petrochemicals QatarEnergy prepares for chemicals growth QatarEnergy plans to more than double its capacity for plastics raw materials globally as it anticipates growth in the chemical industry, CEO Saad Al-Kaabi said on Wednesday. The state-owned company expects its US ethane cracker project to start production in the first quarter of 2027, Al-Kaabi told the World Gas Conference. The project, a joint […] May 21, 2025
Petrochemicals Sabic explores listing industrial gas unit Saudi Basic Industries Corporation (Sabic), which is 70 percent owned by Saudi Aramco, is reportedly planning to sell a stake in its industrial gas subsidiary through an initial public offering. The company is in early talks with potential advisers including Lazard, HSBC Holdings, JPMorgan Chase and Morgan Stanley on a possible listing of National Industrial Gases Company this year, Bloomberg […] May 19, 2025
Analysis Petrochemicals Global slowdown offers way out for Gulf petrochemicals Top executives at Saudi Arabia’s petrochemical producers probably have little in common with Russian Marxist Georgi Plekhanov. Yet the revolutionary’s mantra “the worse, the better” may prove the unlikely route to salvation for their beleaguered industry. First-quarter results among Saudi petrochemical producers, which were forecast to be poor, proved to be even worse than expected. Margins […] May 19, 2025
Analysis Petrochemicals Clouds still not lifting on Saudi petrochem industry Saudi Arabia’s petrochemical companies underperformed in the first quarter and little improvement is expected for the remainder of the year, analysts say. Saudi Basic Industries Corp (Sabic), the world’s seventh largest chemicals manufacturer by sales, made a net loss of $323 million in the three months to March 31, compared with a near $70 million […] May 14, 2025
Petrochemicals Oman’s largest chemical plant to start production next year The first phase of a $300 million polymer project in Oman’s Sohar Port will be launched in the first quarter of next year. The plant will be operated by ZL EOR Chemicals, a Canada-based specialist in enhanced oil recovery projects. The facility’s capacity will reach 350,000 tonnes per annum on completion, placing it among the […] May 12, 2025
Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025
Petrochemicals Sabic to invest $4bn despite first-quarter losses Saudi Basic Industries Corporation, which is 70 percent owned by Saudi Aramco, swung to a loss in the first quarter of 2025 but intends to push ahead with a capital expenditure plan worth up to $4 billion. The petrochemicals giant, which trades on the Saudi stock exchange, reported a net loss of SAR1.2 billion ($320 million) […] May 5, 2025
Petrochemicals Borouge net profit increases to $281m for first quarter UAE petrochemical company Borouge reported a rise in profit for the first quarter, driven by higher production and revenue. Net profit for the three months to March rose to $281 million, on the back of an increase in sales volumes and cost reduction, the company said in a statement. Production volumes rose 7 percent year […] April 30, 2025
Petrochemicals UAE’s Borouge to expand its production capacity UAE petrochemical company Borouge, a specialist in polyethylene and polypropylene, has unveiled expansion plans to increase annual production capacity to more than 6.6 million tonnes by 2028. The expansion is expected to contribute $165-$200 million in earnings before interest, tax and depreciation, the company said in a statement. Borouge, backed by Abu Dhabi National Oil […] April 29, 2025
Petrochemicals China’s Sinopec in $4bn joint venture with Saudi Aramco China’s state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company with a registered capital of 28.80 billion yuan ($3.95 billion). The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco’s Singaporean unit Aramco Asia Singapore. Sinopec and its unit […] April 29, 2025
Petrochemicals China to build new industrial city in Iraq China will build an industrial city in the Karbala governorate to develop Iraq’s petrochemical sector, the official Iraq News Agency reported. Sepco Electric Power Construction Corporation, a subsidiary of state-run PowerChina, signed an agreement with Iraq’s ministry of industry and minerals to build four petrochemical plants within the Karbala Industrial City, according to Iraqi News, […] April 21, 2025
Petrochemicals Borouge hikes dividend despite economic turmoil Emirati petrochemicals company Borouge will launch a share buyback programme and increase its dividend payout as it pushes ahead with global expansion, despite mounting trade tensions and sluggish demand. Shareholders at the company’s annual general meeting on Monday approved a final dividend of $650 million for 2024, bringing the full-year total to $1.3 billion, or […] April 8, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Petrochemicals Gulf oil companies turn up petrochemicals investment Gulf national oil companies (NOCs) are increasingly focusing their investment attention on petrochemicals as they seek to move up the value chain and as global demand growth for crude slows, experts say. The Paris-based International Energy Agency (IEA) expects the petrochemical industry to account for one third of global oil demand growth by 2030 and […] March 18, 2025
Petrochemicals Borouge proposes share buyback after merger stock slide Abu Dhabi petrochemicals company Borouge will seek shareholder approval to buy back up to 2.5 percent of its shares, it said on Monday, after its share price plunged on this month’s news of its merger deal with Austria’s Borealis. Borouge’s majority shareholder Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV said they had agreed to merge […] March 17, 2025
Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 7, 2025
