Showing posts with label SABIC. Show all posts
Showing posts with label SABIC. Show all posts

Wednesday, June 27, 2012

SABIC and ExxonMobil to Proceed with Specialty Elastomers Project at Al-Jubail

Saudi Basic Industries Corporation (SABIC) and affiliates of ExxonMobil announced today they will construct a world scale specialty elastomers facility at the Al-Jubail Petrochemical Company (Kemya) manufacturing joint venture.

The facility will be integrated with the existing Jubail complex and is expected to be completed in 2015. The companies have approved the next stage of project development, engineering, procurement and construction (EPC).

The facility will have the capacity to produce up to 400,000 tonnes per year of rubber. Including halobutyl, styrene butadiene, polybutadiene, and ethylene propylene diene monomer (EPDM) rubbers, thermoplastic specialty polymers, and carbon black to serve local markets, the Middle East and Asia. Kemya has awarded the EPC contract for the elastomers facility to Technip, Tecnicas Reunidas and Daelim.

Kemya is a 50-50 joint venture between SABIC and Exxon Chemical Arabia Inc., an affiliate of ExxonMobil Chemical Company. The two companies have collaborated closely since 1980 when they established the joint venture, which produces polyethylene, ethylene, and propylene. The new synthetic rubber project represents a significant broadening of Kemya’s product portfolio.

Find out more about this venture at ExxonMobils Newsroom.

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Tuesday, April 21, 2009

Crude Oil Below $45, SABIC's First Loss, Iran Supports OPEC Cut


"Nymex Crude Falls Below $45 Barrel On Economic Fears, Expiration"
Crude oil futures were down Tuesday, slipping below $45 a barrel on lingering concerns about the U.S. economy.

Light, sweet crude for May delivery was down $1.82, or 4%, at $44.06 a barrel on the New York Mercantile Exchange, after falling as low as $43.83 a barrel. June Brent crude on the ICE futures exchange fell $1.37 to $48.49 a barrel.

For the past month, oil prices have held up relatively well, hovering around or above the $50 a barrel mark despite domestic crude supplies swelling to 18 year highs. But crude sliced nearly a tenth off its value Monday, plunging with equity markets as investors worried about the health of U.S. banks, despite a series of better than expected quarterly results....Complete Story

"SABIC Drops After First Quarterly Loss Since 2001"
Saudi Basic Industries Corp., the world’s largest chemicals maker by market value, dropped the most in five months in Riyadh trading after reporting a surprise quarterly loss on slumping demand for plastics and fertilizers.

Sabic fell 9.9 percent to 42 riyals, the biggest decline since Nov. 22. The first quarter net loss was 974 million riyals ($259.7 million) after booking 1.18 billion riyals in goodwill writedowns, the Riyadh based company said today in a statement. The loss is the company’s first since the last quarter of 2001 and misses analyst estimates of 1.02 billion riyals in profit.

The first simultaneous recession for six decades in the U.S., Japan and Germany forced Sabic to slash polyethylene and polypropylene prices and cut its workforce as demand weakened for plastics....Complete Story

"Iran Supports OPEC Output Cut Conditionally"
Iran said on Thursday that it will conditionally support OPEC output cut, the official IRNA news agency reported.

Iran's representative to OPEC Seyyed Mohammad-Ali Khatibi voiced the conditional support to some reporters on the sidelines of an oil gas show in Tehran, MENA said.

"The OPEC decision to cut its output at a meeting in May in Vienna depends on the market condition," Khatibi was quoted as saying, adding "if there is an oversupply of oil (in the market), the output cut will be considered."....Complete Story


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