Saudi Butanol starts trials at Jubail plant

Updated 20 October 2015
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Saudi Butanol starts trials at Jubail plant

DUBAI: Saudi Butanol Co., a joint venture of local petrochemicals firms, has begun trials of its plant in Jubail and expects commercial operations to start in the first half of 2016.
Testing will take between three and six months at the plant, a statement from Sahara Petrochemical Co. said on Tuesday.
The project is owned by group consisting of Saudi Kayan Petrochemical Co., Sadara Chemical Co. (a joint venture between Saudi Aramco and The Dow Chemical Co. and Saudi Acrylic Acid Co. (SAAC). SAAC is an affiliate of Tasnee and Sahara.
A statement issued in March had said testing was expected to commence in the third quarter of 2015.
The project, estimated to cost around SR2 billion ($534 million), was expected to come on stream in the first quarter of 2015 when it was first announced in 2012.
The plant will have a capacity of 330,000 tons a year of n-butanol, a type of alcohol used to make other chemicals, and 11,000 tons a year of iso-butanol.


Abraaj founder’s extradition hearing adjourned

Updated 18 April 2019
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Abraaj founder’s extradition hearing adjourned

  • The US alleges that Arif Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and investors
  • According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the US on fraud charges was adjourned until April 26, a court official said on Thursday.
The official said that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing a US extradition request linked to the same charges.
While at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled health care fund. Abraaj’s executives are facing US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and other US investors.
According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi pleaded innocent last week in a statement released through a PR firm.
He was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant US Attorney Andrea Griswold told a Manhattan federal court on April 11.