Sadara petchem plant to go into full operation in 2016

Updated 22 March 2014
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Sadara petchem plant to go into full operation in 2016

Sadara petrochemical complex, a joint venture project between Saudi Aramco and US-based Dow Chemical, is set to complete construction works in mid-2015 and go into full operation in the following year, local media said.
The Jubail-based Sadara project is said to represent the largest foreign direct investment in the Saudi petrochemical industry whose construction costs are estimated at $19.3 billion (SR72 billion), the media said.
Talking to local media, CEO of the company Ziad Al-Labban said 50 percent of construction works had completed. By the end of February, 70 percent and 68 percent of offsite and utilities (O&U), and mixed cracker units were, respectively, complete, he added. The project will reportedly contain 26 production units that will produce over 3 million tons of chemical and plastics products, including amines, glycol ethers, polyether polyols, polyethylene and propylene glycol.
According to the agreement between the two giant companies, Saudi Aramco will market products in the Middle East region whereas Dow Chemical will market 80 percent of the products in global markets.


Iran says Japan has started process of importing Iranian oil

Updated 21 January 2019
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Iran says Japan has started process of importing Iranian oil

  • Exemptions have been granted to Iran's biggest oil clients - Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey
  • Iranian oil accounted for 5.3 percent of Japan's total crude imports in 2018

LONDON: Japan has started the process of importing Iranian oil, which was suspended due to U.S. sanctions, the governor of Iran's central bank said on Monday.
The resumption of oil imports comes after Tokyo was granted a waiver from U.S. sanctions that went into effect in November. Iran is the fourth-largest oil producer among the members of the Organization of the Petroleum Exporting Countries.
"After China, South Korea, India and Turkey, Japan also started the process of importing Iranian oil," Abdolnaser Hemmati was quoted as saying by the state news agency IRNA.
Iran's oil exports have fallen sharply since U.S. President Donald Trump said in May 2018 the United States would withdraw from a pact curtailing Iran's disputed nuclear programme and reimpose sanctions on Tehran.
However, exemptions have been granted to Iran's biggest oil clients - Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey - which allow them to import some oil for another 180 days.
Iranian oil accounted for 5.3 percent of Japan's total crude imports in 2018.