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.


Urgency needed to boost Palestinian economy: IMF chief

Updated 1 min 56 sec ago
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Urgency needed to boost Palestinian economy: IMF chief

  • The MF has been warning of severe deterioration in the Palestinian economy
  • ‘If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained’
MANAMA: IMF chief Christine Lagarde said Wednesday that major economic growth was possible in the Palestinian territories if all sides showed urgency, as she took part in a US-led conference boycotted by the Palestinian leadership.
The International Monetary Fund has been warning of severe deterioration in the Palestinian economy, with tax revenue blocked in a dispute with Israel which has also imposed a crippling blockade on the Gaza Strip for more than a decade.
“If there is an economic plan, if there is urgency, it’s a question of making sure that the momentum is sustained,” said Lagarde.
The IMF chief is attending a conference in Bahrain to discuss the economic aspects of a United States plan for Israeli-Palestinian peace, which has already been rejected by the Palestinians as it fails to address key political issues.
Lagarde said for the US plan to work “it will require all the goodwill in the world on the part of all parties — private sector, public sector, international organizations and the parties on the ground and their neighbors.”
Citing examples of post-conflict countries, Lagarde said that private investors needed progress in several sectors including strengthening the central bank, better managing public finance and mobilizing domestic revenue.
“If anti-corruption is really one of the imperatives of the authorities — as it was in Rwanda, for instance — then things can really take off,” she said.
The plan presented by White House adviser Jared Kushner calls for $50 billion of investment in the Palestinian territories and its neighbors within a decade.
The proposals for infrastructure, tourism, education and more aim to create one million Palestinian jobs.
Gross domestic product in the Gaza Strip declined by eight percent last year, while there was only minor growth in the West Bank.
Kushner, opening the conference on Tuesday, called the plan the “Opportunity of the Century” — and said the Palestinians needed to accept it before a deal can be reached on political solutions.
The Palestinian Authority has rejected the conference, saying that the US and Israel are trying to dangle money to impose their ideas on a political settlement.
Washington says it will unveil the political aspects of its peace deal at a later date, most likely after Israel’s September election.