AbbVie to produce medicines in KSA

Updated 09 April 2014
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AbbVie to produce medicines in KSA

AbbVie has announced its launch in Saudi Arabia as an independent biopharmaceutical company after separation from Abbott Laboratories.
The event was attended by Abboud Bejjani, vice president of AbbVie in the Middle East and Rami Fayed, General Manager of AbbVie Saudi Arabia, in addition to officials from the Ministry of Health and both public and private hospitals as well as professionals from the industry.
AbbVie also announced the local production of some of its medicines, including the world’s leading biologic therapy for auto-immune diseases, through a partnership with the Arab Pharmaceutical Product Company (Arabio).
With a 125-year heritage of developing pharmaceuticals, AbbVie combines the focus and passion of a leading-edge biotech with the expertise and structure of a long-established pharmaceutical leader.
A global enterprise that serves patients in 170 countries, AbbVie launches in Saudi Arabia with a strong commitment to the country’s health care, where it has been operating as Abbott for around 55 years.
“Today is incredibly exciting for all of us at AbbVie: We are launching a new company with a great heritage, a strong portfolio, a solid pipeline and committed people who will focus on the needs of patients in Saudi Arabia,” said Abboud Bejjani, vice president, Middle East, Africa and Pakistan, AbbVie.
“AbbVie intends to be a strategic partner to the Saudi government and other local stakeholders,” said Bejjani.
“Our investments and plans for the Kingdom correspond with the vision of the country’s priorities in health care, particularly in the areas of expanding life span, improving children’s health and treating and preventing socially sensitive diseases,” said Bejjani.
AbbVie also announced the local production of some of its leading therapies, namely in the areas of auto-immune diseases and neonatology.
Rami Fayed, general manager, Saudi Arabia, AbbVie, said: “Localizing the production of some of our key therapies in partnership with leading local pharmaceutical companies is one of our priorities in Saudi Arabia. We believe that our collaboration with Arabio enhances the development of the health care environment in Saudi Arabia.”
Majed Saeed Bahatheq, general manager and CEO of Arabio, said: “This agreement is a real realization of Saudi Arabia government to develop the biological manufacturing capabilities in Saudi Arabia.”
AbbVie launches in Saudi Arabia with a broad portfolio of market leading medicines for the treatment of some of the world’s most complex and serious diseases.
The portfolio includes the world’s number one biologic and as well as other leading therapies in neonatology, anesthesia, rheumatology, gastroenterology, dermatology, neurology, virology, oncology and nephrology.
AbbVie’s long-term growth will be fueled by a compelling pipeline — with more than 10 compounds in late stage clinical trials or registration — as well as new discoveries to address diseases including Hepatitis C, Alzheimer’s disease, Parkinson’s disease, multiple myeloma and endometriosis.


Shell, Exxon not to seek compensation for end of Dutch gas field production

Updated 25 June 2018
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Shell, Exxon not to seek compensation for end of Dutch gas field production

AMSTERDAM: Energy companies Royal Dutch Shell and Exxon Mobil will not submit a claim for missed revenue due to the Dutch government's decision to halt gas production at the Groningen field by 2030, the Dutch ministry of Economic Affairs said on Monday.
"A lot of gas will be left in the ground," Economy minister Eric Wiebes said at the presentation of his deal with the oil majors responsible for extracting Groningen gas.
"That gas is the property of the oil companies, but they will not submit a claim and the government is not required to compensate them."
The Dutch government in March said it would end gas production at the Groningen field by the end of the next decade, in an effort to stop a string of relatively small, but damaging earthquakes caused by gas extraction.
This will leave around 450 billion cubic meters (bcm) of gas in the ground, Wiebes said, with an estimated value of approximately €70 billion ($81.5 billion).
The decision to halt Groningen production forced the government to broker a new deal with Shell and Exxon Mobil, whose 50-50 joint venture NAM is responsible for the field.
NAM will be required to pump as much gas as the government says is needed in the coming years. In return, it will see its share of the revenue from Groningen rise from 10 to 27 percent, Wiebes said, starting this year.
As part of the deal, NAM will also contribute a total of €500 million to strengthen the economy in the Groningen region.