Saudi Aramco, SABIC select Yanbu as site for new industrial complex

Gas is flared off at Saudi Aramco’s Shaybah oilfield in the Empty Quarter. (Reuters)
Updated 11 November 2018
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Saudi Aramco, SABIC select Yanbu as site for new industrial complex

  • Yanbu will be the site of an integrated industrial complex tasked with converting crude oil to chemicals
  • Complex is expected to process 400,000 bpd of crude oil, which will produce around 9 million tons of chemicals and base oils annually

DUBAI: Saudi Aramco and Saudi Basic Industries Corp. said on Thursday that Yanbu will be the site for an integrated industrial complex they plan to build to convert crude oil to chemicals.
The complex, located on the west coast of Saudi Arabia, is expected to process 400,000 barrels per day of crude oil, which will produce around 9 million tons of chemicals and base oils annually. It is expected to start operations in 2025, the two companies said in a statement.


RBS says Saudi bank merger boosts its core capital

Updated 16 June 2019
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RBS says Saudi bank merger boosts its core capital

  • RBS had a 15.3% interest in Alawwal bank
  • The changes would boost the banks CET1 core capital ratio by 60 basis points

Royal Bank of Scotland (RBS) said on Sunday the completion of a merger between Alawwal bank and Saudi British Bank would lead to RBS shedding $5.9 billion of risk weighted assets and boost its core capital.
RBS, through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank.
RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of almost $503 million and a reduction in risk weighted assets of nearly $5 billion.
RBS also said the deal would extinguish legacy liabilities of almost $377.
The changes would increase the bank's CET1 core capital ratio by 60 basis points, it said.
The merger will also help RBS to focus on its target markets, RBS chief executive Ross McEwan said in a statement.
RBS, which was rescued in 2008 with a nearly $57 billion capital injection by the British government, has been shrinking its overseas operations since the financial crisis to focus on its UK lending operations.