SAFCO’s new urea facility delayed to June-end

Updated 03 May 2015

SAFCO’s new urea facility delayed to June-end

ALKHOBAR: The start-up of a new urea plant owned by Saudi Arabia Fertilizers Co. (SAFCO) has been pushed back further and is now expected by the end of June, SAFCO said.
“The plant is still in the trial operations stage and a few required repairs are being done now to complete testing the performance and efficiency,” SAFCO said.
“This stage is expected to be extended to the end of June and therefore handover of the project and the announcement of commercial operations will be delayed to that date.”
The company said the delay would not increase the cost of the plant.
SAFCO, a unit of Saudi Basic Industries Corp. (SABIC), said in March that the start-up of its urea plant in Jubail, known as SAFCO 5, would be delayed to mid-May this year.
The plant, which has an annual production capacity of 1.1 million tons of urea, was originally scheduled to start up in the third quarter of 2014 but was delayed by construction work falling behind the original timetable.


Trump calls for World Bank to stop lending to China

Updated 3 min 56 sec ago

Trump calls for World Bank to stop lending to China

WASHINGTON: US President Donald Trump on Friday called for the World Bank to stop giving loans to China, one day after the institution adopted a lending plan to Beijing over Washington’s objections.
The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025. The plan calls for lending to “gradually decline” from the previous five-year average of $1.8 billion.
“Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” Trump wrote in a post on Twitter.
Spokespeople for the White House and the World Bank did not immediately respond to requests for comment.
The World Bank loaned China $1.3 billion in the fiscal 2019 year, which ended on June 30, a decrease from around $2.4 billion in fiscal 2017.
But the fall in the World Bank’s loans to China is not swift enough for the Trump administration, which has argued that Beijing is too wealthy for international aid.