ExxonMobil, Sabic US petrochemical complex to operate end of 2021

ExxonMobil, Sabic US petrochemical complex to operate end of 2021
A petrochemical complex on the US coast being built Saudi Basic Industries Corporation (SABIC) and ExxonMobil is expected to be operational by the end of 2021, the US energy company said. (Shutterstock)
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Updated 28 July 2021

ExxonMobil, Sabic US petrochemical complex to operate end of 2021

ExxonMobil, Sabic US petrochemical complex to operate end of 2021
  • The project, located near Corpus Christi, Texas, is expected to begin ahead of schedule, likely in the fourth quarter of 2021

RIYADH: A petrochemical complex on the US coast being built Saudi Basic Industries Corporation (SABIC) and ExxonMobil is expected to be operational by the end of 2021, the US energy company said.

The complex — which is being developed by Gulf Coast Growth Ventures (GCGV), a joint-owned company by the Saudi and US companies — has reached mechanical completion of a monoethylene glycol unit and two polyethylene units, ExxonMobil said.

“Gulf Coast Growth Ventures is a key development of our plan to serve growing demand for our high value performance products,” said Karen McKee, ExxonMobil President. 

The project, located near Corpus Christi, Texas, is expected to begin ahead of schedule, likely in the fourth quarter of 2021.

“Not only are we ahead of schedule, but we have executed this project with the highest commitment and emphasis on safety with nearly 18 million safe person-hours worked, all while acting on the promises we made to the community when we started this journey four years ago,” said Abdulrahman Al-Fageeh, SABIC’s executive vice president of petrochemicals. 

GCGV will produce 1,100 kilotons of monoethylene glycol and 1,300 kilotons of polyethylene per year upon completion.

“The benefits of this strategic joint venture will not only accrue to SABIC but also to Saudi Aramco, which bought the company from the Public Investment Fund to create a Saudi synergy in local petrochemical production,” independent economist and former professor of finance and economics at King Fahd University of Petroleum and Minerals Dr. Mohamed Ramady told Arab news.

Once in full production, the new venture will add a welcome stream of additional revenue to SABIC’s profitability and its market value. It is expected to reinforce the Kingdom’s diversification into high-value hydrocarbon products through high-performance plastics, adding to SABIC’s portfolio of agri-nutrients and metals, he said.

“This new strategic joint venture cements the ongoing relationship that SABIC has built over the years with international partners as part of its plans to service its key overseas markets with high quality petrochemical downstream products,” he added.

The project created more than 600 permanent jobs with average salaries of $90,000 per year and an additional 6,000 high-paying jobs were created during construction.

The project is expected to be delivered under budget and at approximately 25 percent less than the average cost of similar projects along the US Gulf Coast.


EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex
Updated 6 sec ago

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

RIYADH: The Royal Commission in Yanbu on Wednesday signed a $900 million investment agreement with EV Metals to establish and operate a factory for the production of electric battery chemicals.

The facility will be spread over 127 hectares and the investment volume is approximately SR3,375 million. The project is expected to create 494 jobs.


OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021
Updated 28 September 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

RIYADH: OPEC's secretary-general Mohammed Barkindo is bullish on oil recovery and sees demand to pick up over the next few years.

"Energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term," Barkindo wrote today in the group's World Oil Outllok (WOO).

"Non- OPEC liquids supply is projected to rise from 62.9 mb/d in 2020 to 70.4 mb/d in 2026, the key contributors to growth are the US, Brazil, Russia, Guyana, Canada, Kazakhstan, Norway and Qatar," OPEC's  Secretary-General Mohammad Barkindo said in a virtual press conference.


Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia
Updated 28 September 2021

Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia

RIYADH: Saudi Arabian Mining Company (Ma’aden), has signed agreements with Thenamaris LNG Inc. and Exmar Marine NV to hire a total of four vessels to transport ammonia produced by the company.


Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects
Updated 31 min 55 sec ago

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

RIYADH: Saudi Arabia's Tourism Development Fund (TDF) signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Saudi Arabia’s Tourism Development Fund signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Under the deal, the tourism fund provide funds for the development of “Durrat Lagoon,” which will be operated by Hotel Indigo.

“The financing and support services provided by the Tourism Development Fund contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world,” Mohiuddin Saleh Kamel, vice chairman of Dallah Al-Baraka Group, said.

The second agreement was signed with 17Sixty to provide a variety of recreational activities enabling visitors of Durrat Al-Arous resort to safely explore the depths of the Red Sea.

“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from all over the world,” the fund’s CEO, Qusai Al-Fakhri, said.


Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi net foreign assets fall to $437bn in August, central bank data shows
Updated 28 September 2021

Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi Arabia’s net foreign assets dropped over 0.1 percent in August, according to newly-released figures.

Data from the Saudi Central Bank (SAMA) showed the assets, which measures its ability to support its dollar-pegged assets, falling to 1.64 trillion riyals in August from the month before.

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