Sipchem begins hydrogen supply to Aramco firm

Sipchem begins hydrogen supply to Aramco firm
Sahara International Petrochemical Co. on Monday began supplying hydrogen to Saudi Aramco Shell Refinery Co., Argaam reported citing the company’s bourse filing. (Reuters/File)
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Updated 27 September 2021

Sipchem begins hydrogen supply to Aramco firm

Sipchem begins hydrogen supply to Aramco firm

RIYADH: Sahara International Petrochemical Co. on Monday began supplying hydrogen to Saudi Aramco Shell Refinery Co., Argaam reported citing the company’s bourse filing.

The company attributed the delay in completing the project to the coronavirus pandemic, which further delayed the process of receiving equipment, thus resulting in productivity loss in construction.

The financial impact of this agreement will reflect on the company’s fourth quarter of 2021 financial results.

The agreement will enhance Sipchem’s presence as a reliable supplier in hydrogen production and open up many areas for the company in the gas industry.

According to data compiled by Argaam, Sipchem signed in May 2019 an agreement with SASREF to supply hydrogen gas for a period of 20 years.


Top executives of SoftBank-backed Ola to exit ahead of potential $1bn IPO

Top executives of SoftBank-backed Ola to exit ahead of potential $1bn IPO
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Updated 11 sec ago

Top executives of SoftBank-backed Ola to exit ahead of potential $1bn IPO

Top executives of SoftBank-backed Ola to exit ahead of potential $1bn IPO

SoftBank Group-backed Indian ride-hailing firm Ola is set to lose two top executives, according to an internal memo seen by Reuters, ahead of a potential $1 billion initial public offering.


Chief Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal are leaving the company, according to the memo sent to employees by Chief Executive Officer Bhavish Aggarwal.


Ola did not immediately respond to a Reuters request for comment.


Aggarwal in the memo also announced several management changes across its mobility, vehicle commerce, and delivery and financial services units.


Saurabh, a former CFO of Hindustan Zinc, has been with Ola for seven months while Porwal, who has run the mobility business over the last year, joined the company in 2019.


Porwal will be leaving Ola to "pursue other interests", while Saurabh will be pursuing other opportunities, according to the memo.


Moneycontrol first reported about Ola's management changes on Tuesday.


Ola plans to raise up to $1 billion through an initial public offering in the next few months, according to recent media reports.


Founded in 2010, Ola also counts private equity firms Temasek and Warburg Pincus among its investors and competes with U.S.-listed Uber Technologies for a share of India's ride-hailing market.

The firm has since expanded into offering cars on lease and into the electric-vehicle space in the country.


Ola's electric vehicle business earlier this year launched a scooter and has charted out plans to produce kick scooters, e-bikes, drones and even flying cars. The unit raised more than $200 million at a valuation of $3 billion in September.


Apple to sell fewer iPhones as chip crisis bites: J.P.Morgan

Apple to sell fewer iPhones as chip crisis bites: J.P.Morgan
Image: Shutterstock
Updated 16 min 58 sec ago

Apple to sell fewer iPhones as chip crisis bites: J.P.Morgan

Apple to sell fewer iPhones as chip crisis bites: J.P.Morgan
  • The brokerage trimmed its iPhone revenue estimate to $63 billion for the first quarter of fiscal 2022

 J.P.Morgan on Tuesday became the second brokerage in two weeks to cut its forecast for Apple Inc's iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up to the technology giant.


The brokerage trimmed its iPhone revenue estimate to $63 billion for the first quarter of fiscal 2022, which would be a yearly fall of nearly 4 percent, analyst Samik Chatterjee said in a note to clients.


Last week, Needham said it expected iPhone 13 shipments to total 80 million units in the first quarter and cut its estimates for the holiday quarter by 10 million units citing supply chain issues including the chip shortage.


For the fourth quarter, JPM expects iPhones to bring in revenue of $46 billion after selling 58 million units, marginally higher than Wall Street's forecast of $41 billion.


According to Refinitiv IBES, analysts are expecting about 45 million units for the holiday quarter and 79.4 million units in the first quarter.


While Apple has weathered the supply crunch better than many other companies due to its massive purchasing power and long-term supply agreements with chip vendors, supply chain bottlenecks and lockdown in some countries are hampering its production timelines.


Bloomberg News reported last week that the Cupertino, California-based company is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage.


Customers wanting an iPhone 13 are already having their patience tested with one of the longest wait times for the phone in recent years, analysts said.


"We continue to see strong demand for iPhone 13 and 5G iPhone SE relative to low investor expectations to act as a catalyst, the timing of realization of which, although delayed on account of supply headwinds, is unchanged in magnitude," Chatterjee said.


However, Apple said on Monday that its two new MacBook Pro models, that run on more powerful in-house chips, and new AirPods 3, will start shipping next week.


Apple's announcement of hardware innovations for the holiday season despite the chip shortage showed the company was flexing its supply chain muscles, Wedbush analyst Daniel Ives said.


Russia to go after Google this month with fine of up to 20% of annual turnover

Russia to go after Google this month with fine of up to 20% of annual turnover
Image: Shutterstock
Updated 24 min 18 sec ago

Russia to go after Google this month with fine of up to 20% of annual turnover

Russia to go after Google this month with fine of up to 20% of annual turnover
  • Russia has ramped up pressure on foreign tech companies as it seeks to assert greater control over the internet in the country

Russia said on Tuesday it would this month seek to fine U.S. tech giant Google a percentage of its annual Russian turnover for repeatedly failing to delete content deemed illegal, Moscow's strongest effort yet to rein in foreign tech firms.

Communications regulator Roskomnadzor said Google had failed to pay 32.5 million roubles ($458,100) in penalties levied so far this year and that it would now seek a fine of 5-20 percent of Google's Russian turnover, which could reach as much as $240 million, a significant increase.


Google did not immediately respond to a request for comment.


Russia has ramped up pressure on foreign tech companies as it seeks to assert greater control over the internet in the country, slowing down the speed of Twitter since March and routinely fining others for content violations.

Opposition activists have accused Alphabet's Google and Apple of caving to Kremlin pressure after they removed an anti-government tactical voting app from their stores.

Roskomnadzor earlier in October said it would ask a court to impose a turnover fine on social media firm Facebook, citing legislation signed by President Vladimir Putin in December 2020.

"A similar case will be put together in October against Google," Roskomnadzor said in emailed comments to Reuters on Tuesday, noting that the company also owned video-hosting site YouTube.

The SPARK business database showed that Google's turnover in Russia in 2020 was 85.5 billion roubles. A 5-20% fine would amount to between 4.3 and 17.1 billion roubles.

Google is currently fighting a court ruling demanding it unblock the YouTube account of a sanctioned Russian businessman or face a compounding fine on its overall turnover that would double every week and force Google out of business within months if paid.

 


‘Saudization’ plan rolled out in key areas in Al-Baha region of the Kingdom 

‘Saudization’ plan rolled out in key areas in Al-Baha region of the Kingdom 
Updated 45 min 43 sec ago

‘Saudization’ plan rolled out in key areas in Al-Baha region of the Kingdom 

‘Saudization’ plan rolled out in key areas in Al-Baha region of the Kingdom 

Riyadh: Sales outlets in the Al-Baha region will be required to only employ Saudi citizens, under plans announced by the Minister of Human Resources.

The move will come into action on January 14 2022, as a part of the country’s ‘Saudization’ plan, and will see 10 other sectors in the area also required to abide by the scheme. 

These include electrical appliances, plastic materials, soap and detergents, water, food and beverages. 

The announcement excluded professions of cleaning, loading/unloading, and driving.

Cafes will also have a 'Saudization' quota of 50 percent, while restaurants will have a target of 40 percent.

This comes following the recent announcement by the Crown Prince on Sunday, to launch strategic offices to drive development in three key regions of Al-Baha, Al-Jouf, and Jazan.


Permian Basin oil output up to near pre-pandemic level: Bloomberg

Permian Basin oil output up to near pre-pandemic level: Bloomberg
Updated 54 min 5 sec ago

Permian Basin oil output up to near pre-pandemic level: Bloomberg

Permian Basin oil output up to near pre-pandemic level: Bloomberg

RIYADH: The Permian Basin of West Texas and New Mexico is increasing its oil output to an average 4.826 million barrels a day in October, Bloomberg reported citing a US government report on Monday.

The output in the most prolific shale patch in America is near to its pre-pandemic levels of 4.913 million bpd recorded in March 2020.

Production rose as benchmark US crude prices, which is at seven year high, underpinned by a severe supply deficit.