SABIC NEWS

Saudi Aramco is planning for a loan of about $10 billion. The world's largest oil producer is in early talks with 3 banks to help finance its acquisition of Saudi Basic Industries Corp. It will acquire 70% stakes in the firm. “The company continues to review its financial options as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience”, said the company.

Aberdeen-based Wood Plc has bagged a contract with SABIC to carry out engineering design for a state-of-the-art petrochemical research center in Jubail Industrial City, Saudi Arabia. The scope of the contract includes engineering design of analytical and material labs for accommodating the testing, characterization and materials analysis, apart from support utilities. The contract pertains to SABIC’s new technology center spread out in 65,000m² in Jubail Industrial City.

CEO, Saudi Basic Industries Corp (SABIC) yesterday said that the petrochemical giant is pondering over investment opportunities in Africa, China and the US, driven by a positive global economic outlook. SABIC reported 6.1 billion riyals ($1.63 billion) of net profits for the quarter that ended on September 30th, up from 5.8 billion riyals in the previous year.

CEO, SABIC has iterated that the talks of potential acquisition of SABIC's stake are solely between Saudi Aramco and PIF. Saudi Aramco confirmed this month that it is planning to buy strategic stakes in Saudi’s largest public company, SABIC. If sources were to be believed, JPMorgan and Morgan Stanley have been approached to advise Aramco in the 70% stake procurement procedure in SABIC.

Saudi Aramco has informed that they are in talks with one of the world’s biggest petrochemical company, SABIC, to procure a strategic stake in the company. CEO, Saudi Aramco believes that the move will improve company’s revenues and make it less vulnerable to unstable oil prices. The deal would be made within the premises of CMA regulations.

Saudi Basic Industries Corporation (SABIC) received the second issuance of carbon credits, over 48,000, from the UN for a Clean Development Mechanism (CDM) project. This further adds to the firm’s reputation as the only organization in Saudi Arabia to receive the sought-after credits. Sustainability is a foundational element of SABIC’s 2025 strategy and these saleable credits can be used to meet their emission reduction targets, under Kyoto protocol.

SABIC has signed an agreement to become a part of the UK Plastics Pact. Led by WRAP, a non-profit organization, it is a unique initiative which aims to transform the plastic packaging system in the UK and keep the plastic in the economy and out of the environment. Businesses will collaborate with UK government and NGOs to tackle plastic waste.