Saudi petrochemicals firms should merge to boost their competitiveness and look to expand abroad, the head of the major industry player Sabic said on Monday.
The firms have enjoyed decades of cheap feedstock prices. But Saudi authorities began slashing subsidies in 2016, as a collapse in oil prices cut into state finances, prompting a search for efficiencies in the industry.
"This programme is clearly defined to push companies for more efficiencies and bring them into a mode where they become more competitive with the global players," Sabic's chief executive Yousef Al Benyan said.
Other Saudi petrochemicals firms should "look at ways and means to consolidate", he said.
"If 2020 comes and you are not really a player with a global footprint ... and you don't market your own product, I think it will be very difficult for you to maintain competitive positions."
Sabic, the world's fourth-biggest petrochemicals company and which reported a 10.7 per cent rise in third-quarter net profit on Sunday, has already begun this process, completing an acquisition of the remaining 50 per cent stake in its Sadaf project from Shell Arabia in August.
It is also considering integrating three affiliates, Safco, Ibn Al Baytar and Al Bayroni, which are located next to each other in Jubail, eastern Saudi Arabia. The companies can share feedstock, maintenance and leadership costs, said Mr Al Benyan.
Sabic is looking at possible acquisitions in North America, China and Africa in both the speciality and commodities portfolios, he said, but declined to elaborate.
He said in May Sabic was evaluating opportunities in the range of US$3 billion to $6bn.
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Read more:
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Sabic posted its biggest profit since the second quarter of 2015 this quarter, as a recovery in crude prices buoyed earnings.
Sales prices for core products were up an average of 5 per cent and expenses were reduced, while losses at its restructured Hadeed division dropped by more than half, said Mr Al Benyan.
The company's outlook for the rest of the year and into 2018 was stable, he added.
"We have stability in crude oil prices, we have stability in GDP growth. I think this is very positive now, looking at 2018. I think 2018 will be more or less like 2017 for us," he said.
Sabic is also looking to expand globally to diversify feedstock inputs and shield itself from oil price fluctuations.
Plans to build a polycarbonate plant with the Chinese state oil firm Sinopec are moving ahead in China, where 70 per cent of demand for the product is expected to be, said Mr Al Benyan.
He plans to travel to China by the end of this year to finalise arrangements for both that project and a coal-to-chemicals venture with Shenhua Ningxia Coal Industry Group.
Mr Al Benyan said initial plans for an oil to chemicals project with state oil juggernaut Aramco were to build it in Yanbu, on the west coast of Saudi Arabia.
"I think this is a very strategic location. You can strengthen your position to Africa, to Europe. Jubail still has an option to grow, but I think the west coast is going to enable us not to concentrate all our assets in one location," he said.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Results
ATP Dubai Championships on Monday (x indicates seed):
First round
Roger Federer (SUI x2) bt Philipp Kohlschreiber (GER) 6-4, 3-6, 6-1
Fernando Verdasco (ESP) bt Thomas Fabbiano (ITA) 3-6, 6-3, 6-2
Marton Fucsovics (HUN) bt Damir Dzumhur (BIH) 6-1, 7-6 (7/5)
Nikoloz Basilashvili (GEO) bt Karen Khachanov (RUS x4) 6-4, 6-1
Jan-Lennard Struff (GER) bt Milos Raonic (CAN x7) 6-4, 5-7, 6-4
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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COMPANY%20PROFILE
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Ten10 Cricket League
Venue and schedule Sharjah Cricket Stadium, December 14 to 17
Teams
Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan
Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad
Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider
Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider
Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah
Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
COMPANY%20PROFILE
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Inside%20Out%202
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
