The Arabian Gulf petrochemicals industry should maximise conversion rates of crude oil to chemicals to match producers in the US by 2030, Saudi Arabia's minister of oil Khaled Al Falih urged industry representatives at a forum in the UAE.
“The region locally consumes only about 18 per cent of our oil production for conversion into higher value products and more than 82 per cent is exported,” he told delegates at the Gulf Petrochemicals and Chemicals Association (GPCA) forum in Dubai.
“This compares to only one-third of commodities being exported by the US and two-thirds being converted to higher value products. I urge you, our industry leaders, to match the US conversion rates by 2030,” he added.
Revenues derived from specialty chemicals for Middle East producers account for just one per cent of the world’s total, compared with 20 per cent for western Europe. The Middle East also accounts for only three per cent of value-added chemicals, unlike the US, which amounts for nearly a quarter of global output.
The Middle East, led by the world’s largest oil producer Saudi Arabia, accounts for around 35 per cent of the world’s crude production, but much of the commodity finds its way into export markets.
Since the slump in oil prices, which saw the price of Brent fall from US$100 highs in 2014 to as low as $27.88 per barrel in early 2016, Gulf producers have accelerated development of an integrated downstream industry with plans for petrochemicals production. Along with the decline in oil prices, the price of naphtha - an important chemicals feedstock - has declined in parallel, driving plans for mega-petrochemical projects in the region.
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Read More:
S&P raises 2018 Brent oil price forecast on ongoing cuts and strong demand
Saudi Arabia Says OPEC Should Extend Cuts in Meeting This Month
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On Sunday, oil and chemicals giants Saudi Aramco and Sabic signed an agreement to build the world’s largest oil-to-chemicals plant on the western Red Sea coast of Saudi Arabia. The planned project, valued at $20 billion, will process 400,000 barrels per day (bpd) of crude to produce around nine million tonnes annually of chemicals and base oils. The joint venture is targeting a 2025 start-up for the project - a timeline adopted by other oil producers in the region looking to ramp up production of higher-value petrochemicals targeted at markets in Asia.
“Despite its commodity leadership position in oil and gas leadership and production, our region here in the Gulf can claim only 2 per cent of the world’s $4 trillion a year in chemicals revenue, including all the branches of downstream value addition, largely because of our limited position in higher and value-added products,” said Al Falih.
“The unit value of plastic product exports per kilogram is also significantly lower for our region compared to other regions underscoring our need to move to high-end value products. We also know that the chemicals sector in the US and Europe are the most powerful engines of industrialisation, economic diversification and employment creation,” he added.
Advancement of petrochemicals projects forms part of Saudi Arabia’s strategy for industrial diversification, adopted under its Vision 2030 economic transformation plan.
The Saudi petrochemicals industry, which is the largest in the region, generated around $30bn in export revenues in 2015, amounting to around 60 per cent of total non-oil exports.
State-owned Saudi Aramco has also ventured into the downstream and chemicals sector through its venture with US multinational Dow Chemicals, through the $20bn Sadara Chemical Company in the eastern Jubail Industrial City, which is set to produce around three million tonnes annually of plastics and speciality chemical products.
To expand the role of the chemicals sector in the Saudi economy, the kingdom is also considering the creation of a Saudi Export Import Bank, added Al Falih.
“We have already increased the capital of the National Industrial Development and Logistics Programme from 40 to 60bn Saudi riyals [Dh11-16bn] and set in motion the creation of a Saudi Export Import Bank,” he said.
The programme targets raising the contribution of industrial sectors including petrochemicals from around 500bn to 1.7tn riyals by 2030.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Company%20Profile
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COMPANY%20PROFILE%20
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Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.
Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
Mountain%20Boy
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Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
UAE currency: the story behind the money in your pockets
More from our Neighbourhood series:
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The biog
Place of birth: Kalba
Family: Mother of eight children and has 10 grandchildren
Favourite traditional dish: Al Harees, a slow cooked porridge-like dish made from boiled cracked or coarsely ground wheat mixed with meat or chicken
Favourite book: My early life by Sheikh Dr Sultan bin Muhammad Al Qasimi, the Ruler of Sharjah
Favourite quote: By Sheikh Zayed, the UAE's Founding Father, “Those who have no past will have no present or future.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
