Saudi Basic Industries Corporation signed a preliminary agreement with South Louisiana Methanol to explore the possibility of developing a chemicals plant in the US, as the region's largest energy firms looks to profit from surging North American shale gas production.
The Louisiana-based company, which is majority owned by New Zealand’s Todd Corporation, will evaluate the potential for establishing a methanol plant with capacity of more a 1.8 million metric tonnes annually with Sabic.
The six-month partnership agreement between the two firms has provision for extension. Final investment decision will be taken after obtaining required approvals and licences following the completion of the study, Sabic said in a statement to Saudi Stock Exchange, where its shares are traded.
"The agreement is part of Sabic strategy to focus on geographic diversification of its business to reach new global markets and enable the company to access competitive feedstock," the company said.
Saudi Aramco, the world's biggest oil producing company, is in talks to buy a 70 per cent stake in Sabic, the kingdom's largest listed company. The Saudi chemicals firm has looked to significantly increase methanol in its portfolio this year.
Sabic increased its stake in Arrazi Methanol Company after purchasing Japan Saudi Arabia Methanol Company's 50 per cent interest for $150 million in December.
Sabic and JSMC’s holdings in the methanol company, located in the eastern industrial city of Jubail, will now be 75 per cent and 25 per cent, respectively.
Investment in the downstream segment of the energy value chain has become a priority for Middle East oil producers, as they look to earn revenues from sale of higher value products. Saudi Aramco announced on Monday it had completed acquisition of Dutch rubber company Arlanxeo in a transaction valued at €1.5 billion (Dh6.3bn), after purchasing the remaining 50 per cent stake in German specialty company Lanxess.
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Read more:
Sabic increases its stake in Arrazi methanol plant to 75 per cent
Sabic posts 5.4% increase in third quarter net profit, beating estimates
Aramco-Sabic deal to spur consolidation in regional petchems
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Surging US shale gas production has also been a big draw for Middle East energy firms, hungry for cheap feedstock and access to market.
In February, Mubadala Investment Company subsidiaries Nova Chemicals and Borealis signed a definitive agreement with France’s Total confirming the development of the companies’ $1.7bn petrochemicals facility in Texas.
The joint venture between Nova, Borealis and Total will include a million tonnes per year ethane steam cracker already under construction in Port Arthur, Texas, together with Total’s existing 400,000 tonnes per year polyethylene facility in Bayport in the oil-rich southern state.
The under-construction cracker facility is adjacent to a Total refinery at Port Arthur, as well as an existing Total steam cracker built as part of a separate joint venture with Germany’s BASF.
Sabic made earlier forays into US chemicals through a joint venture with Exxon Mobil in 2017 to build an ethylene plant in Texas. Kuwait’s Equate Petrochemical acquired ethylene glycol-producer MEGlobal in 2015 and is currently building a 750,000-tonne per annum monoethylene glycol facility in Freeport, Texas.
Abu Dhabi’s Mubadala Investment Company’s integrated petroleum and petrochemical unit has also looked to increasingly strengthen its position in North American natural gas and chemicals industry.
In an interview with The National, the platform's chief executive Musabbeh Al Kaabi said the firm was eyeing "an almost strategic shift to North America when it comes to the petrochemicals industries".
Islamic%20Architecture%3A%20A%20World%20History
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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PAKISTAN SQUAD
Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
More on Quran memorisation:
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
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COMPANY%20PROFILE
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Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
'Cheb%20Khaled'
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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
Abramovich London
A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.
A three-storey penthouse at Chelsea Waterfront bought for £22 million.
Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.
Sale of Chelsea Football Club is now impossible.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
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JOKE'S%20ON%20YOU
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