Sabic News

Japan received its first low-carbon ammonia cargo from Saudi Arabia on Friday, which it plans to use for co-firing with fossil fuels to reduce carbon emissions, a joint statement from the four companies involved in the deal said. Energy-poor Japan wants to add hydrogen and ammonia to its energy mix, a move criticized by climate activists as costly and not fully effective. Japan has agreed with a number of countries to study hydrogen and ammonia supply chains. Ammonia shipped to…

Petrochemicals giant Saudi Basic Industries Corp (SABIC) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices.SABIC, the world's fourth-biggest petrochemicals company by sales and asset value, swung to a second-quarter profit of $2 billion (up from a $592M loss in the same period last year) beating the average forecast of $1.6B by six analysts according to Refinitiv data."Average selling prices rose by more than 10% backed by oil price increases and healthier demand.

Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has announced a 19 per cent operating revenue growth by the end of Q3 of 2019, compared to the same period last year.The Dubai-based shipping company recorded an operating revenue of AED 130 million compared to AED109 million in the same period of 2018. The company reported a net loss of AED 18 million in Q3 of 2019, bringing total losses in the first 9 months of 2019 to AED 46 million."The decline in the company’s financial performance is due to the high operating costs of vessels coupled with lower asset utilization in the quarter," said a press release.Gulf Navigation has adapted well to the economic challenges in the first 9 months of 2019…

Italian multinational oil and gas company Eni and Saudi Arabian chemical giant SABIC have signed a Joint Development Agreement to further develop an innovative technology for natural gas conversion into synthesis gas that can be further transformed into high value fuels and chemicals, such as methanol.The partnership is set to involve the construction of an Industrial Demonstration Plant that will be built and operated inside an Eni industrial premise.The development project will advance the technology, which is based on the Short Contact Time Catalytic Partial Oxidation (SCT-CPO) of natural gas, to further sustain the Eni and SABIC…

The Port of Corpus Christi lives up to its moniker ‘Energy Port of the Americas,’ as the movement of energy in and out dominates the port’s history and future. John P. LaRue, Executive Director, Port Corpus Christi recently visited Maritime Reporter’s headquarters in New York to discuss the nearly $50 billion in investment projects driving the port forward. “Let’s just start with what we are and what we are not,” said LaRue. “We are not a container port. Up until a few years ago we were an oil import port (serving) three refineries: Citgo, Valero and Flint Hills Resources.

A new liquefied ethylene gas carrier (LEG) was named on Teesside today. Operated by German shipping company Hartmann Reederei and GasChem Services, the new eco-friendly sea vessel GasChem Beluga will carry shipments of ethane gas from Houston to SABIC’s cracker at Wilton on Teesside under a long-term time charter. SABIC recently converted its Teesside cracker during a major investment to enable it to take ethane gas alongside other feedstocks, to make it one of the most flexible and competitive crackers in Europe.

On November 11 the first vessel of the new ECO STAR 36k type, GasChem Beluga, was delivered to the owners Ocean Yield ASA in China. The design for this new type of vessel was developed under the lead of German ship owner Hartmann Reederei together with its long-term partners HB Hunte Engineering for the ship design and AC Inox delivering gas plant and equipment. The hull design is unique and highly efficient: The vessel’s superstructures are located at the bow, the engine at the stern, resulting in an excellent distribution of weight and a significant reduction of ballast water.

Yvonne van der Laan will commence her duties as Director of Process Industry & Bulk Goods at the Port of Rotterdam Authority starting February 1, 2016. Van der Laan will succeed Bas Hennissen, who left in 2015. She brings to the role more than 20 years of experience in the petrochemical industry, the last 12 years in various management positions. Van der Laan began her career in 1995 at DSM Specialty Intermediates. As of 2000, she served in various positions for SABIC at the business units Hydrocarbons, Chemicals & Intermediates and PolyPropylenes, in that order.

Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups and the Gulf's largest listed company, reported a 7 percent rise in second-quarter net income on Sunday, matching analysts' forecasts. It earned 6.46 billion riyals ($1.72 billion) in the quarter, compared to 6.04 billion riyals in the year-earlier period, SABIC said in a bourse statement. SABIC, which is 70 percent state-owned, attributed the rise in profits to higher production and sales volumes as well as higher sales prices. This was in line with the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of 6.42 billion riyals. (Reporting by Nadia Saleem; Editing by Andrew Torchia) ($1 = 3.7502 Saudi Riyals)

American Commercial Lines presented Marine Environmental Stewardship Awards on Wednesday, July 16 in Houston, Texas, recognizing 35 customers for safe handling of chemicals, petroleum products and other liquid cargos. The customers recognized by ACL safely handled over two billion gallons of chemicals, petroleum products and other liquid cargoes with the barge transportation company in 2013. Recipients of the award are: Axiall Corporation; BASF Corporation; Bayer Corporation; Bunge North America…

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower product prices offset rises in production and sales volumes. SABIC made a net profit of 6.44 billion riyals ($1.72 billion) between January and March compared to 6.56 billion riyals a year earlier, it said in a statement on Sunday. The result was slightly below the average forecast of analysts polled by Reuters, who had predicted a quarterly profit of 6.79 billion riyals. <ID:nL6N0N80UP> (Reporting by Mirna Sleiman; Writing by Andrew Torchia)

Saudi Basic Industries Corporation (SABIC) says it is the world's first chemical company to commission LNG-run gas carriers. SABIC's new tankships will be powered by liquefied natural gas (LNG) to transport its olefins products, in anticipation of a European Union directive to drastically reduce sulphur emissions from vessels operating in the North Sea by 2015. The two new gas carriers will be used to transport olefins from a major plant on Teesside, England, to ports in North-West Europe and Scandinavia. “SABIC feels a strong sense of responsibility towards sustainability and the environment,” says Michel Wintraecken, SABIC Manager Sourcing & Contracting, Supply Chain Chemicals Europe.

Saudi Arabia's National Shipping Company of Saudi Arabia (BAHRI) & National Chemical Carriers Company Ltd. (NCC) ink long term charter deal. The National Shipping Company of Saudi Arabia (BAHRI) announces that its 80% owned subsidiary The National Chemical Carriers Company Ltd. (NCC) signs time charter agreements for three chemical tankers with International Shipping and Transportation Company Ltd. (a subsidiary of Saudi Basic Industries Corporation) for a period of 5 years, with an option of extension for another 5 year period. The value of these time charter agreements is approximately (SAR 480 Millions) for the first five years. The financial impact for the first and the second 45,000 DWT tankers will appear during the third and fourth quarter of the current year 2012 respectively.

Wilhelmsen Ships Service (WSS) Saudi has been appointed by the new Ras Al Zawr port in Saudi Arabia LPG/C Al Barrah as the first agent to be issued a license of operation to load ammonia. Ras Al Zawr is one of the six new ports planned by the Saudi Government as they realize their goal of economic expansion and diversification. Construction of the integrated chemical and fertilizer facility and related infrastructure for the Phosphate Project has been completed recently for clients and operators Maaden and SABIC. Phosphate concentrate will be transported by rail from the Al Jalamid mine site some 1200km to Ras Al Zawr for processing.