Baker Huges and Foster Wheeler reported their third quarter earnings that saw Baker Huges post record profits but Foster Wheeler saw its profits fall.

The Saudi Basic Industries (SABIC) has launched a new global corporate venture capital arm, SABIC Ventures, in the Netherlands, with the primary goal of seeking out innovative technologies and businesses.

Borouge, the polymer producer, has stated that its third phase plant will be completed on schedule by the end of 2013 and the plant will be fully operational by mid-2014.

Saudi Basic Industries Corp (Sabic) posted record net profit in the third quarter of US$2.2 billion on the back of increased sales and reduced funding costs.