Egypt awarded South Koreas SK Engineering & Construction a US$3.5 billion deal to build a petrochemicals complex in Egypt in a joint venture it operates with US firm Shaw Group.

According to a new report by National Commercial Bank (NCB), Saudi Arabia has 62 petrochemicals projects valued at around US$63 billion and is set to produce 32 per cent more petrochemicals by 2015.

Iraqs cabinet has approved a US$468.5mn preliminary contract with Saipem, Europes largest oilfield-services provider, to develop export facilities in the countrys south, State Minister Ali Al Dabbagh said.

Saudi Arabias PetroRabigh has extended bidding for building parts of an estimated US$6-8 billion expansion project at its giant petrochemical plant.