Saudi Basic Industries Corp (Sabic), the worlds largest chemical firm by market value, beat estimates with a 46 per cent rise in third-quarter profit, buoyed by higher plastic and petrochemical sales.

Foster Wheeler AG, a global engineering and construction contractor and power equipment supplier has announced that Foster Wheeler USA Corporation, part of its Global Engineering and Construction Group, has been awarded a project management consultancy (PMC) contract by Carbon Holdings for a petrochemical complex in Ain Sokhna, Egypt with a nameplate capacity to produce 1.35 million tons per annum of polyethylene. The terms of the contract were not disclosed.

Saudi Petrochemical producers Sahara Petrochemical Co., National Industrialization Co., Acrylic Monomers Co. and Saudi Acrylic Acid Co. have signed agreements to start engineering, procurement, and early construction works at their US$1.07bn acrylic acid project.

Persistent volatility in demand, fluctuating construction costs and some other factors are obstructing refining projects in the Arab region despite their importance in economic diversification, according to an official study.