The US$69.1bn contract between Saudi Aramco and Saudi Basic Industries Corporation (SABIC) is expected to help the Saudi oil giant to expand aggressively in the downstream sector and boost its profits
Petrochemicals
Saudi Aramco buys US$69.1bn stake in SABIC
Petrochemical firm SABIC announced that Saudi Aramco has signed a share purchase agreement to acquire a 70 per cent majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction
BP commits US$100mn to fund new emissions reductions projects
BP has established a US$100mn fund for projects that aim to deliver new greenhouse gas (GHG) emissions reductions in its upstream oil and gas operations
Iraq third largest in global refinery CDU capacity additions
Iraq is set to emerge as the third largest country in terms of global refinery crude distillation unit (CDU) industry capacity growth from new-build and expansion projects between 2019 and 2023, according to GlobalData, a leading data and analytics company
SABIC and hte extend partnership in innovation
The petrochemical manufacturing company SABIC and hte, a subsidiary of BASF, have extended collaboration plans for another five years
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