Page 12 - MEOG Week 26

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MEOG
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SABIC raises stake in Ar- Razi to 75 per cent
SABiC, a Saudi Arabia-based petrochemical manufacturing company, has signed an agreement with the Japan Saudi Arabia Methanol Company (JSMC) to renew
the partnership with the Saudi Methanol Company (Ar-Razi) for another 20 years Under the agreement approved by
regulatory bodies, SABiC will raise its stake in Ar-Razi to 75 per cent, reducing JSMC’s shareholding in Ar-Razi to 25 per cent.
JSMC will pay more than US$1.3bn
to SABiC for renewing the joint venture partnership, which SABiC will use, in part or whole, to nance the refurbishment of Ar-Razi’s existing methanol plants or set up new ones..
By concluding the agreement, SABiC will become an equal co-owner with JSMC in a new methanol production technology, which will be freely commercialised inside or outside of Saudi Arabia.
“Ar-Razi is the rst joint venture in SABiC’s history and one of the most successful partnerships that the company has had over 40 years,” said Yousef Al-Benyan, SABiC vice chairman and CEO.
“Renewingthepartnershipformore20 years is proof of its success and contribution to the Saudi-Japan strategic cooperation, in line with Vision 2030,” he added.
Ar-Razi was established on November
24, 1979, as a 50/50 joint venture between SABiC and JSMC with the aim of developing, establishing, owning and operating a methanol complex.
SabIC
oIL
Turkey’s crude oil imports up by 60.94% in April
Turkey’s crude oil imports rose by 60.94% to 2.37 million tonnes in April 2019 compared to the same month of 2018, according to a report released by the country’s energy watchdog on Monday.
e country imported the most crude oil from Russia with 990,478 tonnes in April. iraq and iran followed with 677,274 and 437,129 tonnes, respectively, the Energy Marketing Regulatory Authority (EMRA) said.
e country’s total import of oil products also increased by 15.35% in April to 3.58 million tonnes compared to April 2018.
e production of oil re nery products increased by 70.27% to 2.84 million tonnes. in addition, diesel and gasoline production was up by 57.43% and 25.68%, reaching nearly 1.12 million tonnes and 413 thousand tonnes, respectively.
in April, total fuel sales fell by 3.80% to 2.40 million tonnes compared to the same month last year.
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Aramco,BakerHughessign MoU for production facility
Saudi Aramco and Baker Hughes, a
GE company (BHGE) today signed a memorandum of understanding to create a new joint venture facility in Saudi Arabia to manufacture non-metallic materials which will be used in a variety of areas of the energy
industry. is agreement supports Saudi Aramco’s strategy to play a leading role in accelerating the deployment of non-metallic materials globally.
e focus on non-metallic materials is intended to add to the e ciency and reliability of operational assets by reducing the e ects of corrosion. e joint venture will initially focus on non-metallic reinforced thermoplastic pipes as a rst and critical step towards developing such capabilities in Saudi Arabia. Welcoming this partnership with BHGE, Saudi Aramco’s Senior Vice President for Technical Services, Ahmad Al Sa’adi said: “ is partnership with BHGE is another step in Saudi Aramco’s journey towards expanding the use of innovative non-metallic materials in its operations. Saudi Aramco has successfully deployed more than 5,000 kilometers of non-metallic pipes, resulting in a signi cant increase in e ciency and reduction in maintenance and replacement costs across
the company’s operations. Producing these materials in the Kingdom would also unlock opportunities for local manufacturers and facilitate knowledge transfer.”
Neil Saunders, CEO of BHGE Oil eld Equipment, said: “As a full stream oil and gas service and technology provider, we have a deep background driving non-metallic product development that will bene t a wide range of industries. Saudi Aramco’s vision toexpandtheirproductdevelopmentin
the region aligns with our vision to support innovation and manufacturing in Saudi Arabia.”
Non-metallic applications are deployed
in various industries, including oil and gas, construction, automotive, packaging and renewable energy to manufacture products including owlines, downhole production tubing, vessels, pumps, and cooling towers, all of which are manufactured from non-metallic
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Week 26 02•July•2019