Здравствуйте. Вся информация этого сайта бесплатна без рекламы. Вы можете сделать пожертвование и поддержать развитие этого сайта. Спасибо.

Hello. This site is free without ads. You can make a donation and support the development of this site. Thank you.

2017-10-30 11:15:00

SABIC PROFIT UP 10.7%

SABIC PROFIT UP 10.7%

REUTERS - Saudi Basic Industries Corp (SABIC), the world's fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts' estimates.

Majority state-owned SABIC made a net profit of 5.79 billion riyals ($1.54 billion) in the three months to Sept. 30, up from 5.23 billion riyals in the year-earlier period, the company said in a bourse statement.

The net profit was better than the average net profit of 4.27 billion riyals forecast by four analysts.

It was the company's biggest profit since the second quarter of 2015, as a recovery in crude prices buoyed earnings.

SABIC, the biggest company on Saudi Arabia's Tadawul stock exchange with a market capitalisation of nearly $79 billion, is 70 percent owned by the kingdom's Public Investment Fund and 5.7 percent owned directly by the government.

Its results are closely tied to oil prices and global economic growth because its products -- plastics, fertilisers and metals -- are used extensively in construction, agriculture, industry and the manufacture of consumer goods. ($1 = 3.7501 riyals)

SABIC, which aims to be the world's third-biggest petrochemicals producer, attributed the profit rise to higher average selling prices and higher sales quantities.

The company had expected this year to be positive in terms of economic growth in key markets. However, its steel unit Hadeed weighed on its results in the second quarter, when net profit fell 25 percent from the prior year.

Chief Executive Yousef al-Benyan told Reuters in May the firm is evaluating acquisition opportunities in the range of $3 billion to $6 billion in petrochemicals, speciality chemicals and fertilisers and aims to do the first such deal in the fourth quarter of this year.

SABIC's expansion is driven by the need to be closer to key markets and feedstock. Constraints in new gas supplies in Saudi Arabia are forcing petrochemical producers to look abroad for expansion.

The company is making progress towards major investment in the United States with an affiliate of U.S. Exxon Mobil. It completed its acquisition of SADAF, which had been a Saudi-based joint venture with Shell Arabia, in August.

It is also pursuing its first project with oil giant Saudi Aramco - development of an oil-to-chemicals project in Saudi Arabia which analysts see as a breakthrough in the industry.

Benyan told Reuters on the sidelines of an investment conference in Riyadh on Thursday that he hoped to complete the joint venture agreement by the end of the year.

-----

Earlier:

SHELL SELLS SADAF FOR $820 MLN
2017, August, 17, 15:05:00

SHELL SELLS SADAF FOR $820 MLN

Shell has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million. This sale was announced on 22 January 2017. Completion follows anti-trust filings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia.

 
 SABIC: GAS  LIMITING
2014, April, 21, 18:30:00

SABIC: GAS LIMITING

Saudi's SABIC says natural gas shortage limiting domestic growth

 

 

Tags: SAUDI, ARABIA, SABIC

Chronicle:

SABIC PROFIT UP 10.7%
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

SABIC PROFIT UP 10.7%
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

SABIC PROFIT UP 10.7%
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

SABIC PROFIT UP 10.7%
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

All Publications »
Exchange Rates
Date: 00:00 00:00
USD 0.00 0.00
EUR 0.00 0.00
GBP 0.00 0.00
UAH 0.00 0.00
ADR bid ask
GAZPROM 0.000.00
LUKOIL 0.00 0.00
ROSNEFT 0.00 0.00
SURGUTNEFTEGAZ 0.000.00
TATNEFT0.00 0.00