Saudi Arabia's petrochems unlikely to be affected by recent regional uprisings

(Plastemart) -- Saudi Arabia's petrochemical makers are not expected to be affected by recent regional uprisings in the region. As reported in Dow Jones, "I can say our exports and industry will absolutely not be affected by the current political turmoil. The demand for petrochemicals is robust," said Abdul Rahman Al Zamil, head of the Riyadh-based Export Development Center and chairman of Zamil Group Holding Co. Saudi chemical markers are currently in talks with the European Union over the possibility of imposing tariffs against Saudi Arabia and Oman on material used in plastic bottles.

MRC

(Arabian Business) -- The price of crude may have plummeted in the months since its July 2008 peak, but Saudi Basic Industries Corporation remains comfortably the biggest publicly traded company in the region.

Formed over three decades ago to turn the waste gases that were once burned off at the wellhead into valuable petrochemicals, the company better known as SABIC has extended its global reach with operations across Europe, North America and Asia. Last month, Mohamed Al Mady, CEO of SABIC, said that the first quarter ⌠looks good. In an interview with CNBC, he added that he sees ⌠light at the end of the tunnel for the global economy and is ⌠very hopeful of seeing growth by the end of the year.

The firm had already said that it is seeking to buy new assets and form joint ventures to boost its market share. In its annual report, published in March, SABIC said that the company ⌠is working to increase its market share in international markets and looking for opportunities to buy assets within these markets and to set up joint ventures. It will take advantage of the big decline in international production among high-cost producers.

MRC

(Press TV) -- Concerns over Libya's oil output amid growing clashes between anti-government protesters and forces loyal to Libyan ruler Muammar Gaddafi have pushed oil prices up in global markets. The price of sweet US oil for delivery in April on the New York Mercantile Exchange climbed to 102.23 dollars per barrel, up USD 2.60 on Wednesday.

Tensions in the oil-exporting nation also sent the West Texas Intermediate futures contract soaring at above 103 a barrel -- the highest level since September 2008. Brent crude also increased by 0.2 percent to stand at 116.58 dollars in Asian markets.

Figures released by the International Energy Agency (IEA) show Libya's oil output has been cut down by more than half a million barrels on daily basis.

Libya used to produce 1.6 million barrels of crude per day before the recent popular uprising peaked in the North African oil-rich country.

MRC

(Arabian Oil and Gas) -- French oil giant Total and Russian gas company Novatek have entered into a strategic partnership that will see Total aqcuire a 12% stake in the country's largest independent gas producer. Christophe de Margerie, Total's chairman and chief executive officer and Leonid Mikhelson, Novatek's chairman and one of the main shareholders signed two Memorandums of Cooperation to develope the cooperation between Total and Russian company Novatek and its main shareholders.

The cooperation will be developed around two transactions where Total will become the main international partner on the Yamal LNG project holding a 20% share. Novatek will hold a 51% interest in the project. In addition, Total will take a 12.08% shareholding in Novatek with the intent of both parties to increase the share to 15% within 12 months and to 19.40% within 36 months.

The Yamal LNG project will develop the South Tambey field located in the arctic area of the Yamal peninsula. The resources of this condensate and gas field are estimated at approximately 44 trillion cubic feet of gas (1,250 billion cubic metres), allowing production of more than 15 million tonnes of liquefied natural gas (LNG) per year.

MRC

(Canadian Business) -- Nigeria's government says it is building eight industrial plants to turn the oil-rich West African nation into a regional petrochemical hub. Minister of Petroleum Diezani Alison-Madueke said Tuesday at a presidential rally in the commercial capital of Lagos that the president had approved the construction of a petrochemical plant in Nigeria, as per Associated Press.

She said it would be followed by two fertilizer plants and five fertilizer-blending plants. She said the plants would create 300,000 jobs. She offered no further details about where the plants would be built or how money for construction would be raised.

The announcement came less than two months ahead of April polls when Nigerians will decide if they want to extend the mandate of President Goodluck Jonathan.

MRC