Monday 23 January 2017

Sabic 2016 profit down 4.58pc to $4.77bn

Saudi Basic Industries Corp (Sabic), a leading petrochemicals groups, reported a net profit of SR17.91 billion ($4.77 billion) for 2016, compared to SR18.77 billion ($5 billion) the previous year, posting a decrease of 4.58 per cent. The net profit for the fourth quarter amounted


Nogaholding marks close of $741m LNG terminal financing

Nogaholding, the investment and business development arm of Bahrain’s National Oil and Gas Authority (Noga), has marked the financial close of its LNG Terminal Project with Bahrain LNG, the developer and owner of the first LNG receiving and regasification terminal to be developed on a PPP


Iran aims to boost shipbuilding capabilities

Iran plans to further boost its shipbuilding capabilities and compete with leading global firms in the industry, said a senior official from Iran Shipbuilding and Offshore Industries Complex Co (ISOICO). ISOICO has drawn up a five-year plan to achieve a ranking among the world


Iran-Iraq gas pipeline set to begin operation

Iran will kick off the operation of a pipeline supplying natural gas to Iraq on Tuesday (January 24), said a senior Iranian official. The operation will begin as per the memo signed by both the countries in 2009, Iran's oil minister Bijan Namdar Zanganeh, was quoted as saying


Abu Dhabi sets up Mubadala Investment Company

The UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, his capacity as the Ruler of Abu Dhabi, has issued a law establishing the Mubadala Investment Company. As a public joint stock company, the new company will be an independent legal entity and enjoy financial and a


Hertel wins key Pearl GT contract

Hertel,  a leading international industrial services company, has won a scaffolding, insulation, painting and refractory (SIPR) services contract at the Pearl Gas-to-Liquids (GTL) plant, a report said. The five-year contract was awarded by Qatar Shell and an official contrac


The Festival at Masdar City draws record crowd

The Festival at Masdar City  attracted its biggest crowds ever as this year’s Abu Dhabi Sustainability Week drew to a successful close this weekend. The Festival marks the end of Abu Dhabi Sustainability Week 2017, said the organisers. This year’s


Eco-Villa prototype opens its doors at Masdar City

Masdar City’s Eco-Villa, a pilot project incorporating water and energy-saving technologies, has been completed and a UAE national family will soon live in the prototype sustainable dwelling, it was announced today at Abu Dhabi Sustainability Week 2017. The Eco-Villa was la


Bahri reports $469m net profit

National Shipping Company of Saudi Arabia (Bahri), a leader in logistics and transportation, has reported a net profit of SR1.76 billion ($469.3 million) for the year ending December 31, 2016. The company announced the results following its ordinary general assembly meeting, whic


World Future Energy Summit sees 60pc growth in buyer demand

The 10th edition of the World Future Energy Summit (WFES) ended Thursday, with strong growth in commercial activity surrounding the event and the number of hosted business meetings surging by more than 60 per cent. Hosted by Masdar as part of Abu Dhabi Sustainability Week, WFES a

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