Saudi Aramco has stopped investing in a petrochemical complex in China

News

Saudi Aramco has stopped investing in a petrochemical complex in China

26.08.2020 News

According to Bloomberg sources, state oil company Saudi Aramco of Saudi Arabia has stopped investing in a project of building oil refinery and petrochemical complex in China, estimated at $ 10 billion.

The decision to terminate the investment was made after talks with Chinese partners and it is associated with high uncertainty about the prospects for the market.

Saudi Aramco JV Partners, created for the construction of the complex – China North Industries Group Corp. and Panjin Sincen did not respond to Bloomberg’s request.

Chinese companies will continue to implement the project, say sources.

The project, agreed by the companies last February, provided for the construction of a 300,000-barrel-per-day refinery in the Chinese city of Panjin, Liaoning Province, cracking installations for the production of ethylene with a capacity of 1.5 million tons per year, as well as plants for the production of paraxylene with a capacity of 1.3 million tons per year.

Participants of the project planned to put the complex into operation in 2024. It was assumed that Saudi Aramco will provide 70% of the supply of raw materials for it.

Falling oil prices, as well as energy demand due to the coronavirus pandemic, are forcing companies around the world to reconsider investment projects. Saudi Aramco plans to drastically reduce investments to save money to pay dividends on a background of lower oil prices and increased the company’s debt. Saudi Aramco expects this year to send $ 75 billion in dividends, which is the main recipient of the Government of Saudi Arabia.

Other articles

  • Saudi Aramco is preparing to place up to five tranches of dollar Eurobonds
    News

    Saudi Aramco is preparing to place up to five tranches of dollar Eurobonds

    The state corporation Saudi Aramco is preparing to place dollar Eurobonds, a source in banking circles said. According to him, the company is considering the possibility of placing up to five tranches of Eurobonds: with a maturity of three years, five years, ten years, as well as thirty and / or fifty years. Starting on […]

  • The price of oil exceeded $ 44 on news from the United States
    News

    The price of oil exceeded $ 44 on news from the United States

    World oil prices of reference brands continue to rise on the news of the victory of the Democratic candidate Joe Biden in the US presidential election and information on the success of tests of the vaccine from COVID-19 of the American company Pfizer Inc. and German BioNTech. This is evidenced by trading data on Wednesday, […]

  • Oil prices jumped in the US election
    News

    Oil prices jumped in the US election

    In the background of the general election in the United States world oil prices jumped.This is evidenced by trading data as of Monday morning, November 9. And what about the election, according to preliminary data in the presidential race the Democrat Joseph Biden wins. Thus, the price of January futures for Brent oil on the […]

  • Chevron made a net loss of $ 4.9 billion in nine months
    News

    Chevron made a net loss of $ 4.9 billion in nine months

    The net loss of the second largest American oil and gas company Chevron, which accounts for the parent company, in the first nine months of 2020 amounted to 4.878 billion dollars against a profit of 9.534 billion dollars a year earlier, the company said. The diluted loss per share was $ 2.63 against earnings of […]

  • The price of oil is falling due to rising reserves in the United States
    News

    The price of oil is falling due to rising reserves in the United States

    Oil becomes cheaper due to a sharp increase of reserves in the US and an increase in the number of coronavirus cases, which has raised fears of oversupply and weakening demand. This is evidenced by the data of stock trading on the site Investing.com published on Wednesday, October 28. In particular, the price of December […]

  • Chevron has completed the purchase of the Noble Energy
    News

    Chevron has completed the purchase of the Noble Energy

    Oil and gas company Chevron has closed the deal to buy the US Noble Energy for $ 5 billion, follows from the Chevron message. “Chevron announced today that the acquisition of Noble Energy has been completed following the approval of the agreement by the Noble Energy shareholders,” the company said. Earlier on Monday, Noble Energy […]

  • Fintech’s subsidiary Alibaba has aimed for the largest IPO in history
    News

    Fintech’s subsidiary Alibaba has aimed for the largest IPO in history

    A subsidiary of Alibaba Group – Ant Group – plans to attract $ 35 billion in the course on the Shanghai and the Hong Kong exchange. This was reported by Bloomberg. The IPO could be the largest in history, the agency emphasizes. The previous record holder, Saudi oil company Aramco, raised $ 29.4 billion. The […]

  • Experts predict a low oil price in September
    News

    Experts predict a low oil price in September

    The price of oil in September will remain low, perhaps even a slight decrease from current levels below $ 40 per barrel. In October, the downward trend is likely to be interrupted and a gradual growth will begin, which will accelerate in November and December, according to TASS experts. “There will be no serious drop […]

Read also

Saudi Aramco has stopped investing in a petrochemical complex in China
News

Apple has been fined by the Italian government by € 318 million

 Apple has received a fine of € 318 million from the Italian regulatory authorities. Apple is accused of violating tax laws, namely in the tax evasion in Italy by transferring funds to Ireland. During the investigation, regulatory authorities found that the company deliberately transferred funds in the amount of € 880 million to Ireland, where […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Business results of the week from the LDaily

Wary of exceptional access of representatives of China to the latest European technologies, growing business activity and superiority in the competitive strengths of the Celestial Empire, EU representatives propose to establish total regulation, namely The European Commission believes that it should act as a regulator now and tightly control all transactions of the M & […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Kiev bank intends to sue with the Creative of the $ 15 million debt

Kyiv bank “Piraeus Bank ICB” asks the Commercial Court of Kirovograd region to recover from the “Creative”company, which entering into the “Creative Group”, $ 15,629,000 of the loan debt,  – reports the “ProAgro”. This is stated in the bench ruling of the court from January 27, 2016. “Piraeus Bank ICB” filed a lawsuit to recover […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Engie to store gas in Ukraine

NPJSC Ukrtransgaz, Engie and its Enegie Energy Management Ukraine subsidiary company have concluded the contracts on natural gas transportation and storage. NPJSC Ukrtransgaz is reported about it.The agreement conclusion has taken place in Paris during Ukrainian and French economy forum . Igor Prokopiv, the President of NPJSC Ukrtransgaz admitted that they were ready to perform […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

IBM’s revenue exceeded forecasts due to the growth of the “cloud” business

US International Business Machines Corp. (IBM) slightly increased its net profit in the third quarter of 2020, despite on the declining revenue in the context of the coronavirus pandemic, forcing businesses to delay implementation of projects to preserve capital. According to the press release of the company, Net income in July-September was $ 1.7 billion, […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

ConocoPhillips is in talks to acquire rival Concho Resources

American oil and gas giant ConocoPhillips is in talks to acquire rival company Concho Resources, Bloomberg agency reported, citing to the sources that familiar with the matter. “Companies may announce the operation in the next few weeks,” – say the interlocutors of the agency. However, there is no final decision yet, and negotiations may fail. […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Christmas toys from Ukraine sold for $ 4,5mln

Within 10 months of last year, Ukraine had supplied toy glass products (90.6%) in 25 countries, including most EU countries, amounting to $ 4,5mln. It is reported on the Facebook page of  Natalia Mykolska – Deputy Minister of Economic Development and Trade of Ukraine. On the EU market it has sold 62.3% of Christmas decorations. […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
Analytics

Investment flows of Ukraine

Unfortunately, most businesses in our country learn about foreign investments from the media but not directly from their own production facilities. Despite the recent positive changes in the state, we still can’t talk about a high or at least a satisfactory level of foreign direct investment in the Ukrainian economy. FOREIGN DIRECT INVESTMENT According to […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

The Vaccine From Pfizer and BioNTech Receives Status “Accelerated” From The Regulatory Authorities

Pfizer and BioNTech shares rose sharply on Monday by 4% and 10%, respectively. This happened after the US Food and Drug Administration (FDA) assigned an “accelerated” status to their two COVID-19 potential vaccines. Although the companies have not yet completed the final tests and have not received approval for the production and sale of their […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Gaming giant Zynga bought rival game developer Peak Games for $1.85 billion

American company Zynga Inc. that creates popular social network games has closed a deal to buy everyone in circulation in the shares of the Turkish Peak Games. It is reported that the payment was almost equal to the funds and ordinary shares of the company. As part of the operation, Zynga received two franchises from […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Ukraine is the world third producer of buckwheat

According to Ukranian Agrarian Business Club (UABC),  Ukraine possess the third place in buckwheat production in the world. China and Russia take the first and second place.The buckwheat production in Ukraine has been characterised by sharp fluctuations within 140-180 thousand tonnes. It was caused by the price of the cultivation. An internal consumption of buckwheat […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

American billionaire has bought the shares of the IT-company Ciklum

The famous American billionaire George Soros decided to invest to the development of Ukrainian IT-sphere. On the 18th of November 2015, he spoke about buying the part of the Horizon Capital in IT company Ciklum, and a certain amount of assets of Majgaard Holdings Ltd, which is owned by the head of Ciklum Torben Maygaarda. […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Alibaba’s Ant plans Hong Kong IPO, targets valuation over $200 billion

Fintech company Ant Group, a division of the Chinese Internet company Alibaba, plans to hold an initial public offering (IPO) on the Hong Kong Stock Exchange this year. This could become one of the largest IPOs in the world in 2020, according to Reuters citing sources aware of the situation. According to one of the […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

A shareholder of Alfa-Bank Ukraine became an investor of Uber

The LetterOne Holding (L1), one of whose shareholder is the billionaire Mikhail Fridman (who was born in Lviv, and who is one of the shareholders of Alfa-Bank Ukraine), invested $ 200 million in Uber  taxi service. This is stated in the message of LetterOne. “I am very pleased with our strategic partnership with Uber. As […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

The world’s biggest tobacco companies sued the British government

Four world’s biggest enterprises who  producing tobacco products – British American Tobacco, Imperial Tobacco, Philip Morris International and Japan Tobacco International appealed this week to the court against the government, where they are opposed to the introduction of a new law in Britain banning branded a pack of cigarettes. According to the law, which will […]

Next
Saudi Aramco has stopped investing in a petrochemical complex in China
News

Shares Virgin Galactic of Richard Branson dropped by 13% through an additional emission

Shares of aerospace company Virgin Galactic fell by 13.78% to $ 20.71, according to trading data on the New York Stock Exchange. Securities of Richard Branson’s company are getting cheaper due to the background of the announcement of an additional issue emission. Virgin Galactic announced its intention to issue approximately 20.5 million new shares to […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com