Latest news with #ChevronPhillips
Argaam
29-05-2025
- Business
- Argaam
SIIG says additional feedstock allocated
Saudi Industrial Investment Group (SIIG) received on May 28 approval letters from the Ministry of Energy to allocate additional feedstock to utilize the available capacity in its current assets and also support the company's plans to expand its production capabilities. In a statement to Tadawul, SIIG explained that additional ethane was allocated for the expansion of its 65%-owned subsidiary, Saudi Polymers Company (SPCo) in the Jubail Industrial City. This expansion is expected to ramp up the production of end products. SPCo is currently working on related engineering studies and designs for this expansion project. It is anticipated that the expansion will start up by the beginning of 2029. SPCo is expected to benefit from a portion of this allocation before the actual expansion project is completed, as it currently has unutilized capacities. SIIG also received an additional allocation of natural gasoline for its 50:50 joint ventures (JVs), Saudi Chevron Phillips and Jubail Chevron Phillips companies. This should increase the overall production at the entire complex. The JVs are expected to start benefiting from this feed before the end of this year. These additional allocations are expected to have a positive impact on SIIG's financial results gradually over the next three years, as the additional feed becomes available, and may eventually exceed an estimated total of SAR 470 million annually in net profit by the end of the expansion project and startup in 2029, based on forecasted product prices.
Zawya
21-05-2025
- Business
- Zawya
WGC: QatarEnergy sees big growth in chemical industry, CEO says
BEIJING: QatarEnergy plans to more than double its capacity for plastics raw materials globally as it sees big growth in the chemical industry, Chief Executive Saad al-Kaabi said on Wednesday. The state-owned company expects its U.S. ethane cracker project to start production in the first quarter of 2027, he told the World Gas Conference. The project, a joint venture with Chevron Phillips Chemical, had been expected to begin operations in 2026, according to the U.S. company's website. It will include a 2.08 million metric tons per year (tpy) ethane cracker and two 1 million tpy high-density polyethylene units. Ethane is a byproduct of shale gas production. More petrochemical producers globally are building ethane crackers or reconfiguring their plants to process more ethane to reduce costs and capitalise on rising U.S. supplies as they face thin margins and global oversupply. Qatar, one of the world's three largest exporters of liquefied natural gas (LNG), expects its North Field East natural gas expansion project to begin production in mid-2026, he said, repeating comments on the timeline he made in a statement on Tuesday. Gas is needed for industry, for power, for chemicals, for food, Kaabi said, adding that gas is going to be the backbone for the next century for all societies around the world. "Anyone who's burning fuel oil or diesel for power can easily make the conversion from a cost perspective to gas," he said. (Reporting by Colleen Howe; Writing by Florence Tan; Editing by Tom Hogue and Christian Schmollinger)
Reuters
07-05-2025
- Business
- Reuters
Aster to acquire Chevron Phillips Singapore Chemicals
Companies Show more companies SINGAPORE, May 7 (Reuters) - Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the company said in a press release on Wednesday. Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility a building block in Singapore's Jurong Island. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Polyethylene is a type of plastic resin used in the packaging, construction and medical industries. "This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers," the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said. The company did not reveal the investment value of this acquisition. Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore (GLEN.L), opens new tab, completed its purchase of Shell's Singapore refinery and refining assets.
