PIC told to pay Dow $2.16bn
KUWAIT’s Petrochemical Industries Company (PIC) must pay Dow Chemical Company $2.16 billion under an arbitrator’s ruling for wrongly cancelling a planned plastics joint venture in 2008, Dow said.
The ruling against the state-run PIC by the International Chamber of Commerce’s International Court was final and binding, the company said.
Kuwait pulled out of the planned $17.4 billion “K-Dow” petrochemical joint venture as the global economy sunk into deep recession nearly four years ago, triggering charges from Dow that the move violated its agreements.
Emal wins quality award
EMIRATES Aluminium (Emal) has been awarded the prestigious GCC Industrial Project of the Year prize at the Meed Quality Awards for Projects 2012.
The award is in recognition of the successful completion of Phase I of the Al Taweelah-based smelter, which was delivered ahead of schedule and to budget, a statement from Emal said.
The prize was announced at an awards ceremony held recently at The Westin Resort in Abu Dhabi.
Rabigh II to go ahead
SAUDI Aramco and Sumitomo Chemical Co have agreed to go ahead with a $7 billion expansion of the Rabigh II petrochemical project in the kingdom, the Japanese firm said, quelling doubts about the future of the delayed project.
The project, which is due to start operations in early 2016, is a key part of Saudi plans to diversify its energy portfolio and boost earnings from downstream activities.
State-run oil giant Saudi Aramco and Sumitomo signed an agreement on the plant expansion in 2009.
Maaden signs refinery deal
SAUDI Arabian Mining Company (Maaden) has signed a $1.5 billion contract with Hyundai Engineering & Construction Co to build an aluminium refinery in the kingdom’s Eastern Province, a bourse statement said.
The refinery will have an annual production capacity of 1.8 million tonnes of smelter-grade alumina and is scheduled to be completed by the end of 2014, the statement added.
Jafza gets ‘developing’ rating
MOODY’S Investors Service has changed the outlook for the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of Jebel Ali Free Zone (Jafza) to ‘developing’ from ‘negative’ and affirmed the B2 CFR and PDR as well as the B2 rating for Jafza’s November 2012 certificates issued by Jafza Sukuk, Reuters has reported.
The outlook change signals Moody’s view that Jafza has taken positive steps in addressing its November 2012 sukuk maturity that could remove some rating constraints factored into the current B2, especially liquidity risk, if finalised.
JBT gets air units contract
JBT Corporation has announced that its JBT AeroTech business has been awarded a contract by Bahwan Engineering Group (BEC), in excess of $4 million to supply 30 JetAire pre-conditioned air units for a terminal at the new Muscat International Airport in Oman.
Loan agreed for new factories
NATIONAL Industrialisation Co (Tasnee) and Sahara Petrochemical have agreed a SR5.09 billion ($1.36 billion) loan with nine local banks to fund development of three new factories.
The 16-year syndicated loan will finance investment in a new complex producing acrylic acid derivatives, the Saudi Arabian petrochemical producers said.
Operations at Saudi Acrylic Monomer Company, Saudi Acrylic Acid Co and Saudi Superabsorbent Polymers Co in Jubail Industrial City on the kingdom’s Gulf coast are scheduled to start in the first quarter of next year, they said.
The project is a joint venture with Dow Chemical Co and Evonik.
Famco opens Muscat branch
FAMCO (Al Futtaim Auto & Machinery Co), the Al Futtaim Group’s distributor of commercial vehicles, construction and industrial equipment, has opened a new branch in Muscat.
Famco Oman will distribute leading brands such as Linde material handling equipment, Merlo telescopic handlers, Ingersoll-Rand industrial air compressors, Mase marine generators, Hart & Nassau industrial doors, Stertil docking systems and Bott workshop and in-vehicle storage solutions.
