Sabic Q1 turnover plunges
The turnover of Saudi Basic Industries Corporation (Sabic) fell more than half in the first quarter, while sales costs fell by 38.2 per cent, according to the company’s financial statements.

The statements showed that Sabic’s turnover stood at SR19.82 billion ($5.29 billion) in the three months to March 31, down from SR39.98 billion a year earlier.
Sabic said the volume of sales rose 5 per cent compared to the first quarter of 2008. Sales costs fell to SR16.2 billion from SR26.2 billion a year earlier.

Sugar firm wins award
Dubai-based Al Khaleej Sugar Company (AKS), which operates the world’s biggest sugar refinery, added another feather in its cap when it recently won the prestigious Mohammed bin Rashid Al Maktoum Business Award for manufacturing.
Describing the award as a key milestone in the company’s achievement, Cyrus Raja, general manager for the Dubai-based firm attributed success “to our policy of continuous innovation.”
Operational since 1995, AKS has a daily production capacity of 5,000 tonnes.

Contract signed
Abu Dhabi Company for Onshore Operations (Adco) has signed a Dh3 billion ($818 million) engineering, procurement and construction contract with SK Engineering & Construction of South Korea for Adco's Bab Gas Compression Project in Abu Dhabi.
Three gas compression units will be installed by SK Engineering at the development to increase its gas extraction capabilities starting from the year 2010.
The three-year contract was signed at a ceremony by Abdul Munim Al-Kindy, the general manager of Adco, and KC Choi, president of S.K. Engineering.