Borealis and Nova Chemicals said they have signed a deal with Total’s US refining division to build a petrochemicals plant on Texas’ gulf coast.
Total said the project cost is about US$1.7 billion and it will hold a 50 per cent interest, although none of the parties disclosed how the other 50 per cent would be split.
Nova Chemicals is wholly owned by International Petroleum Invesment Co (Ipic), which is merging with the Abu Dhabi strategic investment fund Mubadala in May. Ipic also controls Borealis through a 64 per cent direct stake, plus a large stake in OMV, which owns the rest of Borealis.
Abu Dhabi plans to substantially increase its petrochemicals interests globally, as well as to expand domestic output by two and a half times, to 11.5 million tonnes per annum (mtpa), by 2025.
The Texas joint venture will be located adjacent to Total’s 400,000 barrels per day refinery and include a 1 mpta ethane steam cracker and a 625,000 tonnes a year polyethelene unit using Borealis technology, which will produce precursors for a range of plastics.
“We want to take advantage of the business-friendly environment to contribute to making American petrochemicals even greater,” said Patrick Pouyanné, the Total chief.
The companies said the project would create 1,500 jobs during peak building phase and will complete in 2020.
“We can … benefit from large scale experience gained in other projects, for example Borouge,” said the Borealis chief Mark Garrett, referring to the Adnoc venture next to the Ruwais refinery in Abu Dhabi’s western region, which doubled production last year.
amcauley@thenational.ae
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Dengue fever symptoms
High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The team
Fashion director: Sarah Maisey
Photographer: Greg Adamski
Hair and make-up: Ania Poniatowska
Models: Nyajouk and Kristine at MMG, and Mitchell
Stylist’s assistants: Nihala Naval and Sneha Maria Siby
Videographer: Nilanjana Gupta
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
Victims of the 2018 Parkland school shooting
Alyssa Alhadeff, 14
Scott Beigel, 35
Martin Duque, 14
Nicholas Dworet, 17
Aaron Feis, 37
Jaime Guttenberg, 14
Chris Hixon, 49
Luke Hoyer, 15
Cara Loughran, 14
Gina Montalto, 14
Joaquin Oliver, 17
Alaina Petty, 14
Meadow Pollack, 18
Helena Ramsay, 17
Alex Schachter, 14
Carmen Schentrup, 16
Peter Wang, 15
RACECARD
9pm Maiden (PA) Dh70,000 (Dirt) 2,000m
9.30pm Handicap (TB) Dh70,000 (D) 2,000m
10pm Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m
10.30pm Maiden (PA) Dh70,000 (D) 1,800m
11pm Wathba Stallions Cup – Handicap (PA) Dh70,000 (D) 1,600m
11.30pm Maiden (PA) Dh70,000 (D) 1,400m
12am Maiden (PA) Dh70,000 (D) 1,400m
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Cheeseburger ingredients
Price for a single burger £0.44
Price for a single bun £0.17
Price for a single cheese slice £0.04
Price for 10g Gherkins is less than £0.01
Price for 10g ketchup is less than £0.01
Price for 10g mustard is less than £0.01
Price for 10g onions is less than £0.01
Total 68p
Credit: Meal Delivery Experts
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
All We Imagine as Light
Director: Payal Kapadia
Starring: Kani Kusruti, Divya Prabha, Chhaya Kadam
Rating: 4/5
EVIL DEAD RISE
Director: Lee Cronin
Stars: Alyssa Sutherland, Morgan Davies, Lily Sullivan
Rating: 5/5
Switching sides
Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.
Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.
Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.
Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates