Saudi Basic Industries Corporation (Sabic) plans to increase its investment in China with a new plant to make the plastics used in car parts and CDs.
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The company announced the US$1 billion (Dh3.67bn) venture with China Petroleum & Chemical Corporation, also known as Sinopec, at a plastics conference yesterday in Guangzhou, a Chinese manufacturing centre.
"Our strong presence in Asia reflects our ambition to be the preferred petrochemical supplier in this important region," said Mohammed al Mady, the chief executive of Sabic. "Sabic has embarked on a series of infrastructure expansions as part of our growth plans."
The planned polycarbonate plant is to be funded by a 50-50 joint venture formed in 2009 between the two companies, called Sinopec Sabic Tianjin Petrochemical Company. The joint venture began manufacturing petrochemicals in China last year.
China has emerged as the favoured location for Gulf petrochemicals companies as its population's demand for consumer goods grows. Borouge, a plastics joint venture between Abu Dhabi and the Austrian maker Borealis, opened a compounding plant in Shanghai last year and has a second one planned in the Chinese province that is home to Guangzhou.
But uncertainty over future policy may hold back overseas investment, said Michel Govaerts, the Middle East and Asia general manager for the petrochemicals unit of Total, the French energy giant. Total signed an agreement in March with a Chinese state utility to make petrochemicals from coal in China's Inner Mongolia region.
"China will inevitably continue on one side to protect the economy and to adopt regulations which we can't predict," said Mr Govaerts at a petrochemicals conference in Abu Dhabi.
"If you look historically on those mega-projects in olefins in China, they have taken quite a number of years. Why? Because you have to work within the context of a planned economy, you have to work with the authorities … so you're constrained by those aspects," he said.
ayee@thenational.ae
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UAE currency: the story behind the money in your pockets
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Killing of Qassem Suleimani
Killing of Qassem Suleimani
