https://arab.news/nzq6s
Rome: The owner of the Borouge polyolefin plant in the UAE has signed an expansion contract worth 3.5 billion U.S. dollars, which will make it the largest plastics plant in the world.
The company said in a statement that Italian oil and gas engineer Maire Tecnimont has been awarded a contract to work on the Borouge 4 facility, which will be built in the existing complex in Ruwais.
As a joint venture between Abu Dhabi National Petroleum Corporation and the Austrian chemical group Borealis, the new plant will increase the production of polyolefins to 6.4 million tons after completion in 2025.
Polyolefins are used to manufacture a range of products, such as industrial-grade pipes, cables, films, and personal protective equipment.
Maire Tecnimont and Abu Dhabi Polymers signed a series of three engineering, procurement and construction contracts.
This includes the construction of two polyethylene plants, each with an annual production capacity of 700,000 tons.
The Italian company said that the project will also include a series of engineering and construction work, equipment and material supply, and "commissioning and start-up assistance."
Pierroberto Folgiero, CEO of Maire Tecnimont Group, said: "Our portfolio of digital solutions combined with technology-driven process expertise will ensure the highest plant asset optimization and the best environmental standards."
Last month, ADNOC and Borealis signed a $6.2 billion agreement to expand the Borouge complex.
The joint venture partners also stated that they will prepare research on carbon capture devices to reduce carbon dioxide emissions by 80%.
The device may be put into operation in time before Borouge 4 starts. The first Borouge plant was put into operation in 2001, followed by Borouge 2 in 2010 and Borouge 3 in 2014.
The consortium produces polypropylene, polyethylene and polyolefin plastics.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that Saudi Arabia will become one of the few countries to increase oil production in 2022.
Speaking at a post-budget media forum in Riyadh on Monday, he warned that the oil market would enter a potentially dangerous period.
He said that the Kingdom plans to invest 142 billion riyals in energy distribution by 2030. Prince Abdulaziz said that the country plans to invest 380 billion riyals in renewable energy projects by 2030.
However, the Minister of Energy stated that the natural gas infrastructure, including pipelines, will be owned by the state.
According to the Minister of Investment, Saudi Arabia will have more than 12 trillion riyals ($3.2 trillion) invested in Saudi Arabia by 2030, as the country is seeking to diversify its economy from the oil sector.
Khalid Al-Falih said at a forum in Riyadh after the 2022 budget was announced that the Kingdom’s goal is to attract 1.8 trillion Saudi riyals in foreign investment over the next nine years.
The minister highlighted the approximately 300 legislative reforms that the Saudi government has undertaken as it seeks to open its economy.
In reviewing the work of his department in 2021, Alphalih said: “As you can see at the investment forum, 44 international companies have signed and obtained permits to set up regional headquarters in Riyadh.”
The budget shows that Saudi Arabia is expected to have its first surplus since 2022 next year.
The ministers forecast a surplus of 90 billion riyals, and total revenue in 2022 is estimated at 1.05 trillion riyals.
The expenditure is estimated at 955 billion riyals, the lowest level since 2017.
According to the Minister of Tourism of the Kingdom of Saudi Arabia, by the end of next year, one-tenth of Saudi Arabia’s jobs will be in the tourism industry.
Ahmed Al-Khatib, speaking at a forum in Riyadh to commemorate the announcement of the 2022 budget, said that 500 million riyals ($133 million) will be used to train male and female citizens in the tourism industry.
He revealed that the government is preparing a road map to improve the level of preparation for 9 tourist destinations and 42 target tourist attractions.
In reviewing the work of his department, Al-Khatib said: "We have established the Tourism Development Fund, which is very important to support the private sector.
"Its role is to provide long-term loans to the private sector to invest in tourism at a very low cost.
“In 2021 alone, the fund has funded 29 projects with a total investment of 8 billion riyals. These investments promise to create 17,000 jobs for Saudi men and women.”
Al-Khatib claims that Saudi Arabia is one of the 10 countries with the strongest domestic tourism industry.
The budget shows that Saudi Arabia is expected to have its first surplus since 2022 next year.
The ministers forecast a surplus of 90 billion riyals, and total revenue in 2022 is estimated at 1.05 trillion riyals.
The expenditure is estimated at 955 billion riyals, the lowest level since 2017.
Riyadh: The Ministry of Sports of Saudi Arabia is reviewing 100 applications from private investors to open different sports projects in the country, said Prince Abdulaziz bin Turki Faisal.
At the post-budget media forum in Riyadh on Monday, the sports minister stated that his department had approved 30 new licenses for different sports in the private sector.
He added that the Ministry has 170 local clubs and plans to increase this number through private investors. The Kingdom hopes to increase the contribution of sports to GDP to 1.2% by 2030.
The Minister of Communications and Information Technology stated that as the Saudi Arabian economy rebounds from the pandemic, Saudi Arabia's digital transactions will exceed 400 billion riyals (106.63 billion U.S. dollars) in 2021.
Abdullah Al-Swaha, speaking at a forum in Riyadh to commemorate the announcement of Saudi Arabia’s budget, said that the kingdom is living in an “age of accelerated change” ".
He added: “We have maintained more than 1 million jobs and more than 400 billion rials in digital transactions. By 2021, we will focus on growth and transformation and truly begin to build our digital economy journey.
"We have launched the largest technical support program in MENA (Middle East and North Africa) and (owns) 2.5 billion riyals in the national technology development plan.
"Thanks to the support of our leadership, the technology adopted and the local content and technology sector have grown to 11% in the past four years."
The budget shows that Saudi Arabia is expected to have its first surplus since 2022 next year.
The ministers forecast a surplus of 90 billion riyals, and total revenue in 2022 is estimated at 1.05 trillion riyals.
The expenditure is estimated at 955 billion riyals, the lowest level since 2017.