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Pakistan buys 75,000 tonnes of sugar from Dubai firm
Pakistan bought 75,000 metric tonnes of white sugar from Dubai's Al-Khaleej Sugar to help boost local supplies and lower prices, Bloomberg has reported. Trading Corp. of Pakistan bought the sugar at $638 a tonne, including freight costs, according to a spokesman for the state-run agency.
Middle East Specialised Cables wins cable contracts
Saudi Arabia-based Middle East Specialised Cables Company has said it has won five contracts worth SR95m ($25.4m) to supply cables to Algerian state-owned energy company Sonatrach, MEED has reported. The company has also secured a SR40m contract through its Jordanian subsidiary MESC Fujikura Cable Company, to provide medium-voltage cables to the Princess Noura bint Abdulrahman University for Women project in Riyadh. MESC has also won a SR15m contract from Italy's Saipem to supply cables to the company's fertiliser plant project at Mesaieed, in addition to a SR20m contract on the UAE's Ruwais green diesel project from South Korea's GS Engineering and Construction.
Saudi firm sells surplus olefins
A spokesman for Saudi industrial group Tasnee has said the company has started selling surplus olefins from its Saudi Ethylene and Polyethlene Company (SEPC) into the domestic market. The plant, which is currently running between 80 and 100%, is a joint-venture between Tasnee and Sahara Petrochemical Company, with Dutch firm LyondellBasel holding a 25% stake, the spokesman said.
Proclad's $400m manufacturing facility begins production
FTV Proclad, an engineering, manufacturing and service provider for the oil and gas and petrochemical industries, has announced that production is underway at its new manufacturing complex based in Dubai's Technopark. The project is set to triple the company's annual capacity worldwide, the company said. Investment in the Phase I facility's four manufacturing plants had amounted to $400m. The complex also includes a research and development centre and a training academy that will offer co-branded courses in partnership with The Welding Institute.
Ezz Steel to invest $475m to increase output
Egypt's Ezz Steel has said it is investing $475m to set up a new billet production line and a direct reduced iron (DRI) plant. The firm will invest $75m in a new billet production line to be located at its flat steel plant in Suez, east of Cairo, and $400m in a new facility to make DRI also in Suez, Kamel Galal, head of investor relations told Reuters. The DRI plant will have a capacity of 1.8 million tons a year and is set to start in the second half of 2011, he said.
Ezz Steel profit slumps
Egypt-based Ezz Steel has reported a 90% decline in first half net profit to EGP101m ($18.25m), compared to EGP1.0bn in the first half of 2008. Net sales were EGP6.4bn, compared to EGP11.1bn a year earlier. "Undoubtedly, 2009 will be a tough year for Ezz Steel Rebars, as with any other steel producer, but Ezz could prove to be quite resilient," Beltone Financial told Reuters.
Fluor completes Olefins II Project
US-based company Fluor has completed its Olefins II Project in Kuwait. Fluor provided overall management consultancy and front-end engineering and design work for utilities and infrastructure. The multi-billion dollar project was a joint venture of Dow Chemical Company, Kuwait's Petrochemical Industries Company (PIC), Bubyan Petrochemical and Qurain Petrochemical Industries.
New factories open at Dubai Industrial City
Dubai Industrial City has announced the opening of two new factories in the industrial zone. The Capital Industries factory has a 60,000sqft plot area in the city's Mineral Zone and will manufacture pre-cast concrete structures for a wide range of construction applications including precast columns, beams, half slab, and pre-stressed planks. The MeFab factory manufactures pressure vessels, single and double vault tankers and pressure pipes in steel, metal and stainless steel which are used in marine applications and oil and gas industries.
Gulf Craft moves into South Africa
UAE-based boat and yacht manufacturer Gulf Craft has said it is expanding into South Africa's leisure boating market, Khaleej Times has reported. "A relatively prosperous economy has fostered some surprising results in the South African boating industry. We believe that South Africa yacht market has a lot of potential and this is why we decided to invest in it," Gulf Craft Executive Manager Erwin Bamps said.
Topaz completes RAK Cement installation
Topaz Engineering has completed the installation and commissioning of complete Electrical and Instrumentation (E&I) works in the Coal Mill building for RAK Cement. The E&I works included the supply, installation and testing of cables, cable trays, profibus cables, MLDB (main lighting distribution boards) panels and light fittings in the total Electrical and Instrumentation package. The contract also comprised the installation of 11 KV sub stations with HV switchgear, distribution transformers, motor control centre panels for low voltage distribution, PLC panels and other control panels.
GE Energy and Dubal sign service deal
Dubai Aluminium Company (Dubal) has signed a seven year service contract with GE Energy, worth over $45m. The agreement aims to cut the cost of aluminium production and increase the reliability and overall performance of 19 GE gas turbines that power the Dubal production complex. The deal covers the supply of parts, performance uprates, repairs and field services for planned outages for the gas turbines.
Egypt Kuwait Holding sets up chemical fertilizer firm
Egypt Kuwait Holding has set up a fertilizer and petrochemical company with capital of EGP500m ($90.4m), in partnership with other Egyptian and Gulf investors, Reuters has reported. Egypt Kuwait Holding has a 32% stake in the company, which will produce 1.5 million tonnes of chemical fertilizer a year. It will come onـstream in 28 months.
Emal loses Moody's ratings
Moody's Investors Service has withdrawn its ratings for Emirates Aluminium (Emal). Emal's Senior Secured prospective ratings of (P) A3 of $2bn bullet bonds and Stable outlook were withdrawn for business reasons, Moody's said.
Amiantit ends US Perma-Pipe deal
Saudi Arabian pipe manufacturer Amiantit has cancelled a memorandum of understanding with US-based company Perma-Pipe, to build a pre-insulated pipes factory, following a disagreement over management, according to Al Riyadh daily. Amiantit had previously said the cancellation of the MoU did not mean an end to its plans to invest in pre-insulated pipes.
Sabic's UK LDPE plant nears completion
Sabic UK Petrochemicals' heavily delayed low-density polyethylene (LDPE) plant in Wilton, near Middlesbrough, England, will finally come online in September. The UK arm of Saudi Basic Industries, it is expected to reach full capacity next year. It will be the largest LDPE plant in the world, producing up to 400,000 tonnes a year.
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