Monday 27 April 2015

Sipchem plant shutdown cost $4.8m

Two affiliates of Saudi International Petrochemical Co (Sipchem) restarted operations making carbon monoxide and acetic acid after a suspension for scheduled maintenance, the company said on Sunday. The closures, which lasted between 20 and 26 days, cost about 18 million riyals (


Ma'aden's gold, metals unit gets $320m loan

Saudi Arabian Mining Company (Ma'aden) said its gold and base metals unit had obtained a SR1.2 billion ($320 million) loan from the state-affiliated Saudi Industrial Development Fund to help develop the Ad Duwayhi mine. The loan will be repaid in 14 installments spread across


Contracts worth $326m signed at DEAL

The Dubai Entertainment, Amusement and Leisure Show (DEAL) 2015 recorded more than Dh1.2 billion ($326.6 million) worth of signed contracts, said event organisers. The DEAL show grew by 35 per cent over the previous year, as exhibitors signed contracts for innovative products and


India plans JV to produce urea in Iran

The Indian government plans to establish a urea plant in Iran for long-term imports of the fertiliser to India, a senior government official said. "In order to ensure long term availability of urea in the country, the government is facilitating setting up of a urea/ ammonia


Teva’s $40bn bid 'to transform generic drug sector'

Teva Pharmaceutical Industries’ recent $40-billion bid to purchase Netherlands-based Mylan has the potential to transform the generic drugs arena, said an analyst with research and consulting firm GlobalData. Mylan had made a $28.9 billion offer to buy the Irish drug-maker


Gulf Craft rolls out superyachts at Singapore show

UAE-based Gulf Craft, a leading superyacht shipyard, showcased its largest superyacht, the Majesty 105, and its latest innovation the Nomad 65 at the Singapore Yacht Show.   The four-day event held at One° 15 Marina Club, Sentosa Cove, Singapore, began on April 23, and wi


RAK FTZ opens new district cooling plant

Ras Al Khaimah Free Trade Zone (RAK FTZ) has opened a district cooling plant built at a cost of Dh25 million ($6.8 million) to help meet its air-conditioning demand. The plant, which uses chilled water to control air temperature and treat ventilated air in RAK FTZ buildings, was


Gulf Warehousing posts 40pc jump in Q1 profit

Qatar-based Gulf Warehousing Company said it has registered a strong 40 per cent increase in its net profit for the first quarter compared to the previous year, thus giving a bullish start to 2015. Qatar-based Gulf Warehousing Company said it has had a bullish start to 2015, with


Gulf Dynamic Switchgear nets 24pc growth

Gulf Dynamic Switchgear (GDS), a leading UAE-based manufacturer of low voltage switchgear panels, said it has registered a 24 per cent year-on-year growth in 2014, further strengthening its position as a market leader in the Gulf region.   A wholly-owned subsidiary of Mashari


Svitzer to take delivery of Damen ASD tugs

Salvage and towage specialist Svitzer is all set to take delivery of two new Damen ASD tugs. Svitzer will operate the tugs, an ASD 2310 named Svitzer Yuma and an ASD 2411 named Svitzer Freeport in and around the port area of Freeport on the Bahamian island of Grand Bahama.

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