SABIC and Sinopec Launch Joint Project in Tianjin

FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
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SABIC and Sinopec Launch Joint Project in Tianjin

FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo
FILE PHOTO: The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. REUTERS/Faisal Al Nasser/File Photo

The Saudi Basic Industries Corporation (SABIC) and China's Sinopec have announced the start of the commercial operation of their new polycarbonate plant, located within their equally-owned joint venture Sinopec-SABIC-Tianjin Petrochemical Co., Ltd.

Sinopec SABIC Tianjin Petrochemical Co., Ltd. was established in 2009 and is a vast petrochemical complex consisting of nine world-class manufacturing units designed to produce chemicals, polyethylene and polypropylene.

The production capacity of the new polycarbonate factory, a vital element in SABIC's strategy for growth in the field of polycarbonate production in China, is 260,000 tons per year, allowing the company to further cooperate with global and local customers, as the operation of the polycarbonate factory represents a new stage in the progress of the joint project between SABIC and Sinopec, and enhances the partners' ability to meet the requirements of the regional polycarbonate market.

SABIC CEO Eng. Abdul Rahman Al-Fageeh said that his company and Sinopec are opening up tremendous and mutual growth opportunities that achieve the goals of the national programs of Saudi Arabia and China.

“Based on our position as one of the largest leading companies in the field of manufacturing Polycarbonate in the world, our first-ever factory in Asia confirms our commitment to operating in markets close to our customers, enabling us to increase the level of service, speed of work and reliability of supplies,” he added.



Oil Slips as Gaza Talks Ease Supply Worries; Hurricane Beryl in Focus

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
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Oil Slips as Gaza Talks Ease Supply Worries; Hurricane Beryl in Focus

FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Oil pump jacks are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo

Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased tensions in the Middle East, while investors assessed potential disruption to US energy supplies from Hurricane Beryl.
Brent crude futures were down 49 cents, or 0.57%, at $86.05 a barrel, as at 0843 GMT. US West Texas Intermediate (WTI) crude was at $82.53 a barrel, down 63 cents, or 0.76%, Reuters said.
Talks over a US ceasefire plan aimed at ending the nine-month-old war in Gaza are under way and being mediated by Qatar and Egypt.
"If anything concrete comes from the ceasefire talks, it will take some of geopolitical bids out of the market for now," said IG analyst Tony Sycamore based in Sydney.
The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Hurricane Beryl, which is expected to make a landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday.
"Weekly settlement prices suggest that investors liked what they saw in spite of the pre-weekend profit-taking in oil, which continues this morning on the prospect of the resumption of ceasefire talks between Israel and Hamas and the closure of Texan ports", said PVM analyst Tamas Varga.
Port closures could bring a temporary halt to crude and liquefied natural gas exports, oil shipments to refineries and motor fuel deliveries from those plants.
"While this puts some offshore oil and gas production at risk, the concern when the storm makes landfall is the potential impact it could have on refinery infrastructure," ING analysts led by Warren Patterson said in a note.
WTI gained 2.1% last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ended June 28.
IG's Sycamore said there is also a good chance of the US. data showing another large weekly draw in US oil inventories amid peak driving season.
Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies.