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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
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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.

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Syria Signs Gas Sector Contract with US Energy Giant

A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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Syria Signs Gas Sector Contract with US Energy Giant

A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Syria on Tuesday signed a contract involving US oil giant ConocoPhillips to develop the country's gas sector, state media reported, as Damascus seeks to attract international energy investment.

Damascus previously signed memoranda of understanding on energy with international companies including Chevron as well as HKN Energy, which has begun managing and operating oil fields recently handed over to the government by Syrian Kurdish authorities.

State news agency SANA reported that the state-owned Syrian Petroleum Company signed "a contract with US companies ConocoPhillips and Novaterra with the aim of developing a number of gas fields in Syria and increasing production from existing fields".

The move seeks to "contribute to supporting the energy system and strengthening gas supplies required for the electricity sector and other vital sectors," it said.

In Washington last week, Syrian Petroleum Company CEO Youssef Qablawi said it would be "the biggest contract" to be signed since the new authorities took power after the December 2024 ouster of longtime ruler Bashar al-Assad.

At the signing ceremony in Damascus, Qablawi said the move was "an important step in the process of developing the gas sector in Syria".

"Through this cooperation, we look forward to increasing production, improving operational capabilities and supporting the energy system," he added.

A Syrian delegation headed by Energy Minister Mohammad al-Bashir held talks in Washington last week on investment prospects in energy and infrastructure in Syria and possible partnerships with the US private sector.

After years of civil war that fractured the country and ravaged its industries and infrastructure, Syria is seeking to modernize its energy infrastructure, attract investment and boost development as it pushes on a path of economic recovery, particularly after the lifting of Assad-era sanctions.

Syria aims to produce one million barrels of oil per day by 2030 and is seeking to broaden international cooperation on exploration and production.

Last month, Syria signed a memorandum of understanding with ConocoPhillips, France's TotalEnergies and Qatar's QatarEnergy, on offshore oil and gas exploration.

In February, it also signed a preliminary deal with US energy giant Chevron and Qatari firm Power International for offshore energy exploration.

Damascus now controls all the country's oil and gas fields, after taking over areas previously under Kurdish control in the north and northeast this year.

The deputy governor of the northeastern Hasakah province, Ahmed al-Hilali, on Monday said HKN Energy had begun managing and operating those fields.

Business

Oil Drops About 4% to Three-month Low as Markets Weigh US-Iran Deal

AUSTIN, TEXAS - JUNE 15: In an aerial view, oil storage tanks are seen at the Sunoco LP Fuel Supply Terminal on June 15, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
AUSTIN, TEXAS - JUNE 15: In an aerial view, oil storage tanks are seen at the Sunoco LP Fuel Supply Terminal on June 15, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
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Oil Drops About 4% to Three-month Low as Markets Weigh US-Iran Deal

AUSTIN, TEXAS - JUNE 15: In an aerial view, oil storage tanks are seen at the Sunoco LP Fuel Supply Terminal on June 15, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP
AUSTIN, TEXAS - JUNE 15: In an aerial view, oil storage tanks are seen at the Sunoco LP Fuel Supply Terminal on June 15, 2026 in Austin, Texas. Brandon Bell/Getty Images/AFP

Oil prices fell about 4% on Tuesday to fresh three-month lows as markets weighed prospects for a resumption of supplies through the Strait of Hormuz alongside weaker physical demand and scant details on a preliminary deal to end the Iran war.

Brent crude futures were down $3.20, or 3.85%, at $79.97 a barrel at 1253 GMT. They earlier touched $79.61, the lowest since March 3, and the first time they have fallen below $80 since that day.

US West Texas Intermediate was down $3.52, or 4.36%, at $77.23 a barrel. WTI's intra-day nadir of $76.88 was the lowest since March 10.

Before the war started on February 28, Brent and WTI futures were trading around $65-70 per barrel.

Oil prices sank nearly 5% on Monday after US President Donald Trump announced an interim deal to end the US-Israeli war with Iran, though full details have not been released.

Iranian Foreign Minister Abbas Araqchi said on Tuesday that Iran and the US would start a new round of talks in Switzerland on Friday to reach a final agreement.

"Near-term downside risks remain as the market prices a faster reopening of the Strait and a return of stranded barrels," Saxo Bank analyst Ole Hansen said.

However, depleted inventories, seasonal demand, strategic stock rebuilding and lingering geopolitical uncertainty suggest the path back to pre-war prices may be far less straightforward than current market optimism implies, Hansen said.

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Gold Rises over 1% as US-Iran Peace Deal Optimism Eases Rate Hike Bets

Two people look at gold jewelry outside a shop in the Grand Bazaar in Istanbul (AFP)
Two people look at gold jewelry outside a shop in the Grand Bazaar in Istanbul (AFP)
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Gold Rises over 1% as US-Iran Peace Deal Optimism Eases Rate Hike Bets

Two people look at gold jewelry outside a shop in the Grand Bazaar in Istanbul (AFP)
Two people look at gold jewelry outside a shop in the Grand Bazaar in Istanbul (AFP)

Gold prices rose more than 1% on Tuesday as expectations of an interest rate hike from the US Federal Reserve this year eased, following an interim US–Iran peace deal that sent oil prices and inflation fears lower.

Spot gold was up 0.9% at $4,343.51 per ounce as of 9:10 a.m. ET (1310 GMT). Prices touched their highest level since June 5 in the previous session.

US gold futures delivery added 0.2% to $4,358.90.

The interim deal announced by US President Donald Trump would extend a tenuous ceasefire agreed upon in April by another 60 days and reopen the Strait of Hormuz, which Iran has effectively blocked since the US and Israel attacked Iran in February.

"Supporting the market over the last two sessions has been the prospects of an agreement between the US and Iran in regards to ending the war," said David Meger, director of metals trading at High Ridge Futures, Reuters reported.

"What we've seen as a result of that has been short-term interest rates drop, energy prices come down, and less likelihood that the Fed will need to raise interest rates later this year."

Brent crude futures have dropped below $80 a barrel for the first time since early March, after sinking nearly 5% on Monday after the announcement of the interim deal.

Markets have pared back expectations for a Fed rate hike in December to 58% from around 70% earlier, according to the CME FedWatch tool.

Bullion has been under pressure since the onset of the US-Israeli war against Iran, as rising oil prices fuel expectations of prolonged high interest rates. Despite being an inflation hedge, non-yielding gold suffers in a high interest rate environment.

Market participants are now awaiting a series of central bank meetings this week, including the Fed's rate decision on Wednesday, the first under new Chair Kevin Warsh.

Spot silver rose 0.7% to $70.51 per ounce. Platinum gained 2.7% to $1,812.76, and palladium climbed 0.9% to $1,360.75.