عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
20
TT

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.

Most Viewed

 
Business

Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
TT
20
TT

Stocks Stabilize, Gold Hits Record before Trump Tariff Reveal

FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma (INDIA - Tags: BUSINESS COMMODITIES)/File Photo

Asian equities rose on Tuesday following Wall Street's overnight gains, while gold hit an all-time peak and Treasury yields fell as markets awaited details of US President Donald Trump's reciprocal tariffs.
The Japanese yen strengthened as traditional haven assets drew demand.
At the same time, the risk-sensitive Australian dollar rebounded after the Reserve Bank of Australia left interest rates steady, as widely expected, but warning of "pronounced" global uncertainty.
Regional stocks found some respite on the first day of April after being battered in March by worries that Trump's trade war could trigger stagflation or even a US recession, reported Reuters.
Investors are nervously awaiting April 2, a day Trump has dubbed "Liberation Day", when he has promised to unveil a massive reciprocal tariff plan.
Australia's benchmark equity index advanced 1%, while South Korea's KOSPI climbed 1.9% and Taiwan's equity benchmark rose 1.7%, following steep drops on Monday.
At the same time, Hong Kong's Hang Seng and Japan's Nikkei gave up gains of 1% or more to be flat to slightly higher. Mainland Chinese blue chips were also little changed after struggling all session.
Pan-European STOXX 50 futures added 0.35%.
The US S&P 500 gained 0.55% on Monday, snapping a three-day losing run, but futures pointed 0.34% lower.
"It is possible that a significant portion of last night's rebound in the key (Wall Street) indices was attributable to month-end and quarter-end rebalancing flows, as well as short covering ahead of Trump's Liberation Day, amid considerable uncertainty about what comes next," said Tony Sycamore, an analyst at IG.
"US equity markets are priced for a slowdown in growth and earnings. However, they are not priced for a recession, and if the US economy enters recession, US stock markets could easily fall by another 10%."
Bullion powered to a record high for a fourth straight session, hitting $3,148.88 per ounce.
"On top of general risk aversion, investors are increasing allocation to gold with the Trump administration's trade policy threatening the dollar's special reserve status," said Kyle Rodda, senior financial markets analyst at Capital.com.
"The fundamental backdrop remains strong for gold."
DOLLAR UNDER PRESSURE
Demand for the safety of Treasuries sent yields lower on Tuesday, with those on benchmark 10-year notes sinking some 5 basis points to 4.1920%.
That put pressure on the dollar, which slipped 0.08% to 149.85 yen. The euro was steady at $1.0813.
The Aussie added 0.14% to $0.6258. The RBA held rates at 4.1%, having just cut them by a quarter point in February for the first time in over four years.
"Geopolitical uncertainties are also pronounced," the RBA said in its statement, adding that US tariffs are having an impact on confidence globally.
"The RBA's statement suggests they're inching towards their next cut, but in no rush to signal one," said Matt Simpson, senior market analyst at City Index.
"The RBA just want more time to be confident that policy is on the right track."
Bitcoin was slightly higher at around $83,040.
Oil prices rose, adding to the 2% surge from Monday. Brent gained 0.23% to $74.94 a barrel, while US West Texas Intermediate crude advanced 0.22% to $71.64.
At the weekend, Trump threatened secondary tariffs on Russian crude and on Iran. He also warned Iran of bombing if Tehran did not come to an agreement with Washington over its nuclear program.