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Dussur, Baker Hughes Inaugurate Petrolite Chemicals Facility in Saudi Arabia

Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and Minister of Industry and Mineral Resources Bandar Alkorayef at the inauguration of the Saudi Petrolite Chemicals. (Baker Hughes)
Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and Minister of Industry and Mineral Resources Bandar Alkorayef at the inauguration of the Saudi Petrolite Chemicals. (Baker Hughes)
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Dussur, Baker Hughes Inaugurate Petrolite Chemicals Facility in Saudi Arabia

Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and Minister of Industry and Mineral Resources Bandar Alkorayef at the inauguration of the Saudi Petrolite Chemicals. (Baker Hughes)
Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and Minister of Industry and Mineral Resources Bandar Alkorayef at the inauguration of the Saudi Petrolite Chemicals. (Baker Hughes)

Baker Hughes announced on Sunday the inauguration of its joint venture (JV) oilfield and industrial chemicals manufacturing plant in Jubail Industrial City, eastern Saudi Arabia.

The new plant will cater to oilfield, power generation, and industrial chemicals industries.

Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and Minister of Industry and Mineral Resources Bandar Alkhorayef attended the inauguration.

Baker Hughes signed the joint venture with Dussur, which is owned by the Public Investment Fund (PIF), Saudi Aramco, and Saudi Basic Industries Corporation (SABIC).

The joint venture was announced a year ago, and the Texas-based oilfield services holds a 51 percent stake in the project.

The facility will be known as the Saudi Petrolite Chemicals facility. It will increase Saudi Arabia’s supply base targets of raw materials like solvents and glycols.

It also aims to accelerate the development of manufacturing skills and capabilities of the local workforce with more than 70% Saudization.

With faster delivery of fit-for-purpose chemical solutions, the facility is closer to customers and suppliers, creating efficiencies across the business.

Dussur CEO Raed al-Rayes said the inauguration of the project comes within Dussur’s efforts to cooperate with its partners for strategic localization to maximize the developmental and economic impact in the Kingdom.

“At Dussur, we are proud and appreciative of today’s partnership with Baker Hughes, which marks a significant milestone. This new project will provide special, distinguished opportunities for the sons and daughters of our nation as we target a Saudization rate of more than 70%,” said Rayes.

Baker Hughes CEO Lorenzo Simonelli said: “Today is a testament to Baker Hughes and Dussur's continued efforts to drive in-country value to better serve the chemicals market in the Kingdom and across the region. Aligned to the Kingdom’s vision.”

Simonelli stated that the inauguration of the facility marked another milestone in the Kingdom’s remarkable journey of economic and industrial growth.

“For Baker Hughes, I am proud to be a part of this journey we started more than 85 years ago in Saudi Arabia as we invest in growth together.”

The Saudi Petrolite Chemicals facility spans approximately 90,000 square meters with an on-site quality control lab, ethylene oxide and propylene oxide pipeline feedstock, and 14 storage tanks.

The facility manufactures chemicals for oilfield, power generation, and industrial chemicals.

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Business

Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.

Business

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.

Business

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
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Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.