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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

Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 

Business

IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.

Business

US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station 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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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.