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SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA
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SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

SABIC to Merge Its Two Fully-owned SADAF, PETROKEMYA

Saudi Basic Industries Corporation (SABIC) intends to merge its two wholly-owned subsidiaries as part of a strategic transformation plan to increase efficiency and competiveness of its global operations.

SABIC announced on Wednesday its plan to merge Saudi Petrochemical Company (SADAF) and Arabian Petrochemical Company (PETROKEMYA).

All the assets, rights, liabilities and obligations of SADAF will be transferred to PETROKEMYA and it is expected that the merger will be completed during the second half of 2019.

"SABIC’s aim with this merger is to create a more efficient entity which will increase the optimisation of assets and unlock value from the synergies between the two companies’ product streams,” SABIC said.

SADAF will cease to exist as a legal entity as a result of merger.

SADAF operates a complex in Al Jubail, Saudi Arabia, which includes six petrochemical plants with a total production capacity of more than 4m tonnes/year.

PETROKEMYA's products include ethylene, propylene, butene, benzene, butadiene, polystyrene, polyethylene, polyvinyl chloride and acrylonitrile butadiene styrene.

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World Bank, IAEA to Cooperate on Nuclear Power Development, Safety

International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
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World Bank, IAEA to Cooperate on Nuclear Power Development, Safety

International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes
International Atomic Energy Agency (IAEA) Director General Rafael Grossi arrives for a meeting with French President Emmanuel Macron at the Elysee Palace in Paris, France, June 25, 2025. REUTERS/Gonzalo Fuentes

The World Bank and the United Nations nuclear watchdog on Thursday launched a new agreement to cooperate on the safe development and financing of nuclear power for developing countries, including extending the life of existing reactors.

World Bank President Ajay Banga and International Atomic Energy Agency Director General Rafael Grossi were due to sign the memorandum of understanding in Paris that is part of the bank's return to nuclear energy financing.

According to Reuters, he IAEA and the World Bank said in a statement that they agreed to work together to build knowledge in the nuclear field, including expanding the World Bank Group's understanding of nuclear safety, security, energy planning, and waste management.

The institutions also said they would work together to extend the lifespan of existing nuclear power plants as a cost-effective source of low-carbon power and accelerate the development of small modular reactors, saying that they have potential for widespread adoption in developing countries.

In prepared remarks, Banga said that reliable baseload power provided by nuclear energy was essential for job-generating sectors such as infrastructure, agribusiness, health care, tourism and manufacturing.

"Jobs need electricity. So do factories, hospitals, schools, and water systems. And as demand surges — with AI and development alike — we must help countries deliver reliable, affordable power," Banga said.

"That's why we're embracing nuclear energy as part of the solution — and re-embracing it as part of the mix the World Bank Group can offer developing countries to achieve their ambitions."

Grossi said that the "landmark" agreement was "a sign of the world's return to realism on nuclear power" and would open the door for other multilateral development banks and private investors to consider nuclear power as a viable tool for energy security.

He called the partnership a "crucial first step" to clearing the financing path for small modular reactor technology, which has the potential to cleanly power developing economies.