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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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IMF Team Makes First Syria Visit Since 2009

Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
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IMF Team Makes First Syria Visit Since 2009

Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)
Syrians attend Eid al-Adha prayers in the courtyard of the Tomb of the Unknown Soldier in Damascus, Syria, 06 June 2025. (EPA)

An IMF team visited Syria for the first time since 2009 to take part in efforts to rebuild the economy after years of civil war and the fall of Bashar al-Assad, the lender said Tuesday.

The International Monetary Fund's trip to Damascus took place from June 1 to June 5, and its team sought to discuss authorities' priorities and how to help achieve them.

Syria's economy and the country are a wreck after 14 years of war under Assad, who was ousted in December.

"Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its economy to a fraction of its former size," said Ron van Rooden, who led the visit.

Around six million people have fled the country while another seven million have been displaced internally, he noted.

"Output has plummeted, real incomes have fallen sharply, and poverty rates are high," he said, adding that state institutions have also been weakened with much infrastructure destroyed.

"There is great urgency to address these challenges and achieve a sustainable economic recovery," van Rooden said in a statement at the end of the mission.

Much of Syria's infrastructure has been destroyed by the war, which began with a bloody crackdown on peaceful anti-regime protests.

Longtime strongman Assad was ousted in a lightning offensive by opposition factions in December, and Syria's new government has sought to rebuild diplomatic ties, including with international financial institutions.

Last month, the IMF said it had held useful discussions with Syria's economic team.

The Fund's last comprehensive review of the health of the Syrian economy was done in 2009, before the outbreak of the war in 2011.

In April, Saudi Arabia and Qatar announced that they would settle Syria's debt to the World Bank totaling about $15 million.

The World Bank suspended operations in Syria when the war began. The settlement of its arrears will allow it to resume accessing the bank's financial support and technical advice.