SABIC Boosts Local Construction by Signing Contracts With 9 Companies

Part of signing SABIC contracts on Wednesday, March 20, 2019 (Reuters)
Part of signing SABIC contracts on Wednesday, March 20, 2019 (Reuters)
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SABIC Boosts Local Construction by Signing Contracts With 9 Companies

Part of signing SABIC contracts on Wednesday, March 20, 2019 (Reuters)
Part of signing SABIC contracts on Wednesday, March 20, 2019 (Reuters)

Saudi Basic Industries Corp (SABIC) signed contracts with nine construction companies in Saudi Arabia as part of its transformation process at the procurement and project level.

By signing the contracts with these nine local companies, SABIC aims at achieving greater speed and flexibility in the procurement and implementation of projects, identifying the best suppliers for mega projects, enhancing technical competencies, improving cost competitiveness, and enriching local content in its projects and sites.

“By finding new opportunities for small and medium enterprises (SMEs), enabling local investors and attracting global investments, SABIC will enhance Environment and Human Health, Safety, and Security (EHSS) cultural operation excellence and provide opportunities for downstream growth across the Kingdom,” said Eng. Awadh Al Maker, executive vice president of shared services at SABIC.

This comes as part of efforts to strengthen cooperation between the public and private sectors to support the development of local content and enable achieving the Kingdom’s Vision 2030.

“SABIC has a long history of outstanding relationships over the past years with these suppliers and has always considered them as partners in the success attained in the chemical industry,” Al Maker added.

It is now taking this relationship to the next level and commencing new long-term alliances to achieve significant values for the companies, its customers and the Kingdom, he stressed.

The group of companies of which SABIC signed the contracts with include H K Al Sadiq Sons Contracting Co Ltd., Sendan International Co Ltd., Global Sources for General Contracting, Al-Manar Arabian Corp., Jal International Co Ltd., Central Gulf Eng. & Tech. Sev (Zain Thermal), Abdullah Faleh Al-Dossary, Specialized Industrial Services Co Ltd., and The Third Chemical Engineering Construction Co of China (TCC).



OPEC+ Panel Stresses Need for Full Compliance with Output Limits

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
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OPEC+ Panel Stresses Need for Full Compliance with Output Limits

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September.

According to Reuters, ministers from the Joint Ministerial Monitoring Committee, which includes top energy ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, convened online for brief talks.

The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary.

"The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting.

Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction.

The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18.

OPEC, in a post on X late on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions."

OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market.

Eight members began to raise output in April and since then have accelerated the hikes. Their most recent decision calls for an oil output increase of 548,000 barrels per day in August.