SABIC Solutions Win 5 Edison Awards for Best New Products

SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
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SABIC Solutions Win 5 Edison Awards for Best New Products

SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)
SABIC has been awarded five of the prestigious Edison Awards 2023. (SABIC)

SABIC, a global diversified chemicals company, has been awarded five of the prestigious Edison Awards 2023 for its innovative solutions, designed to meet the needs of their customers and the broader value chain, and as well aligned with Saudi Vision 2030, reported the Saudi Press Agency on Friday.

SABIC won three gold and two bronze awards across three separate areas for its new products and solutions. These areas include “Food and Agriculture”, “Material Science” and “Sustainability.”

The awards reflect SABIC’s commitment to pushing the limits of science, technology, and innovation and defining the future of chemistry that allows SABIC and its customers to address some of the world’s biggest challenges.

This is the third consecutive year that SABIC’s solutions have been recognized by Edison Awards, which honor the world’s most innovative new products, services, and business leaders. This is also the second consecutive year that SABIC received at least five Edison awards.

“SABIC is proud to be recognized for the third consecutive year by Edison Awards, demonstrating our continued leadership in new technology and innovation advancements. These are key elements of our continued business growth on our journey to be the preferred world leader in chemicals and provide innovative solutions for the future that create a more sustainable world,” said Abdulrahman Al-Fageeh, CEO at SABIC.



EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices continued to declined on Tuesday morning on milder weather forecasts for next week, high wind speeds and stable supply.

The benchmark front-month contract at the Dutch TTF hub was down 0.61 euros at 46.65 euros per megawatt hour (MWh) at 0947 GMT, according to LSEG data.

The contract for March was down 0.52 euro at 46.63 euros/MWh.

In Britain, the front-month contract fell by 2.04 pence to 116.76 pence per therm.

In north-west Europe, although another cold snap is forecast from Friday over the weekend, the latest forecasts are showing milder temperatures than yesterday from Jan. 15, according to LSEG data, Reuters reported.

Wind speeds are expected to remain quite strong today, limiting gas demand.

However, in north-west Europe, gas-for-power demand is expected 36 million cubic metres (mcm) per day higher at 78 mcm/day on the day-ahead.

"Wind speeds are expected still high today, before dropping sharply tomorrow with the cold spell arriving," said LSEG gas analyst Saku Jussila.

In Britain, Peak wind generation is forecast at around 15.1 gigawatts (GW) today and 14.7 GW tomorrow, Elexon data showed.

Analysts at Engie EnergyScan said EU net storage withdrawals have slowed due to a more comfortable spot balance but the storage gap compared to last year remains high. On 5 January, EU gas stocks were 69.94% full on average, compared to 84.96% last year.

Looking further ahead, analysts at Jefferies expect a tight year for global gas markets due to project delays and higher-than-expected demand.

"European and Asian LNG spot gas prices in 2025 could surpass those of 2024, driven by Europe's increased gas injection needs and the loss of Russian exports outpacing the expected growth in global LNG supply," they said.

"Post 2025, the market is expected to loosen with an additional 175 million tonnes of new supply coming online between 2026 and 2030, primarily from the US and Qatar," they added.

In the European carbon market, the benchmark contract was down 0.91 euro at 73.45 euros a metric ton.