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Oct 27 2007

Kuwait: Arabi Holding to sell 35% of Arabi Energy and Tech

United Industries, IBK plan $300mln TPA chemicals factory
KUWAIT CITY: United Industries Company plans to establish a chemicals factory in partnership with Industrial Bank of Kuwait , with investments of $300 million in Shuaiba Industrial Area for the production of Terephthalic acid (TPA) used in the manufacture of Polyester. With production capacity of 400 thousand tons annually, it is expected to start in the establishment within 3 months from now to be completed in 2010.

National Petroleum Services Co " NAPESCO " is preparing to engage in a tender to provide special services in the petroleum area of "Kish" one of the free zones of Iran, which is part of an integrated petroleum project.

Arabi Holding Group Co intends to sell 35 percent of its affiliated company Arabi Energy and Technology for a strategic partner in order to increase the shareholders and to develop the company. On the other hand, it intends to list Arabi Energy's shares in the parallel market in the first quarter of 2008 after meeting all the requirements for listing.

Combined Group Contracting Co yesterday, Tuesday, with the Ministry of Energy and Industry in Qatar signed a contract for the tender No. 60/2006/2007 for the establishment of roads and infrastructure networks for the development of the small and medium industries area (Phase II expansions in Qatar), at the value of KD 52,750 million, for 30 months.

The Saudi Stock Exchange (SSE) announced financial results for the 9 months ended September 30, 2007 for Yanbu National Petrochemical Company as follows: Net (loss) profit: SAR (22.3) million and a share (loss) profit of (0.04) Riyal. (The 9 months 2006 results: net profit SAR 135.6 million and a share profit of 0.24 Riyal) Q3 net (loss) profit: SAR (8.2) million (Q3 2006 results: SAR 17.1 million) all are non operational gains and losses.

© Arab Times 2007

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