Industry
Dow, Kuwait Petroleum to form plastics venture
Dow Chemical Co and a unit of Kuwait Petroleum Corp said they will form a plastics joint venture to link the Middle East company's vast energy supplies with Dow's industry-leading market reach. KPC's Petrochemical Industries Co will pay Dow US$9.5 billion to contribute five of the U.S. company's businesses worth about US$19 billion to the 50-50 joint venture.
QAFCO lands contracts for expansion project to Progetti and Hyundai
Qatar Fertilizers Co. (QAFCO) has signed engineering and equipment supply contracts with a consortium comprised of Italy's Snam Progetti and South Korean Hyundai Engineering & Construction Co. for the QAFCO 5 expansion project.
Production debut from the new installations should begin in 2011. The agreements mark an advanced step toward implementing the QAFCO 5 expansion project, whereby the firm will erect the new installation at the QAFCO Industrial Complex within the Mesaieed Industrial City.
Government to launch new body to upgrade textile industry
Egypt's ministry of trade and industry is poised to launch a new body in cooperation with the textile industry chamber for development and promotion of the local textiles production. The new body comes as part of the government's strategy to enhance the competitiveness of Egyptian textiles in the overseas markets.
Ministry of industry signs million dollar contracts with public and private sector firms
The State Company for Designs and Industrial Consulting, which is administered by the ministry of industry and minerals, has signed contracts with the public and private sectors worth IQD 114.5 billion (US$93.4m) according to an official source in the ministry.
Two contracts were signed with the reconstruction and development bureau of Diwaniyya governorate council for the rehabilitation of the entrance to the city of Al-Hamzah al-Sharqi at a cost of IQD 2.2 billion (US$ 1.8m) and the construction of the Jijan-Abu Chfouf highway in the governorate at a cost of IQD 1.5 billion (US$1.2m).
Sumitomo Chem in talks to expand Saudi plant
Japan's Sumitomo Chemical Co and Saudi Aramco are in talks to expand their petrochemical joint venture with additional investment of at least 200 billion yen (US$1.8 billion).
They are discussing building a new plant in Saudi Arabia for compound resin for digital consumer electronics and automobiles as early as 2012.
Petrovietnam to build fertiliser plant in Qatar
State oil monopoly Petrovietnam has secured initial approval from the government of Qatar to invest in a fertiliser plant there, the Vietnamese government said.
Lafarge to buy Orascom Cement for US$12.8 billion
France's Lafarge, the world's biggest cement maker, has agreed to buy Egypt's Orascom Cement for €8.8 billion (US$12.81 billion) to boost its earnings and exposure to high-growth emerging markets.
Nassef Sawiris, a shareholder in Orascom Cement's parent company, Orascom Construction Industries, will take an 11.4 percent stake in Lafarge and a seat on its board.
OCI to invest US$2 billion in fertilisers, contracting
Orascom Construction Industries has allocated US$2 billion of investments into the fertiliser industry and contracting, according to Omar Darousa, the company's investor relations officer.
In statements to NOOZZ, Darousa said the company has conducted thorough assessments on the fertiliser sector, which anticipated high profitability in the industry over the next six years.
