BASF writes off $653m

BERLIN: BASF announced a 600-million-euro ($653 million) charge for the fourth quarter citing low oil prices and warned of lower-than-expected
 2015 earnings.

Low oil prices, normally a boon to chemical companies, hurt BASF’s oil and gas business Wintershall, which accounted for 20 per cent of its 2014 sales.

Kayan unit to shut for maintenance

DUBAI: Saudi Kayan Petrochemical Company brought forward by one month maintenance plans for some units at its complex in Jubail.

The Saudi Basic Industries Corpoartion (Sabic) affiliate will start the shutdown on March 1 rather than March 30, it said in a bourse filing.

The shutdown had been postponed from October 31, 2015.

Enoc signs MoU with EEG

DUBAI: Emirates National Oil Company (Enoc), a wholly-owned entity of the Government of Dubai, has signed a memorandum of understanding (MoU) with the Emirates Environmental Group (EEG) to promote environmental education in the UAE.

This renewed collaboration positions Enoc as EEG’s strategic educational partner, and main sponsor of competitions and workshops.

Sadara to start mixed-feed cracker

AL KHOBAR: Sadara Chemical, a $20 billion petrochemical joint venture between Saudi Aramco and Dow Chemical, plans to start up its mixed-feed cracker in March, its chief executive Ziad Al Labban said.

'The Sadara mixed-feed cracker is scheduled to be commissioned in March and will ramp up to a feed of 85 million standard cubic feet per day (mscfd) of ethane and 50,000 barrels per day (bpd) of naphtha,' Labban told Reuters. The Sadara complex is the largest petrochemical facility to be built in a single phase and comprises 26 integrated facilities. All facilities are scheduled to be commissioned by the end of 2017.

World Bank slashes oil forecast

WASHINGTON: The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said, amid growing supply and weak demand prospects from emerging markets.

In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue.