Saudi Basic Industries Corp (Sabic) posted record net profit in the third quarter of US$2.2 billion on the back of increased sales and reduced funding costs.

Gulf Advanced Cable Insulation Company has awarded the Engineering Design, Procurement and Construction (LSTK) contract for the Wire and Cable Polymers Compounding Plant to POSCO Engineering Co, South Korea.

The Royal Commission for Yanbu (RCY) announced that it was building a major refinery on the Red Sea at a cost of US$5.33 billion, adding that it would be ready within three years.

The US$20 billion joint venture Sadara Chemical Co set up by Dow Chemical and Saudi Aramco is expected to deliver US$10 billion in revenues per annum when completed, officials said following the signing of the agreement.

Saudi International Petrochemical Company (Sipchem) has started construction work on two new plants being built under its Phase III expansion program.