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China - Middle East Business Update: July 2008
Dear Reader,
In this issue, please find news about the polyolefin product agreement between SABIC and Sino Saudi Aramco Company Ltd. as well as the Dubai Diamond and Jewellery Summit with a special focus on the Middle East-China diamond trade and the MoU between Saudi Aramco and Sinopec.
For any further inquiries regarding the China- Gulf News Update please contact the secretariat at info@meconsult.co.uk. Please let me know if you have any particular news items that you would like to have included in the next newsletter, I would be happy to do so. Also, if you know any individual or organization that would like to receive the newsletter in the future, please let me know.
Kind regards,
Editor MEC International Ltd. Granville House, 132 Sloane Street, London SW1X 9AX Fax: 020 7591 4801 Email: info@meconsult.co.uk
SABIC boosts share in joint venture; Qatar commits to petrochemical project (30/06/2008) Led by China’s vice president, Xi Jinping, a delegation of top Chinese government and business officials visited the Middle East last week to sign agreements concerning the construction of petrochemical and plastics facilities in China. Saudi Basic Industries Corp. said it would boost its participation in a petrochemical complex already under construction in Tianjin and scheduled to open in 2009. SABIC owns half of the project through a 50-50 joint venture with Sinopec. When SABIC first announced its participation in January, the two sides expected that the project would cost $1.7 billion. The partners now plan to raise their investment to $2.5 billion to include addition of a polycarbonate unit.
Gulf Air Board of Directors discuss airline’s growth and expansion strategy (02/07/2008) The Board of Directors of Gulf Air, the national carrier of the Kingdom of Bahrain, discussed the airline’s short and long-term growth and expansion strategy as well the company’s role in promoting ‘Business Friendly Bahrain’ to the world. The expansion and growth plans include the launch of new services into China and India.
4 Chinese firms bid for oil exploration rights in Iraq (04/07/2008) China National Petroleum Corp (CNPC), China Petrochemical Corp (Sinopec) along with China National Offshore Oil Corp (CNOOC) and China National Chemicals Import & Export Corp (Sinochem) are preparing to bid for oil and gas exploration rights in southeast Iraq, in order to meet the growing demand for petroleum, said industry sources.
Arcapita entering China with $2bn joint venture (08/07/2008) Bahrain-based Arcapita Bank has taken its first step into the Chinese market in a $2 billion joint venture to develop wind farms. It has formed a partnership with Colossus Holdings, a Singapore-based holding company of the Tanti group, a multi-billion Indian conglomerate, which will invest $2bn to develop a 1,650 megawatt (MW) portfolio of wind farms in the inner Mongolia region of China.
Aramco and Sinopec strengthen ties (08/07/2008) Saudi Aramco has revealed the company has signed a Memorandum of Understanding (MOU) with China Petrochemical Corporation (Sinopec), in what was described as a mutual effort to deepen the existing cooperation between the two companies and strengthen their relations and business development opportunities. The MOU was signed by president and CEO of Saudi Aramco Abdallah Jum’ah and president of Sinopec Su Shulin.
China-UAE trade likely to touch $100b by 2015 (11/07/2008) Trade between China and the Middle East has doubled since 2000, to $240 billion, and is estimated to grow by several times that over the next decade. The UAE estimates that its two-way trade with China will grow seven-fold by 2015, to $100 billion from $14.2 billion in 2006. China continues to be one of the UAE’s top trading partners.
Kuwait eyes India, China investment (12/07/2008) Kuwait, a major OPEC producer benefiting from record oil prices, is considering boosting investments in Asia, particularly China and India, its finance minister said in remarks published on Saturday.
Abu Dhabi Customs records external trade growth of 28.4 per cent in half-year 2008 to AED 46.641 billion (15/07/2008) The General Administration of Customs - Abu Dhabi announced that external trade in the first half of 2008 increased by 28.4 per cent over the same period in 2007, highlighting the high-growth trade environment of Abu Dhabi. Saudi Arabia, Japan and USA were the top three exporters to the Emirate in the first-half of 2008 while Saudi Arabia, Qatar and China were the top three destinations for Abu Dhabi’s non-oil exports.
Qatar and China celebrate 20 years of diplomatic ties (17/07/2008) QATAR and China last night celebrated two decades of diplomatic relations with officials declared them “at their best yet”. Al-Muftah explained that trade relations had been increasing, and that following a major deal signed earlier this year, Qatar will supply gas to China, which will boost trade even further. “Trade between the two countries last year added up to US$1.2bn, but with the signing of this new deal, the volume should increase to around US$7bn in 2010,” he claimed.
Gas pipeline gigantism (17/07/2008) Ground was broken in Kazakhstan last week for construction of that country’s segment of a natural gas pipeline from Turkmenistan to China, set to be the longest and most expensive such pipeline in the world - its length is usually given as 7,000 kilometers, and although this looks like a rounding-up of a distance exceeding 6,500 km it may when work is finished be a more accurate figure than the most recent construction estimate of US$26 billion.
Slim demand gives Qatar 8% Barclays stake (19/07/2008) Qatari and Asian investors will provide the bulk of Barclays’ 4.5 billion pound fundraising after the British bank said on Friday less than a fifth of its existing shareholders signed up to buy shares. Barclays, Britain’s third-biggest bank, said last month it had raised funds from major investors in Qatar, Japan, China, Singapore and elsewhere and it would give existing shareholders the chance to buy on the same terms.
Asia-Pacific to take a quarter of the global ICT market, says report (20/07/2008) Spending to top US$ 400 billion in the next year’ Middle East companies see new opportunities for partnership and business development in Asia. Data from a new study suggests that the interaction between technology and telecommunication groups from Asia-Pacific and the Middle East regions is reaching the highest level in history. According to research by global analyst group Fusion Consulting, Asia-Pacific’s ICT market is growing at 8 per cent, compared to 5 per cent globally, and will be worth more than US$400 billion by 2009 - approximately one quarter of the total value of the global market.
OPEC cuts forecast for global oil demand growth for fourth time (20/07/2008) OPEC last week cut its forecast for global oil demand growth in 2008 for a fourth time this year and said consumption would slow in 2009, signalling a more comfortable supply and demand balance. China will make the largest contribution to world demand growth in 2009 while consumption in members of the Organisation for Economic Co-operation and Development (OECD) is expected to fall, OPEC said.
Kuwait plans $132bn dream city(22/07/2008) FUELLED by soaring oil prices, Kuwait has ambitious plans to invest $132 billion building a model city in its northern desert, complete with rail links to the rest of the Middle East, central Asia and China. The high-concept project may seem outlandish on one level, but Kuwait’s leadership is committed to the plan, according to one of the project’s originators, who argues that it could bring unprecedented political and economic gains to the region, including establishing better business ties with Israel.
Beijing Olympics to boost CIBTM(22/07/2008) Reed travel Exhibitions’ (RTE) China Incentive Business Travel and Meetings Exhibition (CIBTM) is set to benefit from the legacy of the Beijing Olympics.Located 25 minutes from the city centre and Beijing International Airport, the exhibition space includes a 6400m2 Grand Convention Hall, a 24,000m2 exhibition hall and a ballroom.
China’s June crude imports from Iran at 18-mth low (22/07/2008) China’s crude oil imports from Iran in June halved from a year ago to its lowest monthly level in 18 months, contributing to the overhang of crude stored offshore in Iran, official customs data showed on Tuesday. Iran shipped 1.176 million tonnes, or 286,000 barrels per day (bpd), of crude to China last month, 50 percent less than in June 2007, data from the General Administration of Customs showed.
Gulf Air aims to expand China operations (23/07/2008) After the successful debut of its service to Shanghai, Gulf Air, the national airline of the Kingdom of Bahrain, is aiming to expand operations to more destinations in China, one of world’s fastest developing economies. "With this first entry into China, we hope to make Gulf Air the national carrier of trade and investment between ‘Business Friendly Bahrain’ and emerging world superpower China," Gulf Air Chief Executive Officer Mr. Björn Näf told more than a thousand delegates, consisting mostly of world’s leading luxury travel leaders.
SABIC to market polyolefin products of Saudi Aramco in China (23/07/2008) Sino Saudi Aramco Company Ltd, a wholly owned subsidiary of Saudi Aramco, signed a mutual cooperation agreement with SABIC Shenzhen Trading Company Ltd, a SABIC subsidiary in the Peoples Republic of China. The agreement was signed on July 12, 2008 at the offices of the parent company, Saudi Aramco, in Dhahran. Under this agreement, SABIC Shenzhen Trading Company Ltd will market Saudi Aramco Sino Company Ltd’s twenty five percent share of polyolefin products produced by the Fujian Refining and Petrochemicals Company of the Peoples Republic of China.
Hyatt China opens new hotels, targets Middle East tourists (24/07/2008) New Hyatt China has revealed its expansion projects across China as it aims to increase market share, particularly among Middle East travellers throughout the summer period. Hyatt’s new property openings for 2008 include Grand Hyatt Guangzhou in April, Hyatt Regency Jing Jin City Resort and Spa (Phase II) in July, Park Hyatt Beijing and Park Hyatt Shanghai in autumn.
Dubai Summit Aims to Boost Diamond and Jewelry Trade with ME Region (24/07/2008) The Dubai Multi Commodities Centre (DMCC) is organizing the first Dubai Diamond and Jewellery Summit, in order to provide the international jewelry trade with a forum to initiate relationships in the Middle East. The inaugural two-day summit, November 8-9 in Dubai, will focus on the Middle East-China diamond and jewelry trade.
China-focused private equity funds raise $12 bln in Q2 ( 24/07/2008) Ten new China-focused private equity funds raised $12 billion in the second quarter, but poor market conditions have forced foreign funds to delay exits of their investments through IPOs and secondary offerings, consultant firm Zero2IPO said on Thursday.
China tightens coal price controls, shortages stay (24/07/2008) China announced stricter price controls on thermal coal used by power plants on Thursday, but the move is unlikely to help ease serious power shortages caused by tight coal supply.The National Development and Reform Commission, China’s powerful planning agency, set caps on coal prices at key ports at June 19 levels. China is facing the prospect of its worst summer power shortages since 2004, as power plants were either unable to secure enough thermal coal, due to insufficient supplies, or unwilling to stock up because of soaring prices.
Agility purchases Chinese shipping firm (24/07/2008) Agility is planning to expand its Chinese operations after signing a conditional agreement to acquire Shenzhen-based ocean cargo company Cosa Freight. The partnership will allow Agility to leverage Cosa Freight’s network of six offices throughout China, together with additional bases in Hong Kong, Canada and the United States.
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