Saudi Arabia's SABIC posts fourth-quarter loss

SABIC Innovative Plastics India Private Limited (Baroda Plant) 100%: India: SABIC Research & Technology Private Limited (SRTPL) 100%: India: SABIC Research & Technology Private Limited (SRTPL) – SABIC Technology Center, Bangalore: 100%: India: SABIC Asia Pacific Pte. Ltd. 100%: Indonesia, Philippines, Singapore, Thailand: SABIC Innovative Ibn Rushd issues shares to pay off debts to Sabic and state-owned Public Investment Fund. Arabian Industrial Fibres (Ibn Rushd), an affiliate of Saudi Basic Industries Corp (Sabic), said Saturday it had agreed a debt-for-equity swap proposal which will see almost SR5 billion ($1.3bn) in debt converted into ordinary shares. Saudi Basic Industries Corporation will not divest from its 48.07%-owned affiliate, Arabian Industrial Fibers Co. (Ibn Rushd), Yousef Abdullah Al-Benyan, Vice Chairman and CEO of SABIC told Argaam during the company's press conference held to comment on its Q4 2019 financials."Ibn Rushd will play a key role in SABIC's financials for 2020. It is the main supplier of a key product in the local Sabic expects to decide by the end of this year on bids for the expansion of its affiliate Arabian Industrial Fibers (Ibn Rushd), its chief executive said on Sunday. Ibn Rushd's complex in Yanbu, on Saudi Arabia's Red Sea coast, produces aromatics, purified terephthalic acid (PTA) which is used in making polyester, and polyester staples. During 1999 the Saudi Arabian company Sabic announced that its affiliate Ibn Rushd would build a 200,000t/yr acetic acid plant. The facility was to be located at the company’s polyester complex in Yanbu Industrial City, Saudi Arabia. At the time of the announcement commissioning was scheduled for 2004. As well as being a feedstock for

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