Sahara PCC net profit skyrockets in Q4

MOSCOW (MRC) -- Sahara Petrochemicals’ net profit surged 1,187 % to SR64.49 million in the fourth quarter of 2012 compared to SR5.01 million for the same quarter last year, and an increase of 48% from SR43.71 million from the preceding quarter, said Saudigazette.

The increase of the net profit during the fourth quarter compared with the same quarter of the previous year is attributed to the increase of the sales volumes after completing the scheduled periodic maintenance activities and the improvement of the product prices.

Gross profit during the fourth quarter amounted to SR69.28 million compared with SR32.09 million for the same quarter last year with an increase of 116%.

Operating profit during fourth quarter amounted to SR44.74 million compared with SR8.88 million for the same quarter last year with an increase of 404%.

Net profit during 12 months amounted to SR204.45 million compared to SR411.58 million for the same period last year with a decrease of 50%.

Earnings per share during twelve months amounted to SR0.47, based on that the number of shares is 438.8 million, compared to SR1.15 for the same period last year, based on the average number of shares which was 305.8 million, as the existing number of shares has increased compared with the last year after the company’s capital increase in the fourth quarter of the last year. Gross profit during 12 months amounted to SR53.31 million compared with SR240.37 million for the same period last year, with a decrease of 78%.

Operating loss during 12 months amounted to SR27.80 million compared to a profit of SR167.66 million for the same period last year.

As MRC wrote earlier, in December 2012, Sahara Petrochemicals Company announced that its affiliate, Sahara & Maaden Petrochemicals Company (SAMAPCO) had signed financing agreements for a total amount of SAR 1980.75 million (USD 528.2 million) for the development of SAMAPCOs Ethylene Dichloride and Caustic Soda petrochemical project located in Jubail Industrial City.

"Sahara Petrochemicals" is a Saudi joint stock company estblished in 7th April 2004 with a paid up capital of SR 1.5 billion and later raised to be SR 4,387,950,000.

"Sahara Petrochemicals" participates in the formation of some limited liability companies in Jubail Industrial City, as joint ventures with foreign partners who enjoy distinguished experiences and latest advanced technologies to produce and market primary materials like propylene, polypropylene and polyethylene.


MRC

MOSCOW (MRC) -- Total Petrochemicals and Refining USA reported a malfunction in the sulfur recovery unit of its Port Arthur, Texas, refinery Saturday, Foxbusiness.

The malfunction resulted in increased emissions at the 225,500-barrel-a-day refinery, according to a filing with Texas pollution regulators. The company, a segment of Total SA, reported that "acid gas shedding procedures" were implemented.

A spokesman didn't immediately respond to a request for comment.

In September 2012, MRC wrote, Total Petrochemicals and Refining USA also reported pollution in excess of permitted levels from a coking unit at the same site in Port Arthur, Texas . The excess emissions resulted from a malfunction on wet gas compressors.

Total, one of the world's leading petrochemicals companies with business in Europe, the United States, the Middle East and Asia. Total has two main product groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.


MRC

MOSCOW (MRC) -- East Azarbaijan province, one of the 31 provinces of Iran, is to export petrochemical productions to Armenia soon, said Zawya.

According to provincial official Ghlomali Rasti, an agreement was signed between the northwestern Iranian province and an Armenian delegation on export of such items as combine and tractor parts to Armenia in near future.

In the agreement, he said, the province has voiced readiness to sell petrochemical items to Armenia.

The two parties also agreed to raise the volume of exchanges by 30%.

The present volume of exchanges between Armenia and East Azarbaijan stands at about USD200 million annually.

As MRC wrote earlier, Iran has expanded the range and volume of its petrochemical production significantly over the past few years, and the NIPC has become the second largest producer and exporter of petrochemicals in the Middle East.

Kavian Petrochemical Complex, one of the world"s biggest petrochemical complex in Asalouyeh, commenced production of ethylene in late December.

The Islamic Republic exported a total of 18.2 million tons of petrochemical and polymer products, worth about 14.2 billion dollars, to more than 60 countries in the previous Iranian calendar year (ended March 19, 2012).

MRC

MOSCOW (MRC) -- Ukraine moved one step closer to a breakthrough shale gas deal with global energy major Royal Dutch Shell on Wednesday after local authorities in the eastern Donetsk region approved a planned production sharing agreement, reported Reuters.

In May 2012, the winner of the tender on an agreement of production sharing of shale gas exploration at Olesko (Lviv region) and Yuzovsky (Donetsk and Kharkiv region) areas became Chevron and Shell, respectively.

Deputies of the Donetsk regional council voted to approve the deal with Shell, removing one of the final hurdles to an agreement, as MRC informed previously.

"If exploration is successful in the Yuzivska area, we will be able to produce a few billion cubic metres (bcm) of gas per year in just five-six years and eight to 10 bcm in 10 years," Environment and Natural Resources Minister Oleh Proskuryakov told the council. "Secondly, the Yuzivska area production sharing agreement is the biggest project in Ukraine that will attract tens of billions of dollars in investment," Proskuryakov said.

"Shell sees investment at USD10 billion under the most likely scenario and over USD50 billion under the optimistic scenario."

Proskuryakov had earlier said his ministry expected to finalise and sign the deal in the first quarter of this year.
MRC

MOSCOW (MRC) -- Foster Wheeler has become the direct supplier of the FW Graf Wulff circulating fluidized-bed (CFB) scrubber technology to the North American market, reported Hydrocarbonprocessing.

Although Foster Wheeler has provided this technology globally for more than a year, it was previously offered in the North American market exclusively through a third party under a licensing arrangement.

"We strongly feel that this move will allow us to provide a higher level of responsiveness and service to our North American clients," said Byron Roth, CEO of Foster Wheeler North America.

Foster Wheeler supplies the CFB scrubber technology globally through its five operating units located in North America, Europe and Asia which are supported by Foster Wheeler’s scrubber technology center, FW Graf Wulff, located in Friedrichsdorf, Germany.

"This move unifies Foster Wheeler’s market strategy to be the sole supplier of the technology to all markets around the globe."

As MRC reported earlier, Lanxess had awarded a subsidiary of Foster Wheeler's Global Engineering and Construction Group an engineering, procurement and construction management (EPCm) contract for a new ethylene propylene diene monomer (EPDM) rubber plant to be built in Jiangsu Province, China. Besides, Foster Wheeler was awarded a contract by Shell Global Solutions to develop the basic engineering package for a world-scale mono-ethylene glycol (MEG) facility at Ras Laffan, Qatar.
MRC