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MIDEAST/AFRICA

ICL's net income up on higher prices, operational improvements

5:35 AM MST | February 9, 2016 | Francinia Protti-Alvarez

Israel Chemicals Ltd.'s (ICL; Tel Aviv) fourth-quarter 2015 net income was $96 million, up from $86 million one year earlier, mainly due to higher prices in the bromine value chain and operational-excellence initiatives. Ebitda totaled $334 million, up more...


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MORE MIDEAST/AFRICA

Kuwait Styrene's profit dives on price decline, turnaround

Kuwait Styrene Co. (Kuwait City), a joint venture between Kuwait Aromatics Co. and Dow Chemical and the only producer of styrene in Kuwait, on Tuesday announced a 23% decline in 2015 net profit to $97 million, compared with the year before. Despite a...

Saudi Kayan reports large loss in 2015

Saudi Kayan, a Sabic affiliate, on Monday reported large 2015 losses. Net loss rose to 1.243 billion Saudi riyals ($331.5 million) from a net loss of SR44.7 million in 2014. Operating loss was SR593.5 million compared with an operating profit of SR522.8...

Sipchem completes purchase of Ikarus share in acetyls affiliates

Saudi International Petrochemical Co. (Sipchem; Al Jubail) said on Monday that it has completed the acquisition of Ikarus Petroleum Industries Co.’s (Shouweikh, Kuwait) stake in two of Sipchem’s affiliates: International Acetyl Co. and...

Industries Qatar posts lower sales and earnings

Industries Qatar (IQ; Doha), a conglomerate with interests in petrochemicals, fertilizers, and steel, reported a 30% decline in net profit to 4.4 billion Qatari riyal ($1.21 billion) in the year ended 31 December 2015 citing lower prices across all its...

OCP inaugurates fertilizer complex in Morocco

Office Chérifien des Phosphates (OCP; Casablanca) has inaugurated a fertilizer production unit, named Africa Fertilizer Complex, at Jorf Lasfar, Morocco. OCP invested a total of 5.3 billion Moroccan dirham ($536.8 million) to build the fertilizer...

Advanced Petrochemical reports lower net profit in 2015

Advanced Petrochemical Co., a producer of polypropylene, has released its annual financial earnings results. Net profit in 2015 was 5.05% down at 713.03 million Saudi riyals ($190.11 million). Operating profit, however, edged up 1.01% to SR742.52 million...

Haldor Topsoe signs methanol plant contract in Iran, opens offices in Tehran

Haldor Topsoe announced on Thursday that it has signed a contract with Badr-e-Shargh Petrochemical complex covering the license, engineering, proprietary equipment, materials and catalyst for a new methanol plant at Chabahar, Iran. It will be the first plant...

Reports: Linde, Mitsui to invest in Iran petchem projects

Linde and Mitsui & Co. are planning jointly to invest about $4 billion in petrochemical projects in Iran, according to Marzieh Shahdaie, director/projects at National Petrochemical Co. (Tehran), quoted in a report from the Iranian News Agency (IRNA)...

Sinopec to build R&D center in Saudi Arabia

Sinopec says that, on 21 January, it broke ground on a research center at the Dhahran Techno Valley in Saudi Arabia. The center will focus on application technology research, technology promotion, and training Sinopec’s senior personnel, the company...

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