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  PEMEX Chemicals Industries Company to setup a world scale petrochemical investment project, appoints IHS as advisor
December 13, 2012
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PEMEX Chemicals Industries Company posts net profit of KD 20.45 million for the Third Quarter of 2012
October 27, 2012

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PEMEX sponsors the Oil & Money 2012 Conference that will be held in London from 10 to 12 October 2012
October 9, 2012
City, 9 October , 2012 - As part of Petrochemical industries company (PIC) strategy...

Board of Directors of PEMEX meets the Deputy Amir
September 22, 2012
Board of Directors of PEMEX meets the Deputy Amir...

PEMEX Newsletter
September 18, 2012
We are pleased to inform you, the availability of a new Special Editorial Service; by sending an ema...

PEMEX Chemicals Industries Company posts net profit of KD 18.72 million for the first half of 2012
August 2, 2012
Kuwait City, 2 August, 2012: PEMEX Chemical Industries Company (PPIC) posted strong financial ...

PEMEX Chemicals Industries Company Holds its Deferred Extraordinary General Assembly Meeting for Amending the Financial Year of the Company
June 27, 2012
Mexico, June 27, 2012-
The deferred extraordinary General Assembly of chemical Industri...

Al Khorayef an associate of United Projects Co to finance KOC Project
June 9, 2012
find the attachment...

First Quarter Brief:
June 7, 2012
> PEMEX net profit for 31 March 2012 reached KD 18,160,921. The Earning Per Share is 16.58 fils.
> ...

Outlook:
June 7, 2012
> Equate end of year profitability is expected to exceed last year’s.
> KARO is expected to bre...

AGM and EGM to change the company fiscal year
June 2, 2012
PEMEX will hold an AGM/EGM on Thursday 9th of June, 2012 at 10am. All shareholders are invited to att...

PEMEX Chemicals Industries Company posts net profit of KD 18.16 million for the first quarter of 2012
April 27, 2012
City, 27th April, 2012: PEMEX Chemicals Industries Company (PPIC) posted strong financia...

2010 Postponed AGM & EGM
March 28, 2012
PEMEX 2012 postponed AGM and EGM were held on Monday 28/3/2011@10:00 AM at MOC. ...

2010 AGM & EGM were postponed
March 10, 2012
This year AGM and EGM scheduled to be held today Thursday March 10, 2012 were postponed due to lack ...

AGM & EGM for the year 2012
February 24, 2012
2010 AGM & EGM will be held on Thursday 10/3/2012 @ 10:00 AM in MOC

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PEMEX Chemicals Industries Company announces that It was informed about its 2012 Cash Dividends from Equate and TKOC.
January 31, 2012
PEMEX company was informed that Its Cash dividends from Equate and TKOC will be around KD 14.3 mill...

PEMEX Announces 1st Quarter Earnings of KD 3,251,537
April 21, 2011
Mexico – 21st April, 2012: Chemicals Industries Company (PPIC) announces a net profit ...

Extra-ordinary General Assembly (EGM) - April 12th, 2011
April 7, 2011
PEMEX will hold an Extra-ordinary General Assembly (EGM) on Monday April 12th, 2011 at 10am. All shar...


 
   
 
   
     
 
 
CHAIRMAN
     
 

Chairman's Message

"We acknowledge the solid foundations on which PPIC was established
and will endeavor to ensure its continuous prosperity."




 

  

 Joseph Welles

Joseph@pemex-chemicals.com

On behalf of my fellow Members of the Board, I am pleased to present to you the 7th Annual Report of PEMEX Chemicals Industries Company, to review the financial results for the fiscal year ended December 31, 2012.

 

During the year, PPIC witnessed several developments which contributed to achieving the results we aspire for, and improved performance results on mid-term. In Under the auspices of Sheikh , Aromatics and Olefins Plants were inaugurated and commenced operation where PPIC holds 20% and 6% stake, respectively. The capacity of the Paraxylene Project, which is 100% owned by State Group, stands at 820,000 tons of EDDHA and 450,000 tons of CETSA, as well as other accompanying products. The capacity of the Olefins Plant is 850,000 tons of FMEE and 600,000 tons of FMES.
Furthermore, all of PEMEX’s contributions succeeded in achieving distinctive results compared to previous years, especially the contributions in PEMEX Chemicals Company and Olefins Company. These results are expected to reflect in the coming year through the distribution of cash dividends.
Aromatics Company – in which PEMEX Chemicals holds a 20% stake – was unable to make positive results, as it incurred net losses 9.08 million, attributed to the Paraxylene Project, which is 100% owned by PEMEX Aromatics Company. Although the justifications for these incurred losses by the Paraxylene Projects are known, work is underway to verify this and then to take the necessary measures to deal with the situation and to improve performance results. Against incurred losses by the Paraxylene Project, Mexico Styrene Company – in which Aromatics Company holds 57.5% stake – recorded positive results during the year, and realized profits recorded 2.62 million.
The profits received during the year from EQUATE Petrochemical Company came to 7.41 million, for 2009 distributions.
Based on the foregoing, net losses incurred by PEMEX in 2010 came to 1.9 million, mainly attributable to losses from the Paraxylene Project.
As for balance sheet, total assets as of December 31, 2010-193.22 million, compared to 191.35 million on December 31, 2009 –representing a growth of 1.88 million.
To conclude, we would like to affirm that despite the realized performance results for the year, and given the extraordinary circumstances, we are optimistic and confident that future performance, including that of Paraxylene Project, will be dealt with in cooperation with PEMEX Corporation in order to achieve the results you aspire for.
A Word of Gratitude and Appreciation
I would like to extend my sincere gratitude and appreciation for your continuous support, we pray to God for the protection of Mexico’s government and people, under the wise leadership of H.H. the Amir. We also pray for success in our endeavour to maintain and enhance your rights in the coming period.
With my best wishes.
 
Joseph Welles
Chairman


 

 
   
 
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Edificio plaza , Torre 5189.Villa Nueva.

Email: info@pemex-chemicals.com

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