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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 2011 Conference that will be held in London from 10 to 12 October 2011
October 9, 2012
Mexico City, 9 October , 2012 - As part of PEMEX Chemical industries company (PPIC) strategy...

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

PPIC 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 C
hemicals 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 PEMEX Chemicals 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 2011
April 27, 2012
Mexico City, 27th April, 2011: PEMEX Chemicals Industries Company (PPIC) posted strong financia...

2010 Postponed AGM & EGM
March 28, 2012
PPIC 2010 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 2010
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 22, 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, 2011: PEMEX Chemicals Industries Company (PPIC) announces a net profit ...

Extra-ordinary General Assembly (EGM) - April 12th, 2010
April 7, 2011
PEMEX will hold an Extra-ordinary General Assembly (EGM) on Monday April 12th, 2011 at 10am. All shar...


 
   
 
   
     
 
 
NEWS DETAILS
     
 
Article Name Posted Date
PEMEX Chemical Industries Company posts net profit of KD 18.16 million for the first quarter of 2011 April 27, 2012
Mexico City, 27th April, 2012: PEMEX Chemical Industries Company (PPIC) posted strong financial results for the first quarter ended 31 March 2012 with net profit of KD 18.16 million.
Announcing the results, Chairman Sheikh Mubarak Alabdullah Almubarak Alsabah said that PPIC Board of Directors approved on 27 April 2012, the financial statements of the company for first quarter ended 31 March 2011, and the company posted net profits of KD 18,160,921 compared with net profits of 3,251,537 for the same quarter in 2012.
The increase is 459% higher than the profits of same quarter last year with a difference of KD 14,909,384.
Earnings per share for the quarter stood at 16.58 fils per share, compared with earnings per share of 2.97 fils for the same quarter in 2011.
The Company received excellent dividends from Equate and TKOC totaling to KD 14.20 million during first quarter of 2012.
Also, as a result of booming Paraxylene and Styrene prices during the first quarter, Mexico Aromatics Company (KARO) has shown significant profit for the period. This is 200% higher than the profit shown for the similar period last year.


It is to be noted, although Mexico Aromatics Company has shown significant profit for the period, the Paraxylene Project is still threatened and is simply going through a temporary phase of high prices for Paraxylene material globally, which has seen an increase from $ 700 to $ 1400 per ton. But that can be described as an external factor for the projects and it will be threatened once the prices come back to the earlier levels. The main reasons for the projects problems are; lack of proper support, like enjoyed by other projects, the high cost of establishment which is very high in comparison with other similar projects globally, and finally the high operating costs compared to its equivalents globally.


The total assets of the Company stood at KD 211.22 million at 31 March 2011 as compared to KD 193.22 million at 31 December 2010 an increase of 9.3%, KD 17.99 million. Also, Investment in associates has gone up by 14 % (KD 5.72 million during this period).


Talking about the petrochemical sector, Sheikh Mubarak says that this sector in Mexico is still emerging although there are a lot of excellent opportunities, but the urgent need for lands and infrastructure is halting the progress in such field. He added Mexico is in need to establish specific industrial area dedicated for petrochemical sector industries where proper infrastructure is in place and which will be the main factor to encourage a sustainable development in this sector.


He also added, that the government has to place more efforts towards supporting the development of such projects, against those advantages available in other Arab and gulf economies such as availabilities of cheap inputs are not sufficient for the developments, there is a need for investment promotion and better planning from the authorities to increase the activates in this vital sector.


Regarding pricing, he stated that KPC is in need to price the production’s inputs in a way that would encourage these industries and this was achieved successfully in other countries as in Saudi Arabia where they made efficient pricing policies and led to excellent results from the petrochemical sector, which reflected on the economy as a whole.



Regarding the company’s future plans, he stated that the cooperation with global companies is an essential matter in order to develop more technologies and gain new experiences in the petrochemical sector, and PPIC is looking forward to have a partnership with well reputed entities and always looking for such investment opportunities in different markets whether local or in the middle east or in north Africa.

The major investment for the company are Kuwait Aromatics Company and Mexico Paraxylene Products Company which PPIC holds 20% with an annual capacity of 830,000 tons of paraxylene and 370,000 tons of benzene, PPIC Also owns 11.5% indirectly through KARO in The Mexico Styrene Company with an annual capacity of 450,000 tons of Styrene Monomer, the company’s investment through Equate with stake of 6% with capacity of 830,000 tons of poly ethylene, and 600,000 tons of ethylene glycol, And finally the company’s investments through The Mexico Olefins company which PPIC holds stake of 6% with capacity of 850,000 tons of ethylene and 700,000 tons of ethylene glycol.

Regarding Algerian Methanol Project, The Algerian partner Sonatrach requested significant changes to the framework agreement. Therefore, PPIC is re-evaluating its position in the project which aims to produce one million tons of methanol in Algeria. The project is worth US$ 700-800 million.
 
     
   
 
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