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Gulf Cooperation Council petrochemical companies increased 62.4% y-o-y

December 22/2011

(Plastemart) -- Earnings of GCC (Gulf Cooperation Council) petrochemical companies increased 62.4% yoy to USD 3.57 bln in Q3-2011, vs USD2.19 bln in Q3-2012, the Kuwait-based Global Investment House (Global) said in its GCC Petrochemical Sector quarterly report. Overall, performance of regional petrochemical companies was mixed with SABIC, IQ, SAFCO, YANSAB, TASNEE, Sipchem and Dana Gas reporting better than expected earnings while other stocks such as Saudi Kayan Petrochemical Co., Rabigh Refining and Petrochemical Co., Saudi Petrochem and Nama Chemicals Co. continued to extend their losses as they are yet to start full throttle commercial production.

Gulf Cooperation Council petrochemical companies increased 62.4% y-o-y
Within the GCC petrochemical companies, Global Research Petrochemical Universe witnessed a sizable growth of 61.5% during Q3 in the profitability. Prices of petrochemical products increased by an average by 31.5% during Q3. Producers passed on the impact of sharp rise in the prices of naphtha and other raw materials used in petrochemical products to the consumers as the prices of various petrochemical products rose in the range of 15-55%. In addition, strong increase in demand from Asia, particularly China, has resulted in upward pressure on end-products prices.

According to the Global report, the petrochemical sector's sales and net profitability to show limited QoQ growth as the oil prices are expected to stay in the range of USD90-100 a barrel in Q4. In the first nine months of 2011, the petrochemical sector's profitability went up by 54.9% to USD9.7 bln. SABIC continued to remain the lead contributor to the sector profitability at 65.5% followed by Industries Qatar and SAFCO at 17.6% and 7.7% respectively.

Author:Marina Ivanova
Category:General News
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