Equate profit jumps 20pc to USD1.05bn

(oilandgasnewsworldwide) -- Kuwait's Equate Petrochemical Company has announced a net profit of USD1.05 billion for the fiscal year ending December 31, 2011, a 20% increase over what was achieved in 2010.

Following its board and general assembly meetings held in Kuwait, Equate president and CEO Hamad Al Terkait said: "These profits were realised due to operational excellence at all production units, as well as the increase in prices of petrochemical products globally as a result of stability in demand."

Al Terkait noted that for the first time in Equate's history, sales value in 2011 exceeded USD2.5 billion as a result of the overall organisational efficiency at Equate.

Meanwhile, Equate's board appreciated Al Terkait's leadership that brought in outstanding global success at all levels since 2001. It also expressed best wishes to Mohammad Husain who will succeed Al Terkait as Equate CEO during April 2012.

Established in 1995, Equate is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company, Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC).

Equate, which commenced production in 1997, is the operator of a fully integrated world-scale manufacturing facility producing over 5 million tonnes annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe.

The Kuwait Styrene Company (TKSC), part of Equate, had also announced a net profit of USD99 million for the fiscal year ending December 31, 2011, in comparison with USD81 million in 2010.
MRC

(basf) -- With immediate effect, or as existing contracts permit, BASF SE will increase its European selling prices for the following products: 1,4 Butandiol (BDO) by 125 EUR/mt, Tetrahydrofuran (THF) by 100 EUR/mt, polytetramethylene ether glycol (PolyTHF) by 75 EUR/mt, N-Methyl-2-Pyrrolidone (NMP) by 75 EUR/mt, by Gamma Butyrolactone (GBL) by 100 EUR/mt.

BDO and its derivatives are used for producing engineering plastics, polyurethanes, solvents and elastic spandex and elastane fibers.

PolyTHF is a registered trade mark of BASF Group in many countries.

MRC

(reuters) -- PetroChina , Asia's largest oil and gas producer, will not buy extra Russian crude oil via the Russia-China pipeline, the company chief said on Monday, after the two sides recently resolved a price dispute.

Jiang Jiemin, chairman of PetroChina, also said China and Russia still differed on prices in protracted gas supply talks, under which Russia aimed to eventually sell up to 68 billion cubic metres of gas per year to China under a 30-year deal.

Russia's Rosneft last month made a small price concession to China, the single largest buyer of oil from its new eastern fields, to resolve a long-running dispute, raising hope that China could bargain for more Russian crude via the East Siberia-Pacific Ocean (ESPO) pipeline.

Russia has said China has been underpaying for the 300,000 bpd Russian supples, while China said Russia levies excessive transit fees. "Currently, we don't have a plan to raise the import volume," Jiang said. Asked if PetroChina would in the future raise imports from the current agreed 300,000 bpd level, he said: "We have not yet discussed the issue."

PetroChina, China's second-largest state oil refiner next to Sinopec Corp , suffered more than 50 billion yuan (USD8 billion) losses at its refining department last year and that loss was "still expanding", Jiang told reporters on the sidelines of China's annual parliament session.
MRC

(bpipoly) -- Sales increased to GBR508 million (2010: GBR478 million) and operating profit, before net restructuring, increased to GBR21.6 million (2010: GBR17.9 million) reflecting another excellent performance from our European operations.

Adjusted profit before tax (before net restructuring gains* and net pension financing) rose by 21% to GBR19.1 million (2010: 15.8 million). Adjusted diluted earnings per share were 46.92p (2010: 38.31p), an increase of 22.5%.

On a statutory basis, the profit before tax was GBR19.2 million (2010: GBR16.7 million). Diluted earnings per share were 50.25p (2010: 51.07p).

Final dividend per share increased to 8.50p per share (2010: 7.85p), making a total for the year of 12.5p per share (2010: 11.5p). Net borrowings reduced to GBR31.0 million (2010: GBR45.6m).

British Polythene Industries (BPI) is one of Europe's largest producers of polyethylene packaging. It's also one of the largest recyclers, touting its firsts in recycling techniques for polyethylene scrap. The company's wares include packaging for consumer care products, frozen foods, snacks, cigarettes, and candy. BPI also makes film products including shrink, stretch, laminate, and coated films designed to protect goods in transit. Industrial products include heavy-duty sacks used by the chemical, horticulture, aggregate, and animal feed industries. BPI's recycled products division makes such items as molded outdoor furniture, refuse and recycling sacks, agricultural, and construction films.

MRC