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Advanced Petrochemical mulls new projects locally and overseas

January 15/2014

MOSCOW (MRC) -- The rise in earnings of Advanced Petrochemical Co. (APC) was mainly driven by the increase in production, as product prices rose 5% in the fourth quarter compared to the third quarter and sales grew 8%, reported Ein News with reference to CEO Abdullah Al Qarie's interview with Alarabiya TV.

He added that his company is studying new investment opportunities in Saudi Arabia, in addition to overseas markets of the US and Canada. Asked whether the company may borrow through issuing Sukuk, the top official asserted that the company's credit ability is very strong.

APC had posted a 38% rise in Q4-13 net earnings to above SAR 161 million, beating estimates of SAR 153.5 million.

As MRC wrote previously, in 2012, Advanced Petrochemical Company (Advanced) and Aramco Total Refining and Petrochemical Company (Satorp) signed on a sales agreeent for the supply of 50,000 tonnes per year of propylene from Satorp Refinery to be built in Jubail Industrial City (2) to Advanced. Under this agreement, Satorp will provide Advanced with 50,000 tonnes of propylene annually for an initial period of three years and it will be renewed on an annual basis. And it is expected to commence supply starting from January 1, 2014 and Satorp will supply propylene by a pipeline from Jubail (2) to Jubail (1).
Author:Margaret Volkova
Tags:PP, propylene, neftehimiya, Advanced Petrochemical Company, Saudi Arabia.
Category:General News
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