Formosa Petrochemical pretax profit in 2012 dropped sharply

MOSCOW (MRC) -- Formosa Petrochemical Corp’s pretax profit in 2012 slashed 90% on the back of high crude-oil costs and weak global petrochemical demand, according to FoxBusiness.

The company recorded a pretax profit of 2.44 billion New Taiwan dollars (USD84 million) in 2012, down sharply from NT USD24.67 billion in the previous year. For the three months ended Dec. 31, Formosa Petrochemical recorded a pretax profit of NT USD1.98 billion. It didn't give a comparison figure year-on-year.

As MRC reported earlier, since demand for petrochemicals is slow at present, FPCC has no plans yet to increase operating rates to the full nominal capacity, though the incident was resolved and Nan Ya Plastics' MEG plant resumed operations on October 22.

The company ranks second in oil refining in Taiwan after Chinese Petroleum Corporation. Formosa Petrochemical owns two refineries with capacity of 540 thousand barrels per day.
MRC

MOSCOW (MRC) -- Indonesian state energy company PT Pertamina anticipates to boost sales of its petroleum-derived chemical products in 2013 after establishing a new joint venture focusing on the petrochemical business in the first half of this year, as per Plastemart.

Pertamina would start focusing on marketing activities both in the domestic and regional markets following the formation of the joint venture, which will construct a USD5 bln petrochemical facility. In December, the company signed a memorandum of understanding with Mitsubishi Corp. for the constructtion of the said petrochemical unit in Indonesia, as MRC informed earlier.

Pertamina is an Indonesian state-owned oil and natural gas corporation based in Jakarta. It was created in August 1968 by the merger of Pertamin (established 1961) and Permina (established 1957). Pertamina is the world's largest producer and exporter of Liquefied Natural Gas (LNG).
MRC

MOSCOW (MRC) -- PAS will seek a judicial review at the Kuala Lumpur High Court on Wednesday to temporarily halt the Petronas Refinery and Petrochemicals Integrated Development (Rapid) project at Pengerang, said Thestar.

PAS vice-president Salahuddin Ayub said the project should be put on hold so that the Government could review the project as it had affected the locals.

The relocation of remains at certain Muslim graves was not done according to the Islamic procedures, adding that they were put away under a tree as well as in a van, he claimed during a press conference at the party's headquarters here on Monday.

Gabungan NGO Pengerang chairman Anis Afida Mohd Azli said the Johor Islamic Religious Council had released a licence to the contractor, which she claimed to be Johor Islamic Corporation, for the relocation of graves but procedures were not followed.

He stressed that PAS was not against any development as long as it did not displace villagers from their villages, did not touch burial grounds and adhered to environmental regulations.

The Pan-Malaysian Islamic Party (Malay: Parti Islam Se-Malaysia) commonly known as PAS or Pas, is an Islamist political party in Malaysia.

Petronas is a Global Fortune 500 company wholly owned by the Government of Malaysia. It is principally involved in all spectrum of integrated oil, gas and petrochemical industries with operations and strategic presence in more than 60 countries worldwide.

New facilities are to produce plasticizers, which are used in a variety of industries including construction and automotive. Superabsorbent polymers are the key ingredients in disposable diapers and adult hygiene products.


MRC

MOSCOW (MRC) -- Sasol maintains an active presence in Iran through the Arya Sasol Polymer Company (ASPC), which operates two polyethylene plants in Iran. The company is a USD900 million joint venture between Sasol and Iran's state-owned National Petrochemical Company (NPC), said Hydrocarbonprocessing.

United Against Nuclear Iran (UANI) is asking South African energy giant Sasol to immediately declare an end to its business in Iran and take the steps necessary to complete such an exit, the US-based advocacy group said on Monday.

Sasol maintains an active presence in Iran through the Arya Sasol Polymer Company (ASPC), which operates two polyethylene plants in Iran. The company is a USD900 million joint venture between Sasol and Iran's state-owned National Petrochemical Company (NPC).

The NPC is sanctioned by the US and is identified by the international community as an entity of concern for procurement of weapons of mass destruction and proliferation, the UANI group says.

As MRC wrote earlier, Sasol announced in October 2011 that it would divest from Iran, but has not yet followed through on that pledge, according to the group.

Sasol would not commit to a definitive date to end Iran activities.

MRC

MOSCOW (MRC) -- Fitch Ratings has affirmed Petkim Petrokimya Holdings A.S. (Petkim) Long-term foreign and local currency Issuer Default Rating (IDRs) at 'B+' and National Long-term rating at 'A-(tur)'. The Outlook on the
Long-term ratings is Negative. The agency has simultaneously withdrawn all the ratings, said Reuters.

Fitch has withdrawn the ratings as Petkim has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Petkim.

Petkim is the leading petrochemical company of Turkey. Founded on April 3, 1965, the main plant complex is located in Yar'mca, Izmit.

Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products.

The company has 14 manufacturing plants supplying a significant portion of petrochemicals used in Turkey. The company also exports products to the United States, and countries in Europe, the Middle East, Africa, and Asia.


MRC