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Qapco Close to Finalising Ethane Expansion Project

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Qapco Close to Finalising Ethane Expansion Project GULF RAILWAY | Page 2 NEW ORDERS | Page 5 ‘Opening date Airbus net of 2018 not a profi ts soar realistic target’ 15% to $3bn Thursday, February 25, 2016 Jumada I 16, 1437 AH MOBILE WORLD CONGRESS: Page 16 GULF TIMES Ooredoo is expanding strategic partnership BUSINESS with tech major Cisco Industrial sector PPI falls 38% y-o-y in December: MDPS The monthly Producer Price Index in the mining sector has declined by 8.3% in December compared with PPI of November 2015, primarily due to the decrease in prices of crude petroleum and natural gas, the Ministry of Development Planning and Statistics (MDPS) has said in a report. The PPI of December 2015, when compared with PPI in the same period in the previous year, had seen a “significant fall” of 43.3%, MDPS said. Overall, on year-on-year basis, the PPI of the industrial sector in December showed a fall of 37.8% compared to December 2014. The PPI covers goods relating to mining (weight: 72.7%), electricity and water (weight: 0.5%) and manufacturing (weight: 26.8%). A decrease of 4.3% was observed in December 2015, when compared with the previous month’s manufacturing index, the MDPS said. The “decreasing prices” are noticed in Al-Kaabi, along with other IQ board members, addressing the shareholders at the AGM yesterday. refined petroleum products (by 6%), basic chemicals (2.8%), basic metals (1.2%), other chemical products (0.8%), beverages ( 0.4%), and cement and other non-metallic products (0.1%). However, price increase was seen in grain mill products (by 1.7%), juices and dairy products (0.4%). Comparing with the PPI in December 2014, the Qapco close to fi nalising manufacturing PPI of December 2015 showed a sharp decline of 24.7%. The major groups that have seen this price fall are basic metals (by 29.8%), refined petroleum products (27.9%), basic chemicals (21.3%), other chemical products (5.4%), dairy products (3.3%), ethane expansion project rubber and plastics products (0.9%) and paper products (0.1%). However, price By Santhosh V Perumal executive of Qatar Petroleum (QP), The studies will be carried out we can do is control costs and improve QR10.6bn, reassuring the group’s rise was noticed in cement and other Business Reporter said IQ is looking at expansion for by QP in cooperation with Qapco, effi ciency.” IQ group faced challenges ability to generate robust cash fl ows non-metallic products by 11.5%, juices ethane-based petrochemicals most- Qatar Chemical Company and Ras during the fi nancial year ended De- and stay strong during diffi cult trad- (4.1%) and beverages (3%). ly, such as Qapco for instance. Laffan Olefins Company, with the cember 31, 2015 following the crude ing periods. The PPI of electricity and water showed ndustries Qatar (IQ) subsidiary “We are studying the possibility aim of further developing the pet- oil price plunge through 2015 that IQ is well-positioned both fi nan- an increase of 3.3% compared to Qatar Petrochemicals Company of expanding ... but it has to be ben- rochemical plants under IQ and signifi cantly aff ected group’s product cially and operationally to mitigate November 2015, resulting from the I(Qapco) is close to fi nalising an efi cial for QP and the shareholders Mesaieed Petrochemical Holding prices, he said. key risks arising from unanticipated upward revision in electricity rates by ethane-based expansion project, ac- of IQ before we can embark on such Company. “Despite this, and a notable depressed trading and economic en- 5.7% and water by 0.1%. cording to its top offi cial. a project,” al-Kaabi said. “QP is the On Qatar Steel, al-Kaabi said, “We decrease in our product prices, vironments as the group possess sev- The overall index (PPI of industrial “This is in the process of being fi - biggest shareholder in IQ.” have a huge ambition for the steel the group was nevertheless able eral unique competitive advantages: sector) 2015 was estimated at 49.3 nalised at some stage in near future,” In January 2015, QP had said it business. We have a very effi cient to post a creditable net profit of most notably, an excellent fi nancial points in December, which showed IQ chairman Saad Sherida al-Kaabi would conduct feasibility studies to plant and we have modifi ed it. Going QR4.4bn, thereby exceeding 2015 position driven by strong liquidity, a decrease of 6.8% compared to the told the general assembly of share- see how it could utilise the “avail- forward, we see Qatar as a very-high- group budget by more than 20%,” positive debt metrics and robust cash previous month. This was due to the holders, which met yesterday. able” ethane feedstock after the deci- demand market for steel, so we see no he said. fl ow generation, unique cost posi- decline that was noticed in the mining Addressing a question on the pros- sion not to go ahead with the multi- issues regarding steel.” He also said IQ’s liquidity position tioning and relatively younger and ef- (which includes crude oil and natural pects of petrochemicals, al-Kaabi, billion Al-Karaana Petrochemicals Although prices are a market issue also remains very strong with cash fi cient operating asset base, al-Kaabi gas), and manufacturing. who is also the president and chief Project. and beyond its control, he said “what across all group companies stood at said. Qatar banking, realty sectors hurt by 2015 profit slowdown Opec veteran al-Attiyah urges By Santhosh V Perumal against net gains in 2014. Business Reporter However, QIB saw its net profit gain 22.04%, oil output cut, frets about glut which is higher than 19.92% recorded a year ago and similarly Al Khaliji witnessed its net earnings Banking and financial services as well as real es- go up 11.12%, which is higher than 2.18% registered Reuters pected next month, but eff ectively tate sectors witnessed a considerable slowdown in the previous year. Doha ruled out production cuts by major in their net profitability in 2015, indicating the The real estate sector saw its cumulative net crude producers anytime soon. gloomy picture in Qatar’s corporate sector in view profit expansion slow down to 11.91% in 2015 Addressing the annual IHS of sharp fall in oil prices; even as their outlook in against 69.93% in the previous year. pec and non-Opec produc- CERAWeek conference in Hou- the stock market diff ered. The sector, which has four listed companies, ers should cut production ston, al-Naimi told energy ex- However, the insurance sector witnessed an over- registered a cumulative net profit of QR5.52bn Oto balance the global oil ecutives that growing support for all improvement in their net earnings, thus duly compared to QR4.93bn a year ago. Its group market before a supply glut be- the freeze and stronger demand reflecting in the index in the stock market. index, however, had risen 3.92% in 2015. Three of comes unmanageable “like a can- should over time ease the glut that The banks and financial services sector witnessed them witnessed slowdown in net profit expansion cer”, Qatar’s former Deputy Prime has pushed oil prices to their low- their cumulative net profit growth decelerate to and one reported shrinkage in earnings vis-à-vis Minister and Minister of Energy est levels in more than a decade. 2.96% in 2015 compared to 11.85% in the previous gains in the previous year. and Industry HE Abdullah bin Ha- Traders have been sceptical year, according to data compiled by the Qatar United Development Company saw its net profit mad al-Attiyah has said. about whether freezing produc- Stock Exchange (QSE). growth at 10.22% against 93.85% in 2014; Barwa Al-Attiyah, infl uential in Opec tion near record levels will support The sector, which has 12 listed constituents, 10.04% (102.01%) and Ezdan 22.16% (26.99%). as Qatar’s Energy Minister from the market. reported a cumulative net profit of QR20.04bn Mazaya Qatar reported a 33.47% fall in net profit 1992 to 2011, said a deal announced Al-Attiyah, a leading architect against QR19.47bn a year ago. Its group index had in 2015 compared with growth of 26.42% in 2014. in Doha last week by Saudi Arabia of Qatar’s rise to global promi- fallen 12.42% against a steeper 15.11% correction in The insurance sector witnessed its cumulative and Russia to freeze production at nence as gas exporter, said Opec the main 20-stock Qatar Index. net profit grow at 2.75% in 2015 against an acerbic January levels was not enough to would not cut production alone Four among them saw their net profits slow 30.47% decline in the previous year. balance the market as an oversup- but added that Saudi Arabia, the down, four others witnessed shrinkage in net The sector, which has five listed constituents, ply continues to grow. The deal announced in Doha last week by Saudi Arabia and Russia to world’s largest oil exporter, was earnings (vis-à-vis growth in 2014) and two of reported a cumulative net profit of QR2.21bn “If they want to balance the freeze oil production at January levels is not enough to balance the willing to cooperate with other them were in net loss; while only two were seen compared to QR2.15bn a year ago. Its group index market the solution will be easy. market as an oversupply continues to grow, says al-Attiyah.
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