DOHA: The new facilities launched at the Industries Qatar (IQ) have helped the group boost its revenue in its petrochemical segment in 2013.
The IQ marked the first full year of operation for QR12.8bn of petrochemical and fertiliser facilities launched during 2012, which added 2.0mtpa of urea and 240,000tpa of LPDE to the group’s capacity, increasing the overall production capacity from 13.7 mtpa to 16.0mtpa.
Revenue in the petrochemical segment for the year 2013 was QR5.4bn, an increase of QR0.6bn, or 12.3 percent, versus 2012. The segmental performance significantly improved sales volumes following the commercial launch of the group’s third LPDE plant in the second half of 2012 and subsequent ramp-up, Global Research’s “GCC Petrochemical-4Q13” report noted.
The IQ’s fertiliser segment closed the year with revenue of QR6.1bn, up QR0.1bn, or 2.4 percent, on 2012. The moderate segmental improvement occurred as incremental urea sales volumes following the commercial launch of Qafco 5 and 6 during the second half of the previous year and subsequent ramp-up were largely negated by urea prices continuing their negative trend, in line with international prices, closing 17.9 percent down on 2012.
Industries Qatar closed the year 2013 ended December 31, with strong full year earnings of QR8bn.
According to the research note, GCC petrochemical companies’ profit rose by 7.2 percent quarter-on-quarter and 18.4 percent year-on-year during fourth quarter of 2013 to $5.05bn compared to $2.85bn in the previous quarter and $2.58bn in the same quarter last year. The Peninsula
