Latest news with #Petro1
Egypt Today
09-05-2025
- Politics
- Egypt Today
Egypt follows up conditions of sailors stranded in UAE after their vessel allowed to enter to Sharjah's Port Khalid
The Logo of the Egyptian Ministry of Foreign Affairs and Emigration- press photo CAIRO – 9 May 2025: As part of its ongoing follow-up on the situation of the Egyptian sailors aboard the Petro 1 vessel stranded in the UAE territorial water for months, the Egyptian Ministry of Foreign Affairs, Emigration dispatched a representative from the Consulate General of the Arab Republic of Egypt in Dubai to meet with the crew on the morning of Friday, May 9. The visit was carried out in coordination with Emirati authorities and officials at Port Khalid in Sharjah, after improved weather conditions allowed the vessel to enter the port with assistance from the Emirati side and the port administration. During the visit, the Egyptian consular representative assessed the sailors' condition and expressed appreciation to the port administration, Sharjah government officials, and all relevant Emirati authorities for their full cooperation and support, including the provision of supplies to the ship's crew. The Ministry, through the Egyptian Embassy in Abu Dhabi and the Consulate General in Dubai, continues to coordinate closely with relevant Emirati authorities to monitor the sailors' legal status in accordance with applicable laws.
Egypt Independent
07-05-2025
- General
- Egypt Independent
Stranded on a ship near Sharjah for 3 months, Egyptian sailors call for help
An Egyptian crew on board the oil ship 'Petro 1,' owned by Petrofleet, a free zone limited liability company, appealed to the Foreign Ministry and the Egyptian Consulate in Dubai to intervene quickly and rescue them, after being stranded at sea for three months near the port of Sharjah. The Egyptian Foreign Ministry confirmed that a boat was deployed alongside the ship to ensure the safety of the sailors and the availability of supplies. The distress call included the names of the Egyptian sailors on board. Their call for help, circulated widely on social media, stated: 'The ship has been stranded since February, without knowing the official reasons preventing it from docking.' They appealed to the Egyptian Consulate to intervene quickly as their food, supplies, and water were running low. Crew member Captain Mohamed Nabil Abdel-Moneim said in a widely circulated voice message: 'The vessel left Ajman Port at the end of January after a comprehensive maintenance of the engine and hull. The ship's livery was changed to the Ajman Port flag. After some distance, the ship developed a malfunction. We threw a hook and tried to repair it.' 'We were surprised by the Sharjah Coast Guard approaching us and asking why we were stopped without permission. They asked for our papers, so we gave them the papers on the ship—our passports and seafarer's licenses only—because the company hadn't left us any other papers. The Coast Guard asked us to head to Sharjah, and the malfunction took some time to be fixed.' 'After communicating with the ship's owner, he requested that we exit territorial waters to avoid any problems, and we did so.' He confirmed that his three generators had completely broken down, leaving the ship without any electricity. Al-Masry Al-Youm contacted Abdel-Moneim, who confirmed that they are still stranded at sea. He added that their vessel is an oil ship which is currently empty and unloaded. The Foreign Ministry confirmed that the Egyptian Embassy in Abu Dhabi and the Consulate General in Dubai had urgently contacted the Emirati side to determine the developments related to the ship and to ensure the safety of its crew. The ministry added that the Egyptian Embassy and Consulate in the UAE coordinated with Emirati authorities in this regard. They dispatched a UAE Coast Guard boat to the ship to ensure the safety of the sailors and the availability of supplies for the crew. The Consulate General in Dubai dispatched its representatives to Sharjah Port to monitor the situation on a regular basis. Representatives of the Egyptian Consulate communicated by phone with the ship's crew to check on their well-being. Edited translation from Al-Masry Al-Youm
Business Wire
02-05-2025
- Business
- Business Wire
Westlake Chemical Partners LP Announces First Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the first quarter of 2025 of $4.9 million, or $0.14 per limited partner unit, which was below first quarter 2024 net income of $14.8 million. Cash flows from operating activities in the first quarter of 2025 were $45.8 million, a decrease of $58.8 million compared to first quarter 2024 cash flows from operating activities of $104.6 million, due to lower production and sales volume as the result of the planned Petro 1 turnaround. For the three months ended March 31, 2025, MLP distributable cash flow was $4.7 million, a decrease of $12.2 million compared to first quarter 2024 MLP distributable cash flow of $16.9 million. The decrease in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily due to lower production and sales volume and higher maintenance capital expenditures as a result of the planned Petro 1 turnaround. Compared to the fourth quarter of 2024, first quarter 2025 net income attributable to the Partnership of $4.9 million decreased by $10.1 million, which was in line with our expectation considering the impact of the planned Petro 1 turnaround. First quarter 2025 cash flows from operating activities of $45.8 million decreased by $86.7 million compared to fourth quarter 2024 cash flows from operating activities of $132.5 million due to the Petro 1 turnaround. First quarter 2025 MLP distributable cash flow of $4.7 million decreased by $10.3 million compared to fourth quarter 2024 MLP distributable cash flow of $15.0 million, due to lower production and sales volume and higher maintenance capital expenditures as a result of the planned Petro 1 turnaround. "As expected, our first quarter of 2025 distributable cash flow and associated coverage ratio were negatively impacted by the planned turnaround at our Petro 1 ethylene facility in Lake Charles, Louisiana. The turnaround began at the end of January, as expected, and extended into early April. Importantly, Petro 1 returned to full operating rates last month and has been operating well ever since," said Jean-Marc Gilson, President and Chief Executive Officer. "I would like to thank all of our employees at Petro 1 who contributed to the successful turnaround and the solid operational track record of Petro 1 since its previous turnaround over 8 years ago. The achievement to go over 8 years between turnarounds is a significant milestone and highlights our strong operating and manufacturing culture. With the Petro 1 turnaround behind us, and no further turnarounds planned for several years, we expect our distributable cash flow and coverage ratio to return to our strong historical levels in coming quarters." On April 30, 2025, the Partnership announced that the Board of Directors of Westlake Chemical Partners GP LLC had approved a quarterly distribution for the first quarter of 2025 of $0.4714 per common unit to be payable on May 29, 2025 to unitholders of record as of May 13, 2025, representing the 43rd consecutive quarterly distribution to our unitholders. MLP distributable cash flow provided trailing twelve-month coverage that was 0.82x the declared distributions for the first quarter of 2025, which was below the trailing twelve-month coverage ratio of 1.01x at the end of the fourth quarter of 2024 due to the planned Petro 1 turnaround. Since our IPO in July of 2014 our cumulative coverage ratio is approximately 1.06x. OpCo's Ethylene Sales Agreement with Westlake is designed to provide for stable and predictable cash flows. The agreement provides that 95% of OpCo's ethylene production is sold to Westlake for a cash margin of $0.10 per pound, net of operating costs, maintenance capital expenditures and reserves for future turnaround expenditures. The statements in this release and the related teleconference relating to matters that are not historical facts, such as those with respect to timing of future turnarounds, results of our completed Petro 1 turnaround on future distributable cash flow and coverage ratio, our outlook for third-party ethylene margins, our expectations regarding feedstock and energy costs, our expectations regarding future interest rates, the ability to deliver value, returns, predictable cash flows and distributions to unitholders, the expectation that strong distributions will continue, and the nature of the sales agreement with Westlake, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to, pandemic infectious diseases and the response thereto; operating difficulties; the volume of ethylene that we are able to sell; the price at which we are able to sell ethylene; changes in the price and availability of feedstocks; changes in prevailing economic conditions; actions and commitments of Westlake Corporation; actions of third parties; inclement or hazardous weather conditions, including flooding, and the physical impacts of climate change; environmental hazards; changes in laws and regulations (or the interpretation thereof); inability to acquire or maintain necessary permits; inability to obtain necessary production equipment or replacement parts; technical difficulties or failures; labor disputes; difficulty collecting receivables; inability of our customers to take delivery; fires, explosions or other industrial accidents; our ability to borrow funds and access capital markets; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in March 2025. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. GAAP, but believe that certain non-GAAP financial measures, such as MLP distributable cash flow, coverage ratio and EBITDA, provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. We define MLP distributable cash flow as distributable cash flow less distributable cash flow attributable to Westlake Corporation's noncontrolling interest in OpCo and distributions attributable to the incentive distribution rights holder. MLP distributable cash flow does not reflect changes in working capital balances. We define EBITDA as net income before interest expense, income taxes, depreciation and amortization. MLP distributable cash flow, coverage ratio and EBITDA are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess our operating performance as compared to other publicly traded partnerships, our ability to incur and service debt and fund capital expenditures and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. Reconciliations of MLP distributable cash flow to net income and to net cash provided by operating activities and of EBITDA to net income, income from operations and net cash provided by operating activities can be found in the financial schedules at the end of this press release. Westlake Chemical Partners LP Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit Westlake Chemical Partners LP Conference Call Information: A conference call to discuss Westlake Chemical Partners' first quarter 2025 results will be held Friday, May 2 nd, 2025 at 1:00 PM Eastern Time (12:00 PM Central Time). To access the conference call, please register at: A dial-in will be provided upon registration. The conference call will also be available via webcast at: and the earnings release can be obtained via the Partnership web page at: WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2025 December 31, 2024 (In thousands of dollars) ASSETS Current assets Cash and cash equivalents $ 49,624 $ 58,316 Receivable under the Investment Management Agreement—Westlake 104,529 134,557 Accounts receivable, net—Westlake 55,051 31,975 Accounts receivable, net—third parties 13,013 11,576 Inventories 2,733 4,058 Prepaid expenses and other current assets 201 444 Total current assets 225,151 240,926 Property, plant and equipment, net 903,497 903,588 Other assets, net 242,704 143,442 Total assets $ 1,371,352 $ 1,287,956 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 164,822 $ 55,372 Long-term debt payable to Westlake 399,674 399,674 Other liabilities 3,750 3,596 Total liabilities 568,246 458,642 Common unitholders—publicly and privately held 464,339 471,328 Common unitholder—Westlake 42,699 47,373 General partner—Westlake (242,572 ) (242,572 ) Total Westlake Partners partners' capital 264,466 276,129 Noncontrolling interest in OpCo 538,640 553,185 Total equity 803,106 829,314 Total liabilities and equity $ 1,371,352 $ 1,287,956 Expand WESTLAKE CHEMICAL PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2025 2024 (In thousands of dollars) Cash flows from operating activities Net income $ 42,309 $ 89,646 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 27,068 27,994 Net loss on disposition and other 240 527 Other balance sheet changes (23,836 ) (13,602 ) Net cash provided by operating activities 45,781 104,565 Cash flows from investing activities Additions to property, plant and equipment (15,956 ) (9,773 ) Maturities of investments with Westlake under the Investment Management Agreement 30,000 — Net cash provided by (used for) investing activities 14,044 (9,773 ) Cash flows from financing activities Proceeds from debt payable to Westlake 54,000 54,000 Repayment of debt payable to Westlake (54,000 ) (54,000 ) Distributions to noncontrolling interest retained in OpCo by Westlake (51,906 ) (81,044 ) Distributions to unitholders (16,611 ) (16,607 ) Net cash used for financing activities (68,517 ) (97,651 ) Net decrease in cash and cash equivalents (8,692 ) (2,859 ) Cash and cash equivalents at beginning of period 58,316 58,619 Cash and cash equivalents at end of period $ 49,624 $ 55,760 Expand WESTLAKE CHEMICAL PARTNERS LP PROVIDED BY OPERATING ACTIVITIES (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2024 2025 2024 (In thousands of dollars) Net cash provided by operating activities $ 132,469 $ 45,781 $ 104,565 Changes in operating assets and liabilities and other (45,082 ) (3,472 ) (14,919 ) Net income 87,387 42,309 89,646 Less: Other income, net 1,335 1,346 1,334 Interest expense—Westlake (5,771 ) (5,537 ) (6,581 ) Provision for income taxes (202 ) (107 ) (210 ) Income from operations 92,025 46,607 95,103 Add: Depreciation and amortization 27,478 27,068 27,994 Other income, net 1,335 1,346 1,334 EBITDA $ 120,838 $ 75,021 $ 124,431 Expand
