Latest news with #Petrochemicals
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Industries Qatar posts net profit of QR2 billion for first half
Agencies Industries Qatar (IQ) reported a net profit of QR2 billion for the first half of 2025, down from the same period last year. Revenue stood at QR8.7 billion, while EBITDA reached QR3 billion, yeilding earnings per share of QR0.32. The board approved an interim dividend of QR1.6 billion (QR0.26 per share), to be paid on August 17, 2025. The group's financial results reflect continued global challenges in the petrochemical and steel industries, alongside relatively stable performance in fertilizers. The global economy remained under pressure in the first half of 2025 due to ongoing geopolitical tensions, high interest rates, and slow recovery from supply chain disruptions. Industrial activity and consumer demand stayed weak in major economies, affecting prices and profitability across several sectors. The petrochemical industry struggled with weak demand, oversupply, and volatile feedstock prices. Ethylene prices fluctuated, and many producers faced lower margins. In contrast, the fertilizer market remained relatively stable, supported by tighter global supply and stable energy prices. The steel sector continued to face oversupply, especially from China, along with weak demand from construction and real estate. Seasonal slowdown in the Middle East also added pressure on prices and volumes. Despite a difficult environment, IQ's operations stayed largely resilient. Some segments experienced planned and unplanned maintenance shutdowns. Fertilizer production was affected by scheduled work, while polyethylene and steel segments had some unexpected halts. The fuel additives segment returned to full operations after earlier disruptions. Compared to the same period last year, overall production increased thanks to stronger output from the steel segment, offsetting lower fertilizer production. Petrochemical production stayed broadly the same. However, production dipped slightly in the second quarter due to shutdowns. Excluding one-time gains recorded in the first half of 2024, the drop in profit this year was modest, driven by tighter margins. Revenues slightly improved year-on-year, helped by stable sales volumes and improved fertilizer prices. Average product prices for the group rose slightly to USD 472 per metric ton. Operating costs increased due to inflation, higher maintenance costs, and increased production. Non-operating income was lower due to fewer one-off gains and a weaker interest rate environment. In the second quarter of 2025, profit dipped slightly from the first quarter, reflecting lower prices and higher costs, though increased fertilizer and steel volumes helped cushion the impact. The Group remains financially strong, with QR9.9 billion in cash and no long-term debt. Free cash flow reached QR0.6 billion after capital spending and dividend payouts. Segment-wise performance Petrochemicals: Net profit fell to QR488 million due to lower sales and prices. Margins were affected by weaker demand, oversupply, and shutdowns in the polyethylene and fuel additives segments. Fertilizers: Profit rose to QR1.1 billion, helped by stronger prices despite lower production. Demand remained strong, especially from large agricultural markets. Steel: Profit dropped to QR265 million, mainly due to the absence of last year's one-time gains. Sales volumes increased, but prices fell due to weak global demand. IQ will host an investor earnings call on August 13 to discuss the results and outlook.
Reuters
06-06-2025
- Business
- Reuters
Shell reports fire at furnace unit at Shell Pennsylvania Petrochemicals Complex
June 6 (Reuters) - Shell on Friday said that at approximately 2:20 p.m. on June 4, a fire occurred at furnace unit number five at the Shell Pennsylvania Petrochemicals Complex. The company said site personnel quickly extinguished the fire and that there are multiple other furnaces currently operating on site. It said the unit is currently offline as the investigation into the incident continues.
United News of India
22-05-2025
- Business
- United News of India
Two day training prog on Chemicals, Petrochemicals Industrial Safety begins
Chennai, May 22 (UNI) A two-day residential training program on 'Chemical and Petrochemicals Industrial Safety' was inaugurated by Dr. Sanjeev Gupta, Former Chief Scientist, Central Leather Research Institute here on Thursday. In all 114 participants from 66 Chemical and Petrochemical Industries which were identified as Major Accident Hazard Units (MAH) participated. The Central Institute of Petrochemicals Engineering and Technology (CIPET) is a premier National Institution functioning under the Department of Chemicals and Petrochemicals, Union Ministry of Chemicals and Fertilizers, and is an ISO 9001:2015 QMS certified, ISO/IEC 17025, ISO/IEC 17020 accredited premier National Institution fully devoted to Skill Development, Technology Support, Academic and Research (STAR) activities for the growth of Polymer and allied industries in the country. Under the country's action plan of Viksit Bharat@2047, the Department has prioritized strengthening the training required to ensure safety standards in the chemicals and petrochemicals sector. This initiative underscores the Union Government's commitment to ensuring safety, sustainability, and accountability in the chemicals and petrochemicals sector. It reflects a proactive approach toward fostering a secure and environmentally responsible industrial landscape, a PIB release said. The chemicals and petrochemicals industry plays a vital role in the economic growth of the nation. However, it also involves inherent risks, particularly in units handling hazardous substances. Ensuring robust safety protocols and training skilled professionals is essential to protect human lives and safeguard the environment. The Department of Chemicals and Petrochemicals is committed to enhancing the capabilities of professionals working in high-risk units. Through specialized training programs on chemical safety management, the aim is to equip mid-level management employees with the knowledge and tools necessary to maintain safety and prevent accidents. These professionals play a crucial role in managing daily operations, ensuring compliance with safety regulations, and implementing effective risk management strategies. The Department has taken initiatives to impart training on Chemical safety to all the 2393 MAH units across the country and CIPET : IPT - Chennai is conducting the programme today and tomorrow for the benefit of MAH industries across Tamil Nadu. UNI GV 1602
Hans India
23-04-2025
- Business
- Hans India
Centre tightens vigil to check flow of cheap imports amid US tariff hikes
New Delhi: The government has set up a taskforce to keep a close watch on attempts by other countries to dump goods at predatory prices to exploit the Indian market, following the hike in tariffs announced by the Donald Trump administration which makes it difficult to export to the US, a top government official said on Wednesday. 'A new world order is developing with tariffs and retaliatory tariffs announced almost in real-time. Exports to the US may be re-directed towards us, so we need to be vigilant against dumping and predatory pricing which may happen in the next few months. A task force under the Ministry of Commerce had been set-up to closely monitor the situation,' said Deepak Mishra, Joint Secretary, Petrochemicals, Department of Chemicals and Petrochemicals. Addressing the 'India Speciality Chemicals Conclave' organised here by Assocham, Mishra also said that India's chemicals sector 'may benefit from this development.' 'We are working to develop a Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) framework for India. Once this is in place, products can be branded accordingly in conformity to international environmental norms and quality controls," he explained. Mishra pointed out that research and development is crucial for the speciality chemicals business as it is more of a knowledge-centric business. 'The industry must work together with academia to enhance capabilities for research. We have a great ecosystem of research labs in the country consisting of both government and private laboratories that are doing good work.' he added. Kapil Malhotra, Co-Chairman, Assocham National Council on Chemicals and Petrochemicals said, 'As a the dust from the US Tariffs begins to settle, the chemicals sector has seen a surge in activities with enquiries coming in from across the globe". "Enquiries for specialty chemicals have also been coming in from China as they a majorly into bulk chemicals. Upstream and downstream MSME players can play a key role in expanding the Chemicals sector. If we channelise our energies with downstream units we can grow at a much faster rate than our current growth," Malhotra added. Speaking at the conclave, CM Saikanth Varma, CEO, Andhra Pradesh Economic Development Board, said, 'The scope for growth in the chemicals sector is phenomenal. Specialty chemicals is a priority sector where the state is keen to attract investment. The country's largest petrochemical hub is proposed to be set-up in Mulapeta where a deep sea port is also under construction. The state also has one of the most conducive Industrial Policy in the country right now.' 'Mega and ultra-mega investments above Rs 1,000 crore and above Rs 5,000 crore, respectively, are eligible for tailor-made incentives where the investors can put forth their wish list and the government will try to meet them. With three industrial corridors passing through the state, six operational airports and access to ports and connecting ports the state offers seamless connectivity by road, sea and air,' he added. Sagar Kaushik, Chairman, Assocham National Council on Chemicals and Petrochemicals, said that the global market for chemicals is about $6 trillion and 60 per cent of this is traded globally, offering a vast opportunity across multiple geographies and the differential sectors.
