Page 15 - DMEA Week 17 2022

DMEA NEWS IN BRIEF DMEA

Iran’s southwestern Khouzestan Province domestic capabilities. PETROCHEMICALS
was officially inaugurated by the previous It is playing a significant role in providing
president Hasan Rouhani in mid-January, feed to the country’s petrochemical plants and Advanced Petrochemical’s
2021. completing their output basket.
The refinery, which had previously Bid Boland has also played a great part in profit down 4% in Q1
started its operation, is aimed at increasing materializing the old dream of zero-flaring in
the production of sweet gas, reducing the country’s oil industry, as in mid-October The net profit of Advanced Petrochemical Co.
the consumption of petroleum products, last year during an official ceremony, the went down by 4 percent in the first quarter
production of propane, butane, and gas project to end the gas flaring was inaugurated from a year ago to reach SR164 million ($43
condensate, the export of by-products, the at this refinery. million), according to a bourse filing. In the
supply of natural gas to urban areas, and The project to process associated gas statement, the petrochemicals maker revealed
supplying ethane required by petrochemical from crude oil production, rather than burn that the decrease in net profit was due to an
units in the region. it through flaring, was a big environmental increase in propane and outsourced propylene
In 2020, Bid Boland Refinery project event. It was aimed to create value-added, prices by 40% and 27% respectively. Despite
was nominated for the International Project prevent pollution resulting from gas flaring the decrease in net profit, the company’s sales
Management Association (IPMA)’s Global and serve public health and the environment. volume increased by 35% from the same
Project Excellence Award at the energy sector; Bid Boland Refinery had signed three deals period in the previous year. The company’s net
it was also awarded as Iran’s top mega project worth $165 million with domestic companies profit, however, surged 3.79% compared to the
by the Ninth National Project Management for collecting and recovering flare gases of previous quarter. Its total shareholders’ equity
Award. Rag-Sefid offshore oilfield in early April 2021. now stands at SR3,872 million, up 15.8% from
As stated by Pour-Reza, Bid Boland TEHRAN TIMES the same period last year.
project is leading in terms of benefiting from ARAB NEWS

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