Page 15 - DMEA Week 34 2022

DMEA NEWS IN BRIEF DMEA

Air Products’ proprietary LNG technology, vital
to helping meet the world’s increasing energy
needs and desire for clean energy, processes
and cryogenically liquefies valuable natural gas
for consumer and industrial use. For over 50
years, Air Products has manufactured LNG heat
exchangers installed in over 120 LNG trains at
LNG facilities in 20 countries around the world.
Air Products’ LNG process technology and
equipment is the heart of an LNG production
plant. The technology, in place at some of the
most remote locations around the world, takes
natural gas and unlocks its value by liquefying
it and making it possible to economically ship
it. The LNG is eventually re-gasified for energy
uses.
The majority of total worldwide LNG is pro-
duced with Air Products’ technology. In support
of the LNG industry, Air Products provides pro-
cess technology and key equipment for the nat- confirm the recovery momentum of QPIC group Kuwait Projects Company (Holding) – KIPCO
ural gas liquefaction process, nitrogen rejection from the global health crisis and weaker business – is a holding company that focuses on invest-
and helium recovery, purification and liquefac- environment witnessed in the past two years, led ments in the Middle East and North Africa. It’s
tion for large export plants, small and mid-sized by Petrochemicals, which has seen the biggest strategy of acquiring, building, scaling and sell-
LNG plants, floating LNG plants and LNG peak recovery beginning of last year. In the meantime, ing companies in the MENA region has worked
shavers. Upstream, Air Products provides both we continue to look for new opportunities that successfully for over 30 years. KIPCO’s main
nitrogen and natural gas dehydration membrane will enhance the balance of our portfolio diver- business sectors are financial services, media,
systems for offshore platforms. sification and income in order to optimise our real estate and industry. KIPCO’s financial ser-
Downstream, Air Products provides mem- shareholders’ interests.” vice interests include holdings in commercial
brane nitrogen generators for LNG carriers and QPIC’s Vice Chairman and CEO Sabah M. A. banks, insurance companies, asset management
land-based membrane and cryogenic nitrogen Al-Sabah, said: and investment banking.
systems for LNG import terminals and baseload “The achieved results mainly attribute to QPIC, August 14 2022
LNG plants. the interim dividends amounting to KWD4mn
Air Products, August 25 2022 received from EQUATE Group on its first quar-
ter. This is in addition to the overall support from PIPELINES
QPIC net profits increase the improved performance from QPIC group Newly completed natural
companies. Jassim Transport & Stevedoring in
to KWD6.30mn for first particular has performed remarkably during gas pipeline to Kish island
the year, nearly doubling the performance of the
quarter of FY 2022/2023 same period last year due to the improved busi-
ness climate, which we look forward to maintain
QPIC (Qurain Petrochemical Industries Co. across all of our group companies.” in Persian Gulf unveiled
KSCP) announced a net profit of KWD6.30mn Qurain Petrochemical Industries Co. (QPIC) Now benefiting from a newly completed 127-km
for the first quarter ended June 30, 2022, com- was established in 2004 with a total capital of gas pipeline running from Iran’s Hormozgan
pared to KWD1.56mn for the same period last KWD110mn distributed over 1.1bn shares. The province, the Persian Gulf island of Kish is step-
year, representing an increase exceeding 300% company was founded with a clear direction ping up promotional efforts positioning itself as
Year-on-Year (Y/Y). Earnings per share (EPS) from the government of Kuwait represented by Iran’s answer to Dubai and Doha.
for the quarter stood at KWD0.05.87, compared Petrochemical Industries Co. (PIC), to increase Clearly, while Iran remains economically
to KWD0.0152 during the same period last year. the participation of the private sector within the handcuffed in many respects by heavy US sanc-
Consolidated gross profits for the period Petrochemicals sector and create local industries tions, the idea is not going to fly.
has increased to reach KWD20.65mn versus that add value to the national economy. QPIC However, Kish, a top Iranian resort and also
KWD15.46mn during the same period last year, was publicly listed on Kuwait stock market in boasting a free trade zone (FTZ) said by officials
owing to the improved performance from QPIC 2007. to have attracted foreign investment of $590mn
subsidiaries. QPIC focuses on investing within the indus- so far, is poised for a huge shot in the arm should
Total consolidated Assets increased by trial space, but has a strategic focus on Petro- the Iranians and the major powers agree a new
around 3% to KWD804.50mn as at June 30, chemicals. QPIC’s well-diversified portfolio of nuclear deal that would see those sanctions lifted
2022, compared to KWD784.99mn reported companies is distributed consist of three main in return for the curbing of Tehran’s nuclear
at the end of the previous financial year (March segments: Petrochemicals, Oilfield services, programme.
31, 2022) due to acquisition of an additional 9% Food Processing and Other industries engaged Launching the new pipeline on August 22,
equity stake in Advanced Technology Company in logistics, power generation and basic materi- Iran’s Oil Minister Javad Owji said it would gen-
(ATC). als manufacturing. erate savings of around $400mn in consump-
Commenting on the results, QPIC’s Chair- QPIC is part of Kuwait Projects Co. (Hold- tion of oil products and liquefied petroleum gas
man, Sadoun A. Ali, said: “The achieved results ing) group of companies (KIPCO Group). (LPG) on the island.

Week 34 25•August•2022 www. NEWSBASE .com P15