Page 11 - DMEA Week 06

DMEA
NEWS IN BRIEF
DMEA
of Global Holdings, is one of the leading CNG (compressed natural gas) suppliers and distributors in Turkey and Europe.
The acquisition will further strengthen the position of Naturelgaz in the LNG, bulk CNG, and auto-CNG businesses, increasing volume and geographical coverage while diversifying the product portfolio, Global said.
Currently, the infrastructure of Naturelgaz consists of 10 bulk CNG plants, three auto- CNG stations, 296 CNG road tankers and 47 industrial-scale compressors.
“Post-acquisition the infrastructure will enlarge to 12 bulk CNG plants, 11 auto-CNG stations, 345 CNG road tankers and 67 CNG compressors, with expansion coming from new regions,” Global added.
In 2019, Naturelgaz distributed 167mn Sm3 of CNG, while SOCAR Turkey LNG distributed 35.4mn Sm3 of CNG and LNG, according to Global..
Iranian companies ink
deal for establishing
polyethylene unit
Iran’s Petrochemical Research and Technology Company (PRTC) signed a deal with Tabriz Petrochemical Company on Saturday, for providing technical knowledge, design package and basic engineering services for the construction of the country’s first high- density polyethylene (HDPE) unit.
As reported by Shana, the document was signed by PRTC’s Managing Director Ali Pajouhan and the CEO of Tabriz Petrochemical Company in Tehran.
Speaking in the signing ceremony, Pajouhan underlined PRTC’s expertise and experience in the field of HDPE, saying
that PRTC has been conducting research on the technical knowledge of producing heavy polyethylene for over 1.5 decades and the company has been also producing the necessary catalysts for polyethylene production in mass scale.
“Special hardware and software facilities have been provided in the company and the needed catalyst is being developed on an industrial scale,” Pajouhan said.
He pointed to the possibility of producing MMP-grade polymers as a feature of this technical knowledge and stated that these products are being produced with total local knowledge for the first time in the country.
As reported, the project is expected to be completed within four years.
Back in September 2019, PRTC signed
an agreement with Tabriz Petrochemical Company for cooperation on indigenizing the technology for the production of high-density polyethylene.
The agreement was signed on the sidelines of Iran’s 13th International Exhibition of Plastic, Rubber, Machinery, and Equipment (IRAN PLAST 2019), in a ceremony attended by National Petrochemical Company (NPC) Managing Director Behzad Mohammadi.
High-density polyethylene (HDPE) or polyethylene high-density (PEHD) is a thermoplastic polymer produced from the monomer ethylene.
Istanbul-listed refiner
Tupras opts not to distribute
dividends with 2019 net
profit down 86%
Net profit at top Turkish refiner Tupras
(TUPRS) declined by 86% y/y to TRY526mn in 2019 despite a 1% increase in turnover to TRY90bn.
Q4 profit at the company—Turkey’s largest enterprise by sales and owned by Turkey’s largest conglomerate Koc Holding—came in at TRY186mn, down 90% y/y but beating the market forecast for TRY21mn.
Total production at Tupras last year was up 9% y/y to 28.1mn tonnes while sales were at 29.2mn tonnes, suggesting a capacity utilisation rate of 98%. The company targeted 28mn tonnes of production and 30mn tonnes of sales.
In 2018, Tupras’ net profit declined by 3% y/y to TRY3.7bn versus a 64% y/y increase in revenues to TRY89bn.
Tupras plans 28mn tonnes of production and 29mn tonnes of sales in 2020, indicating a capacity utilisation rate of 95-100%.
Fitch Ratings said the commissioning of STAR refinery by Azerbaijani competitor Socar would be rating-neutral for Tupras with no material impact on the company’s results forecast.
Tupras will not distribute dividends from its 2019 profit since it closed the fiscal year with a TRY1.14bn loss in terms of the Tax Procedural Law records.
In March 2019, Tupras paid a TRY12.87 net cash dividend per share, marking a 12.03% dividend yield.
Norway’s sovereign wealth fund held a 1.02% stake in Tupras as of end-2018. On January 31, the world’s largest asset manager BlackRock sold 35,924 Tupras shares, shifting its stake to 4.99% of the refiner.
In October 2017, Tupras issued $700mn worth of seven-year eurobonds (XS1686704948) with a yield of 4.5%.
at Al-Ahmadi and Mina Abdullah refineries.
Week 06 13•February•2020
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