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Kuwait's PIC to close, sell fertilizer business
Petrochemicals Industries Company, a unit of Kuwait Petroleum Corporation, is planning to sell or shut its fertilizers business to focus on its more profitable petrochemicals division. 'Our plan is to quit from the fertilizers business in the medium to long-term through privatization or closing down,' Yousef Al-Ateeqi, the company's deputy managing director, told Reuters.
Torah Cement's H1 2009 profit up 9%
Egypt-based Torah Cement has reported an 8.6% rise in net profit to EGP178.3m in the first six months of 2009, according to the Egyptian stock exchange. The firm had made a net profit of EGP164.3m in the same period of 2008. Torah Cement is a subsidiary of Suez Cement, which is itself majority-owned by Italy's Italcementi.
Hadco shareholders positive on AlMarai takeover
More than 98% of Saudi Arabia-based Hail Agricultural Development Co.'s (Hadco) shareholders have approved the takeover bid by AlMarai in the first of a fourـday voting period, Reuters has said. Hadco shareholders holding about 20.5% of voting rights had voted on Saturday to decide whether to approve or reject the $253.2m cash and stock bid AlMarai first unveiled in July.
Masafi begins biodegradable film use
UAE-based mineral water company, Masafi has announced the introduction of Oxo Biodegradable films in its shrink-wrap packaging for water bottles as part of its 'Carbon Action Plan.' Initially, the eco-friendly packaging will be introduced in Masafi's 1.5 litre bottles, after which the packaging will be extended to the 500ml bottles and flavoured water bottles
Almarai Q3 profit up 24%
The Gulf's largest dairy company by market value, Almarai Co. has posted a 23.7% rise in third-quarter net profit but said its sales had slowed down as swine flu kept pilgrims away from the kingdom, Reuters has reported. Net profit was SR363.4m ($96.9m) compared with SR293.7m in the same period last year. Operating profit rose 26% to SR413.9m. Sales growth during the third quarter stood at 11.4%, down from 16% during the second quarter, the company said.
Safco Q3 profits down 74%
Saudi Fertilizers Co. (Safco) has said that its net profit in the three months to end-September had dropped by 74.6% to SR464m, compared to a record SR1.83bn a year earlier, Reuters has reported. New competition from Egypt and a decline in demand from the US market have added to the impact of a decline in global prices of the company's third-quarter earnings, Safco Chairman Mohamed al-Mady said. Saudi Basic Industries Corp holds a 42.9% stake in Safco.
Averda buys Al Ghadeer Waste Collections
Environmental services company Averda has bought Sharjah-based waste management company Al Ghadeer Waste Collections Company (GWC), the company has said. Averda is also planning expansions in Oman, Qatar, Saudi Arabia, UAE, Morocco and Algeria. GWC provides municipal solid waste collection and transportation for the Sharjah Industrial Areas, free zones, airports, aeaports and other public and private organizations.
Schlumberger begins operations in Saudi
US-based oil services company, Schlumberger has announced the opening of a new reservoir completions manufacturing centre in Dammam, Saudi Arabia. The new centre, located in the Dammam Industrial City represents an investment of approximately $25m in manufacturing equipment, facility lease and inventory and houses a team of design and manufacturing engineers specialized in the production of customized downhole reservoir completions equipment, the company said.
Saudi Qassim Cement plans bonus share issue
Saudi Qassim Cement has announced plans to offer its shareholders one bonus share for each existing stock to double its capital to SR900m, Reuters has reported. Shareholders would be invited to vote on the board proposal on November 16, the company said.
Egypt approves new fertilizer production line
Egypt's Industrial Development Authority has approved the construction of an EGP400m nitrogen fertilizer production line at the Egyptian Chemical Industries' (KIMA) Aswan facility, The Daily News Egypt has reported. The new line, which will be powered by natural gas, will produce 600,000 tons of urea and 600,000 tons of ammonium nitrate, both nitrogen-fixing fertilizers.
Qatar Steel raises prices in Doha
Industries Qatar subsidiary, Qatar Steel, has raised the prices of uncoated and epoxy coated reinforced steel bars of various dimensions, Gulf Times has reported. The increase, effective from this month, is applicable to delivery at site within Doha city, the company said.
UAE firm seeks protection from steel dumping
UAE-based Al Ghurair Iron and Steel has said it will formally request government protection from steel dumping, Reuters has reported. 'The excess supply from India and China is being dumped in the UAE market and is hurting our prices,' said the company's CEO Abu Bucker Husain.
Dubai-based firm drops talks on Continental tyre plant
German auto parts maker Continental AG has said that negotiations with Dubai-based MAG Group on a possible takeover by MAG of a tyre making plant in France have been ended by 'mutual agreement,' AFP news agency has reported. Continental had given MAG until September 30 to reach agreement on a letter of intent regarding the factory, located in Clairoix, northern France. MAG 'would continue to examine the matter', MAG Vice President Fawaz Sabri said.
Qatalum production to begin soon
Qatar Aluminium (Qatalum), a 50-50 joint-venture between Qatar Petroleum and Norsk Hydro ASA, is set to start production before the end of 2009 with 90% of the construction already completed, the Peninsula has reported. The $5.6bn project has entered the commissioning stage and will gradually increase production during the first six months to the full annual capacity of 585,000 tons of primary aluminium with potential for increase to 609,000 tons per year.
Sabic, Exxon JV to cost $5bn
Saudi Basic Industries Corp (Sabic) and Exxon Mobil Chemical's joint-venture synthetic rubber plants are expected to cost approximately $5bn, Reuters has reported. The plants, which will be based at the Kemya complex in Jubail and the Yanpet complex in Yanbu, were expected to come online between 2013 and 2014. The project will have a combined production capacity of about 400,000 tons per year of carbon black, rubber and speciality polymers for both domestic and international sales.
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