Bharat Book Bureau

Oil and Gas Report Iraq

Independent 5-year oil and gas industry forecasts for Iraq.
Original oil and gas market research and oil and gas sector trend analysis for Iraq’s oil and gas industry.
Competitive intelligence, Iraqi oil and gas company rankings and SWOT analyses on international and domestic oil and gas companies in Iraq.

The Iraq Oil & Gas Report has been researched at source in 2007, and features latest available data and forecasts for Iraq to end-2011 covering headline indicators for oil & gas, LNG, coal and power; company rankings and competitive landscapes covering oil & gas exploration and production in Iraq, refining, oil & gas distribution and fuels retailing; and analysis of latest industry developments, trends and regulatory issues within Iraq.

Iraq Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Iraqi oil and gas industry.

Key Benefits of Report

Benchmark It’s Independent 5-Year Oil & Gas Industry Forecast for Iraq to test consensus views - a key input for successful budgeting and strategic business planning in the Iraqi oil and gas market.

Target Business Opportunities & Risks in the Iraqi Oil & Gas Sector through reviews of latest industry trends, regulatory changes, and major deals, projects and investments in Iraq.

Exploit The Latest Competitive Iraqi Oil & Gas Intelligence & Company SWOTS on your competitors and peers through company rankings by sales, market share and ownership structure - includes multi national and national companies in Iraq.

Coverage

Executive Summary

Summary of It’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand, refining, coal and power, and primary energy, plus analysis of landmark company developments and key changes in the regulatory environment.

Regional Overview

Regional perspective on size and value of industry sector; comparative rankings by production, refining, imports and exports; overview of industry landscape and key players; assessment of business operating environment and latest regulatory developments.

Business Environment Rankings

A unique comparative study undertaken by It on the relative business climates across all regional markets covered. A rankings table highlights the merits of each market from an investor angle, giving scores for indicators such as Oil & Gas Supply and Demand Growth, Oil & Gas Reserves, Licensing Framework and the local Competitive Environment, as well as Economic and Political Risk.

Oil Market Outlook

It analyses and forecasts oil prices out to 2011, monitoring supply and demand in terms of oil production and consumption across the region.

It 5-Year Industry Forecast

Historic data series and 5-year forecasts to end-2011 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

*
Oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (000 b/d)
*
Oil exports (000 b/d), value of oil exports (US$mn - It base case) - Oil price (US$/bbl, OPEC basket)
*
Value of oil exports at constant US$30/bbl and constant US$60/bbl (US$mn)
*
Proven gas reserves (tcm), production and consumption (bcm)
*
Gas exports/(imports) (bcm)
*
Value of gas exports/(imports) (US$mn); value of gas exports/(imports) at constant US$30/bbl and US$60/bbl (US$mn)
*
Value of petroleum exports (US$mn); value of petroleum exports at constant US$30/bbl and US$60/bbl (US$mn)

It 5-Year Macroeconomic Forecast

It forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Competitive Landscape & Rankings

Comparative company analyses and rankings by US$ sales, % share of total sales, number of employees, year established, market cap/NAV, ownership structure, oil production (‘000 b/d) and % market share, downstream capacity (‘000 b/d) and % market share.

Company Profiles & SWOTS

Company profiles, including SWOT analyses, senior executives and full contact details, business activity, products and services, foreign direct investments and projects.

Executive Summary

The Sector At A Glance

Key Insights On The Oil & Gas Sector Of Iraq

The latest Iraq Oil & Gas Report from It forecasts that the country will account for 6.38% of MEA regional oil demand by 2010, while providing 7.63% of supply. MEA regional oil demand rose to an estimated 10.86mn b/d last year and should average 11.08mn b/d in 2007, before reaching 11.91mn b/d by 2010. MEA gas consumption in 2006 was an estimated 373bcm, with demand of 533bcm targeted for 2010. Production last year of an estimated 510bcm should reach 774bcm by the end of the decade. While Iraq should have begun exporting gas to neighbouring Kuwait during the forecast period, it is not expected to make a significant contribution to either regional gas supply or demand over the short to medium term.

For 2007, the revised It forecasts are for the OPEC basket to average US$55 per barrel. Based on last year’s typical price differentials, this implies Brent at US$58.72, WTI averaging US$59.94/bbl, and Urals at US$55. Our central view is therefore that the OPEC basket price will slip from US$55/bbl this year to US$50 in 2008, before settling around US$45/bbl in 2009/2010. Should OPEC defend successfully our presumed ‘target’ price of US$55/bbl during the challenging months of 2007, then it is reasonable to assume medium-term prices may surprise on the upside.

Iraq real GDP growth is forecast by It at 10.2% for 2007, following an estimated 9.1% in 2006. We are assuming 14.7% growth in 2008, 11.4% in 2009 and 7.7% in 2010. We expect oil demand of an estimated 570,000b/d in 2006 to rise to 800,000b/d in 2011, depending on investment in infrastructure and the development of domestic production. International oil companies (IOCs) are in 2007 expected to join production sharing agreements with the state, which should help accelerate the growth in oil output. Based on the efforts of existing contractors and national oil industry bodies, we are forecasting average oil production of 2.15mn b/d this year. December 2006 production was 1.77mn b/d, with more than 1.4mn b/d of exports. Further field reactivation work and the initial IOC efforts point to output of an estimated 3.1mn b/d in 2011. The government has much more ambitious targets, aiming for 0.5mn b/d annual output expansion and a long-tem goal of 6.0mn b/d. However, there are major risks involving attacks on oil installations, Iraq’s OPEC entitlement and the success of new energy policy in stimulating IOC investment.

In the It Business Environment Ranking matrix, Iraq this quarter receives a slightly lower composite score of 34, which now ranks the country equal fifth out of 16 states included in the MEA region, alongside Angola. The overall business environment can be considered moderately attractive in a regional context, thanks largely to huge oil production upside potential and vast untapped oil and gas reserves. A great opportunity exists for IOCs once the political situation has stabilised and production sharing/licensing terms have been agreed. Political and economic risk remains very high, which offsets the positive factors.

Table of Contents

Chapter 1 - Executive Summary

Chapter 2 - SWOT Analysis

Iraq Business Environment Industry SWOT

Chapter 3 - Regional Market Overview

Middle East/Africa Region

Table: Middle East/Africa LNG Exports/(Imports) (bcm)

Iraq

Chapter 4 - Business Environment Rankings

Iraq

Middle East/Africa Region

Chapter 5 - Iraq Business Environment Ranking

Economics – Long-term risk

Politics – Long-term risk

Oil & Gas Growth

Oil/Gas Reserves

Licensing/Regulation

Competitive Environment

Political Risk Summary

Economic Risk Summary

Business Environment Risk Summary

Legal Code/Corruption

Foreign Direct Investment

Tax Regime

Chapter 6 - Oil Market Outlook

Assessing The Risks

Table Crude Price Forecasts 2007

Revised Forecasts

Table Oil Price Forecasts

Chapter 7 - Regional Supply and Demand

Middle East/Africa

Table Oil Production (000b/d) – Middle East/Africa

Table Oil Consumption (000b/d) – Middle East/Africa

Chapter 8 - Global Picture

Table Global Oil Consumption (000b/d)

Table Global Oil Production (000b/d)

Chapter 9 - Industry Forecast Scenario

Oil and Gas Reserves

Oil Supply and Demand

Gas Supply and Demand

Refining and Oil Products Trade

Revenues/Import Costs

Table: Iraq Oil & Gas – Historic Data & Forecasts

Other Energy

Table: Iraq Other Energy – Historic Data & Forecasts

Key Risks to It’s Forecast Scenario

Chapter 10 - Economic Outlook

Table: Economic Indicators

Chapter 11 - Regional Case Study

Exxon In the Middle East

Saudi Arabia

Qatar

Kuwait

United Arab Emirates

Latest Financials

ExxonMobil 2006 Results

Chapter 12 - Competitive Landscape

Executive Summary

Table: Key Players: Iraqi Energy Sector

Overview/State Role

Chapter 13 - It Forecast Modelling

How we generate our industry forecasts

Energy Industry

Cross checks

Sources

For more pls visit
http://www.bharatbook.com/Market-Research-Reports/Oil-Gas-Report-Iraq-.html

Oil and Gas Report Iraq

Independent 5-year oil and gas industry forecasts for Iraq.
Original oil and gas market research and oil and gas sector trend analysis for Iraq’s oil and gas industry.
Competitive intelligence, Iraqi oil and gas company rankings and SWOT analyses on international and domestic oil and gas companies in Iraq.

The Iraq Oil & Gas Report has been researched at source in 2007, and features latest available data and forecasts for Iraq to end-2011 covering headline indicators for oil & gas, LNG, coal and power; company rankings and competitive landscapes covering oil & gas exploration and production in Iraq, refining, oil & gas distribution and fuels retailing; and analysis of latest industry developments, trends and regulatory issues within Iraq.

Iraq Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Iraqi oil and gas industry.

Key Benefits of Report

Benchmark It’s Independent 5-Year Oil & Gas Industry Forecast for Iraq to test consensus views - a key input for successful budgeting and strategic business planning in the Iraqi oil and gas market.

Target Business Opportunities & Risks in the Iraqi Oil & Gas Sector through reviews of latest industry trends, regulatory changes, and major deals, projects and investments in Iraq.

Exploit The Latest Competitive Iraqi Oil & Gas Intelligence & Company SWOTS on your competitors and peers through company rankings by sales, market share and ownership structure - includes multi national and national companies in Iraq.

Coverage

Executive Summary

Summary of It’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand, refining, coal and power, and primary energy, plus analysis of landmark company developments and key changes in the regulatory environment.

Regional Overview

Regional perspective on size and value of industry sector; comparative rankings by production, refining, imports and exports; overview of industry landscape and key players; assessment of business operating environment and latest regulatory developments.

Business Environment Rankings

A unique comparative study undertaken by It on the relative business climates across all regional markets covered. A rankings table highlights the merits of each market from an investor angle, giving scores for indicators such as Oil & Gas Supply and Demand Growth, Oil & Gas Reserves, Licensing Framework and the local Competitive Environment, as well as Economic and Political Risk.

Oil Market Outlook

It analyses and forecasts oil prices out to 2011, monitoring supply and demand in terms of oil production and consumption across the region.

It 5-Year Industry Forecast

Historic data series and 5-year forecasts to end-2011 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

*
Oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (000 b/d)
*
Oil exports (000 b/d), value of oil exports (US$mn - It base case) - Oil price (US$/bbl, OPEC basket)
*
Value of oil exports at constant US$30/bbl and constant US$60/bbl (US$mn)
*
Proven gas reserves (tcm), production and consumption (bcm)
*
Gas exports/(imports) (bcm)
*
Value of gas exports/(imports) (US$mn); value of gas exports/(imports) at constant US$30/bbl and US$60/bbl (US$mn)
*
Value of petroleum exports (US$mn); value of petroleum exports at constant US$30/bbl and US$60/bbl (US$mn)

It 5-Year Macroeconomic Forecast

It forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Competitive Landscape & Rankings

Comparative company analyses and rankings by US$ sales, % share of total sales, number of employees, year established, market cap/NAV, ownership structure, oil production (‘000 b/d) and % market share, downstream capacity (‘000 b/d) and % market share.

Company Profiles & SWOTS

Company profiles, including SWOT analyses, senior executives and full contact details, business activity, products and services, foreign direct investments and projects.

Executive Summary

The Sector At A Glance

Key Insights On The Oil & Gas Sector Of Iraq

The latest Iraq Oil & Gas Report from It forecasts that the country will account for 6.38% of MEA regional oil demand by 2010, while providing 7.63% of supply. MEA regional oil demand rose to an estimated 10.86mn b/d last year and should average 11.08mn b/d in 2007, before reaching 11.91mn b/d by 2010. MEA gas consumption in 2006 was an estimated 373bcm, with demand of 533bcm targeted for 2010. Production last year of an estimated 510bcm should reach 774bcm by the end of the decade. While Iraq should have begun exporting gas to neighbouring Kuwait during the forecast period, it is not expected to make a significant contribution to either regional gas supply or demand over the short to medium term.

For 2007, the revised It forecasts are for the OPEC basket to average US$55 per barrel. Based on last year’s typical price differentials, this implies Brent at US$58.72, WTI averaging US$59.94/bbl, and Urals at US$55. Our central view is therefore that the OPEC basket price will slip from US$55/bbl this year to US$50 in 2008, before settling around US$45/bbl in 2009/2010. Should OPEC defend successfully our presumed ‘target’ price of US$55/bbl during the challenging months of 2007, then it is reasonable to assume medium-term prices may surprise on the upside.

Iraq real GDP growth is forecast by It at 10.2% for 2007, following an estimated 9.1% in 2006. We are assuming 14.7% growth in 2008, 11.4% in 2009 and 7.7% in 2010. We expect oil demand of an estimated 570,000b/d in 2006 to rise to 800,000b/d in 2011, depending on investment in infrastructure and the development of domestic production. International oil companies (IOCs) are in 2007 expected to join production sharing agreements with the state, which should help accelerate the growth in oil output. Based on the efforts of existing contractors and national oil industry bodies, we are forecasting average oil production of 2.15mn b/d this year. December 2006 production was 1.77mn b/d, with more than 1.4mn b/d of exports. Further field reactivation work and the initial IOC efforts point to output of an estimated 3.1mn b/d in 2011. The government has much more ambitious targets, aiming for 0.5mn b/d annual output expansion and a long-tem goal of 6.0mn b/d. However, there are major risks involving attacks on oil installations, Iraq’s OPEC entitlement and the success of new energy policy in stimulating IOC investment.

In the It Business Environment Ranking matrix, Iraq this quarter receives a slightly lower composite score of 34, which now ranks the country equal fifth out of 16 states included in the MEA region, alongside Angola. The overall business environment can be considered moderately attractive in a regional context, thanks largely to huge oil production upside potential and vast untapped oil and gas reserves. A great opportunity exists for IOCs once the political situation has stabilised and production sharing/licensing terms have been agreed. Political and economic risk remains very high, which offsets the positive factors.

Table of Contents

Chapter 1 - Executive Summary

Chapter 2 - SWOT Analysis

Iraq Business Environment Industry SWOT

Chapter 3 - Regional Market Overview

Middle East/Africa Region

Table: Middle East/Africa LNG Exports/(Imports) (bcm)

Iraq

Chapter 4 - Business Environment Rankings

Iraq

Middle East/Africa Region

Chapter 5 - Iraq Business Environment Ranking

Economics – Long-term risk

Politics – Long-term risk

Oil & Gas Growth

Oil/Gas Reserves

Licensing/Regulation

Competitive Environment

Political Risk Summary

Economic Risk Summary

Business Environment Risk Summary

Legal Code/Corruption

Foreign Direct Investment

Tax Regime

Chapter 6 - Oil Market Outlook

Assessing The Risks

Table Crude Price Forecasts 2007

Revised Forecasts

Table Oil Price Forecasts

Chapter 7 - Regional Supply and Demand

Middle East/Africa

Table Oil Production (000b/d) – Middle East/Africa

Table Oil Consumption (000b/d) – Middle East/Africa

Chapter 8 - Global Picture

Table Global Oil Consumption (000b/d)

Table Global Oil Production (000b/d)

Chapter 9 - Industry Forecast Scenario

Oil and Gas Reserves

Oil Supply and Demand

Gas Supply and Demand

Refining and Oil Products Trade

Revenues/Import Costs

Table: Iraq Oil & Gas – Historic Data & Forecasts

Other Energy

Table: Iraq Other Energy – Historic Data & Forecasts

Key Risks to It’s Forecast Scenario

Chapter 10 - Economic Outlook

Table: Economic Indicators

Chapter 11 - Regional Case Study

Exxon In the Middle East

Saudi Arabia

Qatar

Kuwait

United Arab Emirates

Latest Financials

ExxonMobil 2006 Results

Chapter 12 - Competitive Landscape

Executive Summary

Table: Key Players: Iraqi Energy Sector

Overview/State Role

Chapter 13 - It Forecast Modelling

How we generate our industry forecasts

Energy Industry

Cross checks

Sources

For more pls visit
http://www.bharatbook.com/Market-Research-Reports/Oil-Gas-Report-Iraq-.html

Andhra Petrochemicals Ltd. - Financial and Strategic Analysis Review

Summary

Andhra Petrochemicals Ltd.  (APL) is a petrochemical manufacturing company. APL was promoted by The Andhra Pradesh Industrial Development Corporation (APIDC) and The Andhra Sugars Ltd. (ASL) in 1984 as joint sector company. The company started commercial production in February, 1994. It is engaged in manufacturing of 2-Ethyl Hexanol (2-EH); N-Butanol and I-Butanol. It offers 2-EH and I-Butanol that is applicable in plasticizers, stabilizers, solvents, acrylates, finishing compounds for ink. N-Butanol is another product of the company used in the producing of solvents, adhesives, detergents, plasticizers, and acrylates.

Global Markets Direct, the leading business information provider, presents an in-depth business, strategic and financial analysis of Andhra Petrochemicals Ltd.. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis and Global Markets Direct’s views on the company.

Scope

• The company’s strengths and weaknesses and areas of development or decline are analyzed. Financial, strategic and operational factors are considered.
• The opportunities open to the company are considered and its growth potential assessed. Competitive or technological threats are highlighted. 
• The report contains critical company information – business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.
• It provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.
• Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.

Reasons to buy

• A quick “one-stop-shop” to understand the company. 
• Enhance business/sales activities by understanding customers’ businesses better.
• Get detailed information and financial & strategic analysis on companies operating in your industry.
• Identify prospective partners and suppliers – with key data on their businesses and locations.
• Capitalize on competitors’ weaknesses and target the market opportunities available to them.
• Compare your company’s financial trends with those of your peers / competitors.
• Scout for potential acquisition targets, with detailed insight into the companies’ strategic, financial and operational performance.

To know more and to buy a copy of your report feel free to visit:  http://www.bharatbook.com/productdetail.asp?id=96012

Or

Contact us at:
Bharat Book Bureau
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Asia Pacific Oil and Chemicals Storage Industry to 2013: Investment Opportunities, Analysis and Forecasts of All Active and Planned Oil and Chemical Terminals in Asia Pacific

Summary

This profile is the essential source for top-level industry data and information relating to the oil and chemicals storage in Asia Pacific. It provides asset level information relating to the active and planned oil and gas storage terminals in the region. The profiles of the major storage companies, latest events, and deals are also provided and analyzed.

Scope

• Updated information relating to all active and planned oil and chemical storage terminals in Asia Pacific
• Provides key information on historical and forecast capacity of terminals
• Details operators and equity partners of each terminal and the changes in the operator and equity partners since 2000
• Includes information relating to the terminal start date, location, contact details and the number of tanks in each terminal
• Information on the top companies in the oil storage industry including business description, strategic analysis, and financial information.
• Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.
• Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.

Reasons to buy

• Obtain the most up to date information available on storage terminals in Asia Pacific
• Identify growth segments and opportunities in Asia Pacific’s oil storage industry
• Facilitate market analysis and forecasting of future industry trends.
• Facilitate decision making on the basis of strong historical and forecast capacity data
• Assess your competitor’s oil storage terminal network and its capacity
• Understand and respond to your competitors business structure, strategy and prospects.
• Develop strategies based on the latest operational, financial, and regulatory events.
• Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.
• Identify and analyze the strengths and weaknesses of the leading companies in Asia Pacific.

Table of Contents:

1 Table Of Contents 2
1.1 List Of Tables 9
1.2 List Of Figures 11
2 Introduction 12
2.1 What is this Report About? 12
2.2 How to Use this Report? 12
2.3 Market Definitions 12
3 Asia Pacific Oil and Chemicals Storage Industry 13
3.1 Asia Pacific Oil and Chemicals Storage Industry, Key Data 13
3.2 Asia Pacific Oil and Chemicals Storage Industry: Key Trends, Drivers, and Challenges 13
3.2.1 Asia Pacific Oil and Chemicals Storage Industry - Major Trends 14
3.2.2 Asia Pacific Oil and Chemicals Storage Industry - Key Drivers 14
3.2.3 Asia Pacific Oil and Chemicals Storage Industry - Primary Challenges 14
3.3 Asia Pacific Oil and Chemicals Storage Industry, Storage Operations 15
3.3.1 Asia Pacific Oil and Chemicals Storage Industry, Total Storage Capacity 15
3.4 Oil and Chemicals Storage Industry, Republic of Korea 17
3.4.1 Republic of Korea, Oil and Chemicals Storage Capacity 17
3.5 Oil and Chemicals Storage Industry, China 18
3.5.1 China, Oil and Chemicals Storage Capacity 19
3.6 Oil and Chemicals Storage Industry, Singapore 22
3.6.1 Singapore, Oil and Chemicals Storage Capacity 23
3.7 Oil and Chemicals Storage Industry, India 24
3.7.1 India, Oil and Chemicals Storage Capacity 24
3.8 Oil and Chemicals Storage Industry, Malaysia 27
3.8.1 Malaysia, Oil and Chemicals Storage Capacity 28
3.9 Oil and Chemicals Storage Industry, Japan 29
3.9.1 Japan, Oil and Chemicals Storage Capacity 29
3.10 Oil and Chemicals Storage Industry, Thailand 30
3.10.1 Thailand, Oil and Chemicals Storage Capacity 30
3.11 Oil and Chemicals Storage Industry, Australia 31
3.11.1 Australia, Oil and Chemicals Storage Capacity 31
3.12 Oil and Chemicals Storage Industry, Kazakhstan 33
3.12.1 Kazakhstan, Oil and Chemicals Storage Capacity 33
3.13 Oil and Chemicals Storage Industry, Sri Lanka 33
3.13.1 Sri Lanka, Oil and Chemicals Storage Capacity 34
3.14 Oil and Chemicals Storage Industry, Pakistan 34
3.14.1 Pakistan, Oil and Chemicals Storage Capacity 35
3.15 Oil and Chemicals Storage Industry, Philippines 37
3.15.1 Philippines, Oil and Chemicals Storage Capacity 37
3.16 Oil and Chemicals Storage Industry, Azerbaijan 37
3.16.1 Azerbaijan, Oil and Chemicals Storage Capacity 38
3.17 Oil and Chemicals Storage Industry, Georgia 38
3.17.1 Georgia, Oil and Chemicals Storage Capacity 38
3.18 Oil and Chemicals Storage Industry, Indonesia 39
3.18.1 Indonesia, Oil and Chemicals Storage Capacity 39
3.19 Oil and Chemicals Storage Industry, Taiwan 40
3.19.1 Taiwan, Oil and Chemicals Storage Capacity 40
3.20 Oil and Chemicals Storage Industry, New Zealand 40
3.20.1 New Zealand, Oil and Chemicals Storage Capacity 41
3.21 Oil and Chemicals Storage Industry, Vietnam 41
3.21.1 Vietnam, Oil and Chemicals Storage Capacity 41
3.22 Oil and Chemicals Storage Industry, Planned Oil Storage Terminals 42
4 Profile of China Petroleum & Chemical Corporation 43
4.1 China Petroleum & Chemical Corporation, Key Information 43
4.2 China Petroleum & Chemical Corporation, Company Overview 43
4.3 China Petroleum & Chemical Corporation, Business Description 43
4.3.1 China Petroleum & Chemical Corporation, Business Description, Business Overview 43
4.3.2 China Petroleum & Chemical Corporation, Business Description, Chemicals 44
4.3.3 China Petroleum & Chemical Corporation, Business Description, Exploration and Production 45
4.3.4 China Petroleum & Chemical Corporation, Business Description, Marketing and Distribution 47
4.3.5 China Petroleum & Chemical Corporation, Business Description, Refining 48
4.3.6 China Petroleum & Chemical Corporation, Business Description, Major Products and Services 50
4.4 China Petroleum & Chemical Corporation, Value Chain Analysis 52
4.4.1 China Petroleum & Chemical Corporation, Value Chain Analysis, Upstream 52
4.4.2 China Petroleum & Chemical Corporation, Value Chain Analysis, Midstream 53
4.4.3 China Petroleum & Chemical Corporation, Value Chain Analysis, Downstream 53
4.4.4 China Petroleum & Chemical Corporation, Value Chain Analysis, Retail 54
4.5 China Petroleum & Chemical Corporation, SWOT Analysis 55
4.5.1 China Petroleum & Chemical Corporation, SWOT Analysis, Overview 55
4.5.2 China Petroleum & Chemical Corporation, SWOT Analysis, Strengths 56
4.5.3 China Petroleum & Chemical Corporation, SWOT Analysis, Weaknesses 57
4.5.4 China Petroleum & Chemical Corporation, SWOT Analysis, Opportunities 58
4.5.5 China Petroleum & Chemical Corporation, SWOT Analysis, Threats 59
4.6 China Petroleum & Chemical Corporation, Revenue Analysis 60
4.6.1 China Petroleum & Chemical Corporation, Revenue by Segment 60
4.7 China Petroleum & Chemical Corporation, Financial and Operational Review 62
4.7.1 Financial Statements 62
4.7.2 Financial Ratios 63
5 Profile of India Oil Corporation Limited 64
5.1 India Oil Corporation Limited, Key Information 64
5.2 India Oil Corporation Limited, Company Overview 64
5.3 India Oil Corporation Limited, Business Description 64
5.3.1 India Oil Corporation Limited, Business Description, Business Overview 64
5.3.2 India Oil Corporation Limited, Business Description, Other Businesses 65
5.3.3 India Oil Corporation Limited, Business Description, Petroleum Products 66
5.3.4 India Oil Corporation Limited, Business Description, Major Products and Services 67
5.4 India Oil Corporation Limited, Value Chain Analysis 70
5.4.1 India Oil Corporation Limited, Value Chain Analysis, Upstream 70
5.4.2 India Oil Corporation Limited, Value Chain Analysis, Midstream 71
5.4.3 India Oil Corporation Limited, Value Chain Analysis, Downstream 72
5.4.4 India Oil Corporation Limited, Value Chain Analysis, Retail 73
5.5 India Oil Corporation Limited, SWOT Analysis 73
5.5.1 India Oil Corporation Limited, SWOT Analysis, Overview 73
5.5.2 India Oil Corporation Limited, SWOT Analysis, Strengths 74
5.5.3 India Oil Corporation Limited, SWOT Analysis, Weaknesses 76
5.5.4 India Oil Corporation Limited, SWOT Analysis, Opportunities 76
5.5.5 India Oil Corporation Limited, SWOT Analysis, Threats 78
5.6 India Oil Corporation Limited, Revenue Analysis 78
5.6.1 India Oil Corporation Limited, Revenue by Segment 79
5.7 India Oil Corporation Limited, Financial and Operational Review 80
5.7.1 Financial Statements 80
5.7.2 Financial Ratios 81
6 Profile of Royal Vopak 82
6.1 Royal Vopak, Key Information 82
6.2 Royal Vopak, Company Overview 82
6.3 Royal Vopak, Business Description 82
6.3.1 Royal Vopak, Business Description, Business Overview 82
6.3.2 Royal Vopak, Business Description, Primary 83
6.3.3 Royal Vopak, Business Description, Secondary 85
6.3.4 Royal Vopak, Business Description, Major Products and Services 85
6.4 Royal Vopak, Value Chain Analysis 86
6.4.1 Royal Vopak, Value Chain Analysis, Midstream 87
6.5 Royal Vopak, SWOT Analysis 87
6.5.1 Royal Vopak, SWOT Analysis, Overview 87
6.5.2 Royal Vopak, SWOT Analysis, Strengths 88
6.5.3 Royal Vopak, SWOT Analysis, Weaknesses 89
6.5.4 Royal Vopak, SWOT Analysis, Opportunities 90
6.5.5 Royal Vopak, SWOT Analysis, Threats 91
6.6 Royal Vopak, Revenue Analysis 91
6.6.1 Royal Vopak, Revenue by Segment 92
6.6.2 Royal Vopak, Revenue by Geography 92
6.7 Royal Vopak, Financial and Operational Review 94
6.7.1 Financial Statements 94
6.7.2 Financial Ratios 95
7 Profile of Mitsubishi Corporation 96
7.1 Mitsubishi Corporation, Key Information 96
7.2 Mitsubishi Corporation, Company Overview 96
7.3 Mitsubishi Corporation, Business Description 96
7.3.1 Mitsubishi Corporation, Business Description, Overview 96
7.4 Mitsubishi Corporation, SWOT Analysis 101
7.4.1 Mitsubishi Corporation, SWOT Analysis, Overview 101
7.4.2 Mitsubishi Corporation, SWOT Analysis, Strengths 101
7.4.3 Mitsubishi Corporation, SWOT Analysis, Weaknesses 102
7.4.4 Mitsubishi Corporation, SWOT Analysis, Opportunities 103
7.4.5 Mitsubishi Corporation, SWOT Analysis, Threats 103
8 Profile of Royal Dutch Shell Plc 105
8.1 Royal Dutch Shell Plc, Key Information 105
8.2 Royal Dutch Shell Plc, Company Overview 105
8.3 Royal Dutch Shell Plc, Business Description 105
8.3.1 Royal Dutch Shell Plc, Business Description, Overview 105
8.3.2 Royal Dutch Shell Plc, Business Description, Chemicals 106
8.3.3 Royal Dutch Shell Plc, Business Description, Corporate and Others 107
8.3.4 Royal Dutch Shell Plc, Business Description, Exploration and Production 107
8.3.5 Royal Dutch Shell Plc, Business Description, Gas and Power 110
8.3.6 Royal Dutch Shell Plc, Business Description, Oil Products 111
8.3.7 Royal Dutch Shell Plc, Business Description, Oil Sands 113
8.4 Royal Dutch Shell Plc, Value Chain Analysis 115
8.4.1 Royal Dutch Shell Plc, Value Chain Analysis, Upstream 115
8.4.2 Royal Dutch Shell Plc, Value Chain Analysis, Midstream 116
8.4.3 Royal Dutch Shell Plc, Value Chain Analysis, Retail 117
8.4.4 Royal Dutch Shell Plc, Value Chain Analysis, Power Generation 118
8.4.5 Royal Dutch Shell Plc, Value Chain Analysis, Transformation 118
8.5 Royal Dutch Shell Plc, SWOT Analysis 119
8.5.1 Royal Dutch Shell Plc, SWOT Analysis, Overview 119
8.5.2 Royal Dutch Shell Plc, SWOT Analysis, Strengths 120
8.5.3 Royal Dutch Shell Plc, SWOT Analysis, Weaknesses 121
8.5.4 Royal Dutch Shell Plc, SWOT Analysis, Opportunities 121
8.5.5 Royal Dutch Shell Plc, SWOT Analysis, Threats 123
8.6 Royal Dutch Shell Plc, Revenue Analysis 124
8.6.1 Royal Dutch Shell Plc, Revenue by Segment 124
8.6.2 Royal Dutch Shell Plc, Revenue by Geography 125
8.7 Royal Dutch Shell plc, Financial and Operational Review 126
8.7.1 Financial Statements 126
8.7.2 Financial Ratios 127
9 Asia Pacific Oil and Chemicals Storage Industry, Financial Deals Landscape 128
9.1 Detailed Deal Summary 128
9.1.1 Acquisition 128
9.1.2 Debt Offerings 131
9.1.3 Partnerships 133
9.1.4 Asset Transactions 138
10 Asia Pacific Oil and Chemicals Storage Industry, Recent Developments 139
10.1 License Awards 139
10.1.1 Oct 17, 2008: CNOOC Wins NDRC Approval To Construct Oil Terminal In Huizhou 139
10.2 Strategy and Business Expansion 139
10.2.1 Aug 15, 2008: ONGC To Set Up Facility At Rajahmundry In Andhra Pradesh, India 139
10.2.2 Jul 09, 2008: Vopak To Build $1 Billion Commercial Oil Storage Facility In China 140
10.2.3 Jul 08, 2008: Gulf Petroleum Appoints Consultant For O&G Complex In Malaysia 140
10.2.4 Jul 05, 2008: AG Sets Up LPG Storage And Bottling Plant Near Lahore In Pakistan 140
10.3 Financial Announcements 141
10.3.1 Oct 31, 2008: IOC Reports 2Q Fiscal 2008 Results 141
10.3.2 Oct 23, 2008: GAIL Declares 2Q Fiscal 2008-09 Results 142
10.3.3 Aug 22, 2008: Caltex Reports 1H 2008 Results 144
10.3.4 Aug 22, 2008: Caltex Declares Interim Dividend 149
10.3.5 Aug 11, 2008: PTT Reports 2Q 2008 Results 149
10.3.6 Jul 31, 2008: Varun Shipping Reports 1Q Fiscal 2009 Results 153
10.3.7 Jul 30, 2008: IOC Reports 1Q Fiscal 2008 Results 153
10.3.8 Jul 28, 2008: BPCL Reports 1Q Fiscal 2008-09 Results 154
10.4 Other Significant Developments 154
10.4.1 Dec 29, 2008: China Selects Caofeidian And Wanzhou For Oil Storage Reserves 154
10.4.2 Dec 26, 2008: Sinopec Completes Construction Of Oil Storage Facility In Coastal Province Of Zhejiang, Ningbo City 155
10.4.3 Dec 26, 2008: Pertamina To Invest $200 Million To Upgrade Two Storage Terminals 155
10.4.4 Dec 14, 2008: Indonesian Government To Build More LPG Storage Units 156
10.4.5 Dec 08, 2008: CNPC Completes 100Kt-Grade Crude Oil Terminal At Guangxi Petrochemical 157
10.4.6 Oct 24, 2008: Sinopec Commences Operations At Caofeidian Crude Terminal In Northern China 157
10.4.7 Sep 16, 2008: Turkmenistan To Rise Its Oil And Gas Production By 2030 158
10.4.8 Jul 31, 2008: ONGC To Spend $3 Billion On Developing KG Fields 158
10.4.9 Jul 07, 2008: PTT Unveils $125.6 Billion Investment Programme 159
10.4.10 Jul 02, 2008: Petsec’s Main Pass 19 Oil Storage Facilities Comes Online 160
10.4.11 Jun 24, 2008: Vietnam To Install Floating Oil Storage Facility In Rong Oilfield 161
10.5 New Contracts Announcements 161
10.5.1 Sep 26, 2008: Vitol Signs Agreement With Seaport World To Build Storage Terminal 161
11 Appendix 162
11.1 Methodology 162
11.1.1 Coverage 162
11.1.2 Secondary Research 163
11.1.3 Primary Research 163
11.1.4 Expert Panel Validation 164
11.2 Units of Measure 164
11.3 Contact Us 165
11.5 Disclaimer 165

1.1 List Of Tables
Table 1: Asia-Pacific, Oil Storage Key Statistics, 2008 13
Table 2: Asia-Pacific, Storage Capacity Country-wise (Thousand M3), 2000-2013 15
Table 3: Asia-Pacific, Storage Capacity in Republic of Korea (Thousand M3), 2000-2013 17
Table 4: Asia-Pacific, Storage Capacity in Republic of Korea (Thousand M3), 2000-2013 (Contd.) 18
Table 5: Asia-Pacific, Storage Capacity in China (Thousand M3), 2000-2013 19
Table 6: Asia-Pacific, Storage Capacity in China (Thousand M3), 2000-2013 (Contd.) 20
Table 7: Asia-Pacific, Storage Capacity in China (Thousand M3), 2000-2013 (Contd.) 21
Table 8: Asia-Pacific, Storage Capacity in Singapore (Thousand M3), 2000-2013 23
Table 9: Asia-Pacific, Storage Capacity in India (Thousand M3), 2000-2013 24
Table 10: Asia-Pacific, Storage Capacity in India (Thousand M3), 2000-2013 (Contd.) 25
Table 11: Asia-Pacific, Storage Capacity in India (Thousand M3), 2000-2013 (Contd.) 26
Table 12: Asia-Pacific, Storage Capacity in India (Thousand M3), 2000-2013 (Contd.) 27
Table 13: Asia-Pacific, Storage Capacity in Malaysia (Thousand M3), 2000-2013 28
Table 14: Asia-Pacific, Storage Capacity in Japan (Thousand M3), 2000-2013 29
Table 15: Asia-Pacific, Storage Capacity in Thailand (Thousand M3), 2000-2013 30
Table 16: Asia-Pacific, Storage Capacity in Australia (Thousand M3), 2000-2013 31
Table 17: Asia-Pacific, Storage Capacity in Australia (Thousand M3), 2000-2013 (Contd.) 32
Table 18: Asia-Pacific, Storage Capacity in Kazakhstan (Thousand M3), 2000-2013 33
Table 19: Asia-Pacific, Storage Capacity in Sri Lanka (Thousand M3), 2000-2013 34
Table 20: Asia-Pacific, Storage Capacity in Pakistan (Thousand M3), 2000-2013 35
Table 21: Asia-Pacific, Storage Capacity in Pakistan (Thousand M3), 2000-2013 (Contd.) 36
Table 22: Asia-Pacific, Storage Capacity in Philippines (Thousand M3), 2000-2013 37
Table 23: Asia-Pacific, Storage Capacity in Azerbaijan (Thousand M3), 2000-2013 38
Table 24: Asia-Pacific, Storage Capacity in Georgia (Thousand M3), 2000-2013 38
Table 25: Asia-Pacific, Storage Capacity in Indonesia (Thousand M3), 2000-2013 39
Table 26: Asia-Pacific, Storage Capacity in Taiwan (Thousand M3), 2000-2013 40
Table 27: Asia-Pacific, Storage Capacity in New Zealand (Thousand M3), 2000-2013 41
Table 28: Asia-Pacific, Storage Capacity in Vietnam (Thousand M3), 2000-2013 41
Table 29: Asia Pacific Oil and Chemicals Storage Capacity (Thousand M3), Planned Terminals 2009-2013 42
Table 30: China Petroleum & Chemical Corporation, Key Facts 43
Table 31: China Petroleum & Chemical Corporation, SWOT Analysis 56
Table 32: China Petroleum & Chemical Corporation, Revenue by Segment, RMB Million, 2003-2007 61
Table 33: China Petroleum & Chemical Corporation, Financial Statements, RMB Million, 2003-2007 62
Table 34: China Petroleum & Chemical Corporation, Financial Ratios, RMB Million, 2003-2007 63
Table 35: Indian Oil Corporation Limited, Key Facts 64
Table 36: Indian Oil Corporation Limited, SWOT Analysis 74
Table 37: Indian Oil Corporation Limited, Revenue by Segment, INR Million, 2004-2008 79
Table 38: Indian Oil Corporation Limited, Financial Statements, INR Million, 2004-2008 80
Table 39: Indian Oil Corporation Limited, Financial Ratios, INR Million, 2004-2008 81
Table 40: Royal Vopak, Key Facts 82
Table 41: Royal Vopak, SWOT Analysis 88
Table 42: Royal Vopak, Revenue by Segment, Euro Million, 2003-2007 92
Table 43: Royal Vopak, Revenue by Geography, Euro Million, 2003-2007 93
Table 44: Royal Vopak, Financial Statements, Euro Million, 2003-2007 94
Table 45: Royal Vopak, Financial Ratios, Euro Million, 2003-2007 95
Table 46: Mitsubishi Corporation, Key Facts 96
Table 47: Mitsubishi Corporation, SWOT Analysis 101
Table 48: Royal Dutch Shell plc, Key Facts 105
Table 49: Royal Dutch Shell plc, SWOT Analysis 120
Table 50: Royal Dutch Shell plc, Revenue by Segment, USD Million, 2003-2007 125
Table 51: Royal Dutch Shell plc, Revenue by Geography, USD Million, 2003-2007 126
Table 52: Royal Dutch Shell plc, Financial Statements, USD Million, 2003-2007 126
Table 53: Royal Dutch Shell plc, Financial Ratios, USD Million, 2003-2007 127
Table 54: Royal Vopak To Acquire Intercontinental Terminals From Mitsui And Tejana 128
Table 55: Oiltanking Acquires 60% Shareholding In Xiba Storage Terminal 129
Table 56: Interoil Acquires Shell Papua New Guinea From Royal Dutch Shell 130
Table 57: BPCL Completes Debt Offering Of $201 Million 131
Table 58: Petrochina Files For Bond Offering Of $8,700 Million 132
Table 59: PT. AKR Corporindo Forms A Joint Venture With Royal Vopak 133
Table 60: Dialog Group Partners With Trafigura Beheer 134
Table 61: Sinopec, Fujian Province, Exxonmobil And Saudi Aramco Enter Into Joint Venture 135
Table 62: Stolthaven Terminals Signs Joint Venture Agreement With CITIC Daxie Development 136
Table 63: DP World Forms Joint Venture With Tianjin Port Company 137
Table 64: Petronas Acquires 20% Stake In petroleum Storage Terminal 138

1.2 List Of Figures
Figure 1: Asia-Pacific, Storage Capacity Country-wise (Thousand M3), 2000-2013 16
Figure 2: China Petroleum & Chemical Corporation, Value Chain Analysis 52
Figure 3: Indian Oil Corporation Limited, Value Chain Analysis 70
Figure 4: Royal Vopak, Value Chain Analysis 86
Figure 5: Royal Dutch Shell plc, Value Chain Analysis 115
Figure 6: Methodology 162

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Algeria Petrochemicals Report Q3 2009

Description :

A two-year delay in the Arzew petrochemical complex is a set-back for the development of the Algerian petrochemicals industry, but is typical of project delays seen across the world amid the global economic downturn and the financial crisis, according to BMI’s latest Algeria Petrochemicals Report. Sonatrach has announced that it will invest US$63.5bn on petrochemical plants and refineries as well as oilfield expansion between 2009 and 2013. This represents a 41% increase from an estimated US$45bn planned for the five-year period 2008-2012. The investments are in expectation of a rise in demand for oil and oil prices, reflecting the company’s strategy of maintaining 1.4mn barrels of oil equivalent per day (boe/d) of production. Algeria plans to invest a total of US$45.5bn in its energy sector over 2008-2012. Sonatrach is expected to invest the majority of the figure, US$35.8bn, while foreign partners will make up the remainder, US$9.7bn, according to energy minister Chakib Khelil. The investment is specifically aimed at increasing the North African state’s oil production and gas exports, Khelil was quoted as saying. Sonatrach is expected to invest heavily in the development of North Africa’s pipeline network, which will be crucial if it is to boost gas exports to Europe. Over the course of the next five years the company plans to upgrade the existing network of 16,200km of oil and gas pipelines and extend it by over 5,000km.

The round of contracts signed in July 2007 will see the construction of a 1.1mn tonnes per annum (tpa) ethane cracker at Arzew, which will be used to manufacture 410,000 tpa of MEG, 350,000 metric tonnes of HDPE and 450,000 metric tonnes of LLDPE. This will be overseen by a 51:49 joint venture (JV) between Total and Sonatrach and is expected to be commissioned in 2012. Early 2009 reports suggest that the technology and design contract awards for the cracker will be made in H209 and that the completion of the complex would take place in 2014 and not 2012 as originally planned. The Almet
consortium was also granted a US$1bn contract to construct a 1mn tpa methanol plant. However, there is a possibility that project targets will overrun. The projects are already well beyond the timeframe originally envisaged by the government, although the contracts mean that they are now likely to go ahead. In addition, two major new fertiliser complexes are on track in Arzew. The US$1.9bn Sorfert Algérie complex, a 51:49 JV between Egypt’s Orascom Construction Industries (OCI) and Sonatrach, is scheduled to complete in 2011.

Algeria’s ethylene and PE capacities are forecast to remain static at 130,000 tpa until 2014, after which they will increase with the addition of new capacity. By 2014, ethylene capacity should be 1.23mn tpa and PE capacity should reach 930,000tpa, with new capacity in the production of other derivatives. This is two years later than we forecast in the previous quarterly report. In the Middle Eastern Petrochemicals Business Environment Rankings matrix, Algeria remains in 10th place with an overall score of 35.2 points, down 2.7 points since the previous quarter due to the two-year delay to the Arzew petrochemical. On nearly every indicator, Algeria comes last by a long margin and is likely to remain that way until the complex comes onstream.

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Egypt Petrochemicals Report Q3 2009

Description :

Egypt continues to win financial backing for petrochemicals projects against the odds, but BMI’s latest Egypt Petrochemicals Report outlines its reservations over the timing of capacity expansion during a global economic downturn and the growing problem of over-capacity in areas where the local industry intends to expand.

The completion of full financial arrangements for TCI Sanmar Chemicals’ US$868mn chloralkali project in March suggested the Egyptian petrochemicals industry still retained the confidence of the financial sector and the industry is continuing to grow. This came despite the global financial crisis, the negative impact of cancellation of the EAgrium project in mid-2008 and the effective abandonment of free trade zones. The TCU Sanmar complex is due to add capacities of 400,000 tonnes per annum (tpa) of VCM and 200,000tpa of PVC. However, this coincides with growing over-capacity in China that is undermining PVC prices. Overall petrochemicals prices had already fallen by over 50% year-on-year (yo- y) in Q109, while volumes could fall by a further 20%, according to the government. At the same time, the industry is forecasting a 40% fall in exports in 2009. Egypt’s US$20bn petrochemical masterplan could still be derailed by the international financial crisis and the global economic downturn. Progress on petrochemical projects depends on securing investment, which will be harder to find at a time of significantly tighter lending standards and higher borrowing costs. At the same time, the Egyptian government has made investment unattractive by imposing a 20% profit tax on petrochemicals operators, including those located in the ‘free zones’. Industry players are now calling for the industry tax breaks to be re-instated and also for the Egyptian government to lower the price of feedstock. Projects are already delayed.

BMI believes ethylene capacity will double to 600,000tpa and PE capacity should rise from 225,000tpa to 525,000tpa in 2009. We expect PP capacity to rise to 820,000 by the end of the forecast period. We do not believe EHC’s proposed complex near Suez will come online by 2013, even if it does manage to secure financing by 2010. Similarly, it is doubtful that GAFI’s bid for foreign investment in a US$200mn PVC plant with a capacity of 120,000tpa and a US$150mn PS plant with a capacity of 200,000 tpa will materialise in time for them to come onstream by the end of the forecast period. In the Middle Eastern Petrochemicals Business Environment Rankings matrix, Egypt is ranked eighth with 47.2 points. The country is 6.1 points behind South Africa and 0.6 points ahead of Turkey. The score has considerable downside risk due to declining scores for external risk and financial markets, compounding problems arising from government policy in the petrochemicals industry, specifically the imposition of tax on companies operating in free zones. The Egyptian petrochemicals sector represents about 12% of total industrial production and is worth around US$7bn, or just 3% of total GDP. The business environment is obviously not as strong as Middle Eastern rivals, such as Saudi Arabia with its well-developed existing capacity and the ability to attract foreign investment. However, it ranks above Algeria because of higher production and a significantly better national (as opposed to sector-specific) business environment. The government will need to convince petrochemicals producers that their investments are safe and will not be jeopardised by arbitrary government intervention, as has been the case recently in the fertiliser sector. Without greater transparency and consistency in government policy, Egypt will find it difficult to meet the ambitious targets under its petrochemical industry plan.

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Israel Petrochemicals Report Q3 2009

Description :

BMI’s latest Iran Petrochemical Report challenges official estimates and forecasts, arguing that there is ample evidence that the Iranian petrochemical industry is headed for stagnation or even contraction in the year ahead, with the prospect of significant project delays and lower rates of capacity utilisation. There have been few year-end indicators from individual petrochemicals producers to judge the accuracy of official statistics, which suggest 18% growth in the 2008/09 Iranian year, despite the country’s economic slowdown and a sharp decline in demand from key export markets. BMI believes that sales and therefore production have been affected by the global economic downturn, with a contraction in output of up to 10% in the second half of 2008/09. We estimate that Iranian petrochemicals exports reached 11.2mn tonnes in 2008/09, which is 1.8mn tonnes below the target set by Iran’s petrochemical exporter, the IPCC. In terms of value, we project the value of exports to be around US$7.9bn, US$1.1bn below IPCC’s target but still 32% above the previous year. The situation may have been worse if it had not been for the final completion of the Jam Petrochemicals Complex in December 2008, three years behind schedule. It is hard to believe that the collapse in the Gulf property market, with its resulting effects on construction, and the slump in the automotive industry – two major petrochemicals consumers – will not have a major negative impact on the Iranian petrochemicals industry, both in terms of current output and planned capacity expansion. The government anticipates 10 petrochemicals projects worth US$12bn coming onstream in the 2009/10 Iranian year, helping to raise output to 39mn tonnes, a 44% year-on-year (y-o-y) increase.

BMI is highly sceptical that the industry will meet its project deadlines or that additional capacity will be fully utilised given the current economic environment. We are mindful of the Iranian government’s desire to play down and suppress bad news, particularly in the run up to the presidential election, where the incumbent will be defending his track-record on the economy. Iran has a poor reputation for meeting project deadlines and this will be compounded by lack of expertise, a more restrictive financial situation and ongoing international sanctions. Added to this is the country’s worsening macroeconomic situation, with a sharp slowdown expected in the Iranian economy in 2009/10. We now see real GDP growth in 2009/10 falling to just 2.4%, down from 4.7% in 2008/09. While we are not expecting Iran to fall into recession, our projected growth rate would be the most lacklustre in a decade.General risk aversion will continue to inhibit foreign investment, although foreign joint venture projects that are currently advanced will be completed. The country’s feedstock advantage recently prompted Turkey’s petrochemical company Petkim to announce its intention to invest in new facilities in Iran. Petkim has signed a preliminary contract with Iran’s National Petrochemical Company (NPC) to establish a methanol and PE complex in Iran. The facility will have a capacity of 300,000 tonnes per annum (tpa), while the methanol plant will have a capacity of 1.65mn tpa. Costs have not been announced, but it will be a 50:50 joint venture (JV). In Q209, Iran has maintained its fifth-place rank with 55.8 points. Iran is 0.5 points behind Kuwait and 0.1 point ahead of Israel. With the state sector dominating the petrochemicals industry, Iran’s Market Risks score is low, with high levels of economic and political risk pulling down its score. In order for an improved score and ranking, Iran needs a more positive political risk outlook and a breakthrough in terms of the regulatory regime. This looks unlikely on a short- to medium-term view.

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Kuwait Petrochemicals Report Q3 2009

Description :

The expansion of the Kuwaiti petrochemical industry has been dealt a double blow in recent months with the cancellation of two major foreign investment projects: a US$17bn global joint venture (JV) with Dow Chemical and the US$15bn Al-Zour refinery. This will limit Kuwait’s ambition to become a major exporter of petrochemicals, according to BMI’s latest Kuwait Petrochemicals Report. The cancellation of Al-Zour is a major blow to the foreign companies that have signed preliminary deals to participate in the project, but will also limit the country’s potential to supply naphtha as feedstock to the petrochemical industry. The cancellation would also suggest downside risks to investment in the country’s upstream and downstream segments. Kuwait needs to expand its refining capacity and without the 630,000 barrels per day (b/d) that Al-Zour was designed to provide it would need to upgrade all its existing plants. This will be a challenge, particularly as foreign investors will be less willing to assist by committing capital to the country if contract stability is in doubt following the cancellation of the Al-Zour deals. Cancelling contracts with foreign investors is a bad move and will damage Kuwait’s attractiveness as an investment destination. Meanwhile, Equate Petrochemicals – a JV between the Kuwait Petrochemical Company (KPC) and Dow Chemicals – is planning to complete the construction of two major petrochemicals plants, producing styrene and aromatics, at Shuaiba in May. However, the aromatics plant is not scheduled to reach full production capacity until Q309. The associated ethylbenzene unit was already running by Q209. The aromatics unit is projected to produce 325,000 tonnes per annum (tpa) of benzene, 768,000tpa of paraxylene and 560,000tpa of by-products. The Kuwait Styrene Company will operate the styrene plant while Kuwait Paraxylene Company will run the aromatics plant, both of which are Equate affiliates.

BMI forecasts that PE capacity will double to 1.2mn tpa in 2009, alongside a doubling of ethylene production capacity to 1.7mn tpa. However, much of the feedstock is likely to be imported, with Kuwait set to see net imports of 10bn cubic metres (bcm) of gas by the end of the forecast period. In April 2009, Equate announced that it had curtailed production rates. The company issued a statement saying it was ‘experiencing a feedstock shortage due to the recent incident at Kuwait National Petroleum Company (KNPC)’, but did not elaborate. The company said it expected to resume its normal capacity. It utilises feedstock supplied by KNPC’s nearby liquefied petroleum gas (LPG) plant. For Q309, BMI’s petrochemicals ratings show that Kuwait has fallen to 56.3 points. The decline in is attributed to the deterioration in country risk caused by the economic downturn, with the declining investment environment following the cancellation of KPC’s planned JV with Dow, and the scrapping of the Al-Zour refinery. The deterioration is offset by the completion of an 850,000tpa ethylene plant at OL2K, which will supply downstream units that should be completed in 2009. On the downside, petrochemicals-specific scores are unlikely to improve over the next five years as a result of the cancellation of Al-Zour.

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Qatar Petrochemicals Report Q3 2009

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Of all petrochemical exporting countries, Qatar is best placed to survive the global recession due to its advantage in feedstock and the highly integrated nature of the country’s petrochemical industry, according to BMI’s latest Qatar Petrochemicals Report. Nevertheless, the global financial crisis has begun to impact Qatar’s petrochemical industry over recent months, consistent with BMI’s prediction of a downturn from H109. The Qatar Petroleum (QP) subsidiary, Industries Qatar, which is the second-largest Gulf chemical producer by market value, posted a 90% drop in profits to QAR100mn in Q408. The fall came amid weakening demand and falling prices for chemical products and a QAR330mn write-off on raw material inventories. Its fortunes did not improve in Q109 when net income fell 68% y-o-y to QAR612.3mn (US$168mn). This was below the QAR668mn forecast by Shuaa Capital, but above the QAR407mn predicted by EFG-Hermes. The result, nevertheless, represents an improvement in gross margins on Q408, largely due to a drop in the cost of sales.

Doubts are emerging over planned projects following a decision by QP and Honam Petrochemicals to delay their US$2.6bn plant by one year to 2013. Previously BMI reported that the project would be delayed until 2012, due to problems securing financing. There were concerns that it may not go ahead at all after the partners said they were putting the plans on ‘indefinite hold’. The cornerstone of the complex was to be a cracker with capacity of 1mn tpa of ethylene using mixed feedstock, with other capacities including 900,000tpa of propylene, 700,000tpa of PP and 220,000tpa of PS. The partners have declared they are still planning to complete the project, but BMI is highly cautious and mindful of Honam Petrochemical’s own problems with rising losses, although it has little or no debt.

Qatar remains in second place in the rankings for Middle East and Africa with 64.2 points, up 3.0 points on the previous quarter as a result of a statement by Honam Petrochemical and QP that they would go ahead with their planned petrochemical complex, having put it on indefinite hold in the previous quarter. This puts it 4.5 points ahead of the UAE and 10.1 points behind Saudi Arabia. Qatar’s progress in raising its petrochemical capacity could still falter due to rising construction costs and tightening lending conditions. Nevertheless, Qatar’s petrochemical-specific ratings are strong, with cracker capacity set to increase significantly over the next five years and the country hosting the second-largest polyolefins production capacity in the GCC after Saudi Arabia. Underpinned by one of the highest levels of GDP per capita in the world and no history of political tension, Qatar remains a bastion of stability in a highly turbulent region. Qatar’s weakness is its relative lack of economic diversification compared to other countries in the region.

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Saudi Arabia Petrochemicals Report Q3 2009

Description :

The recovery in Saudi petrochemicals production is unlikely to occur before Q409 and, in the case of a serious slowdown in the Chinese market, could remain depressed well into 2010, according to BMI’s latest Saudi Arabia Petrochemicals Report.

Factors affecting output include declining external demand and the weakened capital position of banks on credit availability. Additionally, a lack of contractors and materials has slowed the pace of expansion. The greatest threat could come from a downturn in the Chinese market, which is the key market for Saudi petrochemicals exports, at a time when Chinese capacities are rising. Saudi producers were already facing a highly competitive Chinese market, as China’s domestic petrochemicals industry expands and imports diminish. Taking a longer term view, China is set to remain a net ethylene importer over the next five years, despite an additional 11.95mn tpa of new production capacity coming online, but will decline throughout the rest of the forecast period as the rate capacity expansion outstrips the rate of demand, with the deficit falling from an estimated 13.49mn tonnes in 2008 to 8.89mn tonnes by 2013. The poor situation in export markets, which cannot be remedied by the relatively small GCC market, has contributed to a poor performance by Saudi Arabia’s petrochemical producers. Another threat lies in the restriction on ethane feedstock. Analysts fear the availability of the sector’s preferred feedstock, ethane, could decline. The requirements of planned projects exceeds the level of feedstock available over the forecast period, unless gas production capacity is substantially increased, which is unlikely in the next five years. Saudi Aramco’s venture into the petrochemicals sector could lead to cuts in the availability of ethane to its rivals. Other sources of feedstock will have to be used, pushing up plant costs and threatening to make some projects unviable. Saudi Aramco has vowed to continue to invest in new petrochemical projects, despite the economic downturn. It is in a relatively strong position with its full integration of petrochemicals plants with refineries, gas production and competitively priced feedstock, which helps keep costs down throughout the product chain. The US$10bn first phase of the PetroRabigh complex, a joint venture between Saudi Aramco and Sumitomo Chemical Company, started up in April 2009, including a 1.3mn tpa ethylene plant and a number of downstream units. Phase 1 has capacities of 1.3mn tpa of ethylene and 900,000tpa of propylene. Other downstream units include three 300,000tpa PE plants, two 350,000tpa PP facilities, a 200,000tpa propylene oxide (PO) plant, a 600,000tpa EG unit and a butane-1 unit. PetroRabigh’s second phase is being planned, with a feasibility study underway for the expansion, which will include an aromatics complex and units manufacturing intermediates. The second phase of the Petro Rabigh development will require additional ethane allocation of up to 850,000 cu m/d for feedstock and it is not immediately obvious that the Saudi government will be willing to grant this level of allocation. There is also the logistical challenge of transporting output for export, which will largely be carried by trucks to Jeddah, and then shipped by sea. Officials have suggested that the first phase of the JV will need at least 800 trucks to transport products, thereby creating a costly logistical challenge.

In BMI’s Middle Eastern Petrochemicals Business Environment Rankings matrix, Saudi Arabia is rated as the most attractive country out of the eight surveyed by some margin, with a score of 74.3 points. Increasing capacity is helping to push up Saudi Arabia’s score, although this is slightly offset by deteriorating external and financial risk scores. The country is placed ahead of Qatar, which is in second place with 64.2 points, and a cluster of other Gulf countries that cannot compete with Saudi Arabia’s feedstock or economies of scale, as well as Iran, which suffers from poor risk levels.

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