GCC Petrochemical Research Study
-
Upload
yunus-fakhruddin -
Category
Education
-
view
179 -
download
1
description
Transcript of GCC Petrochemical Research Study
GCC Sector Series 2013
Petrochemicals
Getting Ready for the Next Wave or Running out of Gas?
Research Highlights Examining the status of Petrochemicals sector in the Gulf Cooperation Council (GCC) countries, highlighting the growth drivers and investment opportunities
MARKAZ SECTOR RESEARCH
GCC Petrochemicals - March 2013
Kuwait Financial Centre “Markaz”
2
Disclaimer This report has been prepared and issued by Kuwait Financial Centre K.P.S.C (Markaz), which is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. . Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “. The report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but no representation or warranty, expressed or implied, is made that such information and data is accurate or complete, and therefore should not be relied upon as such. Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinion of Markaz and are subject to change without notice. Markaz has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. This report may not consider the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors are urged to seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and to understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Investors should be able and willing to accept a total or partial loss of their investment. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily indicative of future performance. Kuwait Financial Centre S.A.K (Markaz) may seek to do business, including investment banking deals, with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of Markaz, Markaz has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to Markaz’s own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through this report or Markaz’s website shall be at your own risk. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait; Email: [email protected] ; Tel: 00965
1804800; Fax: 00965 22450647.
Research
Support
M.R. Raghu CFA, FRM | Head of Research
Madhu Soothanan | Senior Research Analyst
Humoud S. Al-Sabah | Analyst [email protected]
Jenevivu Lasrado | Secretary, Research
Divya Karthik | Administration Manager
Nael Aboul Huda | Manager, Media & Communications
MARKAZ SECTOR RESEARCH
GCC Petrochemicals - March 2013
Kuwait Financial Centre “Markaz”
3
Table of Contents
1. Executive Summary ................................................................................................ 5
2. Introduction ........................................................................................................... 7
3. GCC Petrochemical Industry - Key Differentiating Factors ....................................... 10
4. Key Challenges: ................................................................................................... 12
5. Petrochemical Products ........................................................................................ 13
6. Expansion Plans ................................................................................................... 17
7. The Way Forward ................................................................................................. 18
COUNTRY PROFILES .................................................................................................. 20
Saudi Arabia ........................................................................................................... 21
Qatar ..................................................................................................................... 24
UAE ....................................................................................................................... 26
Kuwait ................................................................................................................... 28
Oman ..................................................................................................................... 30
Bahrain .................................................................................................................. 32
COMPANY PROFILES .................................................................................................. 33
Saudi Basic Industries Corporation (SABIC) .............................................................. 34
Industries Qatar (IQ) .............................................................................................. 39
Saudi Arabian Fertilizer Company (SAFCO) ............................................................... 44
Boubyan Petrochemical Company ............................................................................ 48
Yanbu Petrochemical Company (YANSAB) ................................................................ 52
Appendix 1: Petrochemical Industry Process cycle ........................................................ 55
Appendix 2: Glossary .................................................................................................. 56
Appendix 3: GCC Petrochemical Companies - Snapshot ................................................ 58
Appendix 4: GCC Petrochemical Companies - Stock Performance – Annualized Returns .. 59
Appendix 5: Saudi Arabian Petrochemical Companies ................................................... 60
Appendix 6: Qatar Petrochemical Companies ............................................................... 62
Appendix 7: UAE Petrochemical Companies ................................................................. 62
Appendix 8: Kuwait Petrochemical Companies.............................................................. 63
Appendix 9: Oman Petrochemical Companies ............................................................... 63
Appendix 10: Bahrain Petrochemical Companies .......................................................... 63
MARKAZ SECTOR RESEARCH GCC Petrochemicals - March 2013
Kuwait Financial Centre “Markaz”
4
Tables Charts
1 GCC Petrochemicals Output (MTPA ) 1 Ethylene Capacities by Region (2009 Estimate)
2 GCC Petrochemical Milestones 2 Global Chemicals Cost Curve (Ethylene)
3 GCC Petrochemicals & Chemicals Output - 2011 3 Price movement of Crude, Natural Gas & Naphtha - Rebased
4 Typical Regional Feedstocks 4 Prices of Key Petrochemical Commodities
5 Top Ethylene Producing Countries (‘000 tonnes capacity) 5 Manufacturing PMIs
6 Top 10 Global Ethylene Producers 6 GDP Growth Rates
7 GCC Petrochemicals & Chemicals Output (MTPA) 7 GCC Petrochemicals - Value of Investments & Stage - (US$ mn)
8 Saudi Arabia - Petrochemical Projects Currently Under Execution 8 GDP level China
9 Prominent Petrochemical Companies Operating in Qatar 9 Total Production by Business Unit ‘000 metric tons
10 Qatar - Petrochemical Projects Currently Under Execution 10 FY12 Operating Segment Results
11 UAE - Petrochemical Projects Currently Under Execution
12 Oman - Petrochemical Projects Currently Under Execution
Cost of the full report: $500
For payment details please write to: [email protected]
Or
Kindly use our online payment gateway at www.e-marmore.com
Report TypeStandalone Price
(US$)
Subcription Type Primary Selective Wide Access Unrestricted
Annual Subcription Fee Free US$ 1,000 US$ 2,000 US$ 3,000
Maximum allowed paid reports download P.A. 0 5 10 Unlimited
Infrastructure Research - GCC
Power 500 x
Aviation 500 x
Water 500 x
Roads and Railways 500 x
Ports 500 x
ICT 500 x
Any new Intrastructure GCC report 500 x
Infrastructure Research - Country wise
Power (KSA) 250 x
Power (Kuwait) 250 x
Power (UAE) 250 x
Power (Qatar) 250 x
Ports (KSA) 250 x
Ports (UAE) 250 x
Ports (Qatar) 250 x
Ports (Oman) 250 x
Aviation (KSA) 250 x
Aviation (UAE) 250 x
Any new Intrastructure Country report 250 x
GCC Sector Research
GCC Asset Management 500 x
GCC Banking 500 x
GCC Petrochemicals 500 x
GCC Healthcare 500 x
GCC Metals and Mining 500 x
GCC Education 500 x
Any new GCC sector research 500 x
Strategic Research Free
Periodic Research
GCC Corporate Earnings (Quarterly) Free
GCC ERP (Quarterly) Free
GCC Equity Research Statistics (Semi-Annual) Free
GCC Market Outlook (Semi-Annual) Free
Market Reports
Daily Morning Brief Free
Kuwait Daily Free
Daily Fixed Income Update Free
Oil & Gas Bulletin Free
MENA Market Intelligence Free
KSE Market Review Free
Real Estate Market Commentary Free
Monthly Market Review Free
Regional Petroleum Projects Commentary Free
MENA Real Estate Monthly Round Up Free
International Market Update Free
Subscription Options
Marmore Subscription Options
Economic Research Infrastructure Research* Real Estate Research Sector Research* Capital Markets Research
Bankrutcy in the GCC ( Jan-13) Power Country Reports GCC Banking Sector (2012)Including GCC in the MSCI EM Index (Oct-
12)
Multiple directorships in KSA (Jan-13) KSA(2012) Kuwait(2012)GCC: Kuwait, KSA, Abu Dhabi, Dubai,
QatarAlpha Abound (Aug-12)
Markaz Daily Morning
Brief
Daily Fixed Income
Update
GCC Demographics (July – 12) UAE(2012) Qatar(2012), Levant: Lebanon, Jordan, Syria GCC Petrochemicals Kuwait Investment Sector (Mar-12) Markaz Kuwait Watch Oil & Gas Bulletin
Got a CMA: What Next? (Feb-12) GCC(2012) North Africa: Egypt, AlgeriaGCC Defensive Bellwether Stocks (Jan-
12)
How is the GCC preparing for a AA+
World? (Sept-11)Ports International: USA GCC Healthcare KSE 15 Index (Sept-11)
Stress Testing Kuwait Banks (May-11) KSA(2012) UAE(2012) Kuwait Investment Sector (Sept-10)
MENA Unrest (Apr-11) Qatar(2012) Oman(2012) Thematic Reports
GCC Asset Management &
Investment Banking Report
2012
The Golden Portfolio (Sept-10) Market ReviewRegional Petroleum
Projects Commentary
Kuwait Development Plan (Mar-11) GCC(2012) GCC Real Estate Financing (Sep-09) Persistence in Performance (Jun-10)
The New Regulations on Kuwait
Investment Sector (Jun-10)Aviation GCC Supply Adjustments (Apr-09) GCC Metals & Mining
GCC Banks - Done with Provisions? (Jan-
10)
Kuwait Capital Market Law (Mar-
10)UAE(2012) KSA(2012)
GCC Distressed Real Estate Opportunities
(Sep-09)Missing the Rally (Jun-09)
Diworsification: The GCC Oil Stranglehold
(Jan-09)GCC(2012) Dubai Real Estate Meltdown (Feb-09) GCC Education Shelter in a Storm (Mar-09)
The “Vicious Square” Monetary Policy
options for Kuwait (Feb-08)Water This Too Shall Pass (Jan-09)
To Leap or To Lag: Choices before GCC
Regulators (Apr-07)GCC(2012) Real Estate Perspectives GCC Women Investors Fishing in Troubled Waters (Dec-08)
GCC for Fundamentalists (Dec-
06)ICT UAE 3 year property visa (Jul-11)
Down and Out: Saudi Stock Outlook (Oct-
08)
GCC Leverage Risk (Nov-06) KSA(2012) Kuwait(2012) Infrastructure and Amenities (Sep-11) GCC MediaMr. GCC Market-Manic Depressive (Sept-
08)
GCC(2012)Unfolding of Oversupply in Abu Dhabi
(Nov-11)To Yield or Not To Yield (May-08)
Roads and Railways Banking Sweet spots (Apr-08)
GCC(2012)China and India: Too Much Too Fast (Oct-
07)
A Potential USD 140b Industry: Review of
Asset Management Industry in Kuwait
(Sep-07)
A Gulf Emerging Portfolio: And Why Not?
(Jun-07)
Derivatives Market in GCC (Mar-07)
Managing GCC Volatility (Feb-07)
* Paid Category: Executive Summary
and Table of Contents available for
free download
Website Email Contact Channel Partners
Bloomberg - Type “MRKZ” Nooz Capital IQ
Thomson Research Zawya InvestorFactSet Research
Connect
Fax: +965 2249 8740 Reuters KnowledgeISI Emerging
marketsTheMarkets.com
MARKAZ RESEARCH OFFERINGS
Monthly
Weekly
Daily
Periodic Research
www.e-marmore.com
MENA Real Estate Monthly Round Up
GCC Corporate Earnings
Quarterly
GCC Market Outlook
GCC Equity Risk Premium
Semi-Annual
Tel: +965 2224 8000
Ext. 1814, 1201
International Market Update
Real Estate Market Commentary