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UPM-Kymmene announces interim results
May 1997
Pump Industry Analyst
OIL AND GAS BRIEFS •
•
•
US petroleum imports in April 1997 were 10 136 000 barrels per day (b/d) up from 9 358 000 b/d recorded in April 1996. The average US refiner acquisition cost for a barrel of crude oil was US$21.44 (February 1997). US crude oil production in April 1997 was 6 450 000 b/d, up marginally from 6 443 000 b/d reported a year ago,
JAPANESE SHIPBUILDER REPORTS
RECORD
PROFITS
Kawasaki Heavy Industries saw a rise in profits for the year to March 1997, helped by foreign exchange gains on a weaker yen and a recovery in its shipbuilding division. The company announced a record unconsolidated recurring profit of ¥38.04 billion, up 41 per cent, on sales of ¥1043 billion, which were up 10 per cent. However falling demand for new vessels and the recent rise of the yen against the US dollar are expected to dampen earnings tot the year ahead.
FLUOR DANIEL TO DOUBLE YANPET PETROCHEMICAL'S CAPACITY
Fluor Daniel has been awarded a US$2 billion contract by Saudi Yanbu Petrochemical Company
(Yanpet) to double the capacity of Yanpet's petrochemicals complex in Yanbu, Saudi Arabia. The complex is a 50-50 joint venture between Mobil Yanbu Petrochemicals Company Inc, a subsidiary of Mobil Corporation and Saudi Basic Industries Corporation (SABIC). Fluor Daniel's Petroleum & Petrochemicals operating company will serve as the overall program manager and will provide engineering, procurement and construction services for the associated utilities and offsites. The expansion will include the construction of a second 800 000 metric ton per year ethylene cracker and facilities to convert the ethylene into 535 000 tons of polyethylene and 410 000 tons of ethylene glycol per year. The new plant will also produce 260 000 tons of polypropylene and 125 000 tons of pyrolysis gasoline annually. MIDDLE EAST PETROTECH
98
CALL FOR PAPERS
A call for papers to address Technology and Business Prospects at the Turn of the Century has been launched. The papers will be presented at the conference accompanying Middle East PETROTECH 98 to be held 14-16 September 1998 in Bahrain. Papers are sought covering technology prospects, business and economics prospects, equipment design and selection, environmental and safety solutions and process plant reliability. More than 1860 delegates and visitors attended the PETROTECH 96 conference and over 200 companies from 18 countries took part in the accompanying exhibition.
Abstracts must be submitted by l August 1997 to Chairman, Technical Committee, Middle East PETROTECH 98, PO Box 6940, Dhahran 31311, Saudi Arabia. Fax: +966 3 873 1533; E-mail: PETROTECH98@ aramco.com.sa PETROLEUM INDUSTRY ENVIRONMENTAL PERFORMANCE
According to the American Petroleum Institute's fifth annual Petroleum Industry Environmental
Perform-
ance (PIEP) Report, the petroleum industry continues to improve its environ. mental, health and safety record in the United States. The report measures performance by eight criteria: chemical releases, workplace safety, refinery waste management, oil spills in US waters, underground
petroleum
product
storage tanks, gasoline vapour
PII.P ANI) I'Ai'I';R UPM-KYMMENE ANNOUNCES INTERIM RESULTS
Announcing its first quarter results, UPM-Kymmene has reported weaker profitability, despite a growth in sales volumes. The group's operating profit for January - March 1997 was FM1819 million, down from FM2014 million reported for the same period a year ago. The operating profit figure includes again of FM763 million from the sale of fixed assets, notably the sale of the Simpele mills. The lower operating profit is mainly due to the fall in prices for newsprint and magazine papers. Looking forward, Europe's largest ~brestry group predicts strengthening economic growth in Europe, leading to an increase in paper consumption. USCOMPANIES
controls, US environmental
LAUNCH ENERGY
expenditures and used engine
INFRASTRUCTURE
oil recycling. The analyses of chemical releases, oil spills and workplace safety are based on federal government statistics. The rest of the report is based on industry surveys conducted by API. According to Dr Michael Caines, API vice president for policy analysis. statistics and information systems, the industry is sustaining or improving on the gains it has made in past years, with refineries releasing smaller quantities of chemical substances, and less oil is being spilled while oil industry workers are continuing to experience injuries and illnesses well below the rate of the nation's workers as a whole.
FUND
Energy Asset Management, Pacific Enterprises, Dresser Industries/MW Kellogg and Bechtel Enterprises have announced an agreement in principle to launch a major international energy infrastructure fund. The companies have committed US$200 million to the core fund which is scheduled to close shortly. The fund will then raise an additional US$800 million or more from other investors. The fund will acquire interests in the growing privatizations and development projects in electric gas, petrochemical and related infrastructure, particularly in Latin and South America and the Asia/Pacific region.
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c,.)
© [--.
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Pump Industry Analyst
OIL AND GAS BRIEFS •
•
•
US petroleum imports in April 1997 were 10 136 000 barrels per day (b/d) up from 9 358 000 b/d recorded in April 1996. The average US refiner acquisition cost for a barrel of crude oil was US$21.44 (February 1997). US crude oil production in April 1997 was 6 450 000 b/d, up marginally from 6 443 000 b/d reported a year ago,
JAPANESE SHIPBUILDER REPORTS
RECORD
PROFITS
Kawasaki Heavy Industries saw a rise in profits for the year to March 1997, helped by foreign exchange gains on a weaker yen and a recovery in its shipbuilding division. The company announced a record unconsolidated recurring profit of ¥38.04 billion, up 41 per cent, on sales of ¥1043 billion, which were up 10 per cent. However falling demand for new vessels and the recent rise of the yen against the US dollar are expected to dampen earnings tot the year ahead.
FLUOR DANIEL TO DOUBLE YANPET PETROCHEMICAL'S CAPACITY
Fluor Daniel has been awarded a US$2 billion contract by Saudi Yanbu Petrochemical Company
(Yanpet) to double the capacity of Yanpet's petrochemicals complex in Yanbu, Saudi Arabia. The complex is a 50-50 joint venture between Mobil Yanbu Petrochemicals Company Inc, a subsidiary of Mobil Corporation and Saudi Basic Industries Corporation (SABIC). Fluor Daniel's Petroleum & Petrochemicals operating company will serve as the overall program manager and will provide engineering, procurement and construction services for the associated utilities and offsites. The expansion will include the construction of a second 800 000 metric ton per year ethylene cracker and facilities to convert the ethylene into 535 000 tons of polyethylene and 410 000 tons of ethylene glycol per year. The new plant will also produce 260 000 tons of polypropylene and 125 000 tons of pyrolysis gasoline annually. MIDDLE EAST PETROTECH
98
CALL FOR PAPERS
A call for papers to address Technology and Business Prospects at the Turn of the Century has been launched. The papers will be presented at the conference accompanying Middle East PETROTECH 98 to be held 14-16 September 1998 in Bahrain. Papers are sought covering technology prospects, business and economics prospects, equipment design and selection, environmental and safety solutions and process plant reliability. More than 1860 delegates and visitors attended the PETROTECH 96 conference and over 200 companies from 18 countries took part in the accompanying exhibition.
Abstracts must be submitted by l August 1997 to Chairman, Technical Committee, Middle East PETROTECH 98, PO Box 6940, Dhahran 31311, Saudi Arabia. Fax: +966 3 873 1533; E-mail: PETROTECH98@ aramco.com.sa PETROLEUM INDUSTRY ENVIRONMENTAL PERFORMANCE
According to the American Petroleum Institute's fifth annual Petroleum Industry Environmental
Perform-
ance (PIEP) Report, the petroleum industry continues to improve its environ. mental, health and safety record in the United States. The report measures performance by eight criteria: chemical releases, workplace safety, refinery waste management, oil spills in US waters, underground
petroleum
product
storage tanks, gasoline vapour
PII.P ANI) I'Ai'I';R UPM-KYMMENE ANNOUNCES INTERIM RESULTS
Announcing its first quarter results, UPM-Kymmene has reported weaker profitability, despite a growth in sales volumes. The group's operating profit for January - March 1997 was FM1819 million, down from FM2014 million reported for the same period a year ago. The operating profit figure includes again of FM763 million from the sale of fixed assets, notably the sale of the Simpele mills. The lower operating profit is mainly due to the fall in prices for newsprint and magazine papers. Looking forward, Europe's largest ~brestry group predicts strengthening economic growth in Europe, leading to an increase in paper consumption. USCOMPANIES
controls, US environmental
LAUNCH ENERGY
expenditures and used engine
INFRASTRUCTURE
oil recycling. The analyses of chemical releases, oil spills and workplace safety are based on federal government statistics. The rest of the report is based on industry surveys conducted by API. According to Dr Michael Caines, API vice president for policy analysis. statistics and information systems, the industry is sustaining or improving on the gains it has made in past years, with refineries releasing smaller quantities of chemical substances, and less oil is being spilled while oil industry workers are continuing to experience injuries and illnesses well below the rate of the nation's workers as a whole.
FUND
Energy Asset Management, Pacific Enterprises, Dresser Industries/MW Kellogg and Bechtel Enterprises have announced an agreement in principle to launch a major international energy infrastructure fund. The companies have committed US$200 million to the core fund which is scheduled to close shortly. The fund will then raise an additional US$800 million or more from other investors. The fund will acquire interests in the growing privatizations and development projects in electric gas, petrochemical and related infrastructure, particularly in Latin and South America and the Asia/Pacific region.
rae~
c,.)
© [--.
¢Z <