Qatar Petroleum Subsidiary Posts Net Profit for H1

Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins, and chlor-alkali products, has reported a QR666 million (US$1.726 billion) net profit in the first half of 2018.

The increase in profit was driven by improved selling prices by 13% and increased sales volumes by 6%, as the previous year witnessed planned turnaround in one of the group companies’ plants. The group’s profit for the period was also aided by the recognition of a tax refund of approximately QR64 million (US$165.847 millon) for the period.

The group continued to benefit from the supply of competitively-priced ethane feedstock and fuel gas under long-term supply agreements. This contracting arrangement is an important value driver for the group’s profitability in a challenging market condition, MPHC said.

Compared to the previous quarter, the net profit was down by QR47 million (US$121.794 million), or 13%, due to the planned annual maintenance shutdown in one of the group companies’ plants, MPHC added.