Industries Qatar installs CO2 recovery plant

30 Sep '14

2 min read

Following completion of installation of the QR 145.5 million CO2 recovery plant of Industries Qatar at its fuel additive joint venture, Qafac, the petrochemical producer said methanol production would boost by 46,000 MT per annum.

In a statement, Industries Qatar said this CO2 recovery plant is the largest of its kind for methanol production in the world, and is designed to capture over 500 MT per day of carbon dioxide and utilise it in the production of methanol.

“The plant is expected to not only reduce Qafac’s greenhouse gas emissions, but simultaneously boost the group’s production of methanol by circa 46,000 MT per year”, the company added.

Revenue for the six months period ended June 30, 2014 at Industries Qatar, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products rose to QR 3.1 billion or a year-on-year hike of 1.6%.

Consolidated EBITDA in the same period totalled QR 2.9 billion, a decrease of QR 1.9 billion, or 37.2%, in the same period of 2013, and a QR 0.3 billion, or 20.9%, drop in the second quarter ending June 30, 2014, over the previous quarter.

Net profit for the first half of 2014 was QR 2.8 billion, a decrease of QR 1.7 billion or 37.2%, against the corresponding period of 2013.

Petrochemical sales for the first six months of 2014 were QR 2.9 billion against QR 3.3 billion from a year earlier, down QR 0.4 billion or 11.4%, primarily due to extensive, planned shut-downs across all plants within the segment. (AR)

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