KUALA LUMPUR, May 27 Petronas Chemicals Group Bhd’s (PCG) net profit jumped to RM1.46 billion in the first quarter ended March 31, 2021 (1Q21) from RM506.0 million in 1Q20, largely due to improvements in both crude oil and petrochemicals prices, boosted by global demand recovery. .
recorded a surge in net earnings to RM1.47bil in the first quarter ended March 31, 2021, from RM506mil in the previous corresponding quarter as crude oil and petrochemicals prices were boosted by global demand recovery and supply disruptions.
Revenue for the quarter jumped 20% to RM4.7bil on the back of a significant increase in average product prices due to high demand and a tight supply environment, it said in a statement accompanying its results. We are pleased to deliver an impressive set of results for 1Q 2021, marking a stark constrast to 2020 for the petrochemical industry. In addition to improved crude oil price, average product prices moved upward, higher than expected, by 20% to 30% due to tight supply of products stemming from the US winter storms in February.
Determined to boost local participation in Nigeria’s oil and gas industry, the Nigerian Content Development and Monitoring Board, NCDMB, on Tuesday said it had committed a total of $332 million under its commercial ventures partnership programme with a view to attracting project developments in-country valued at $3.7 billion.
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Dayo Adenubi
Published 26 May 2021
The Nigerian Content Development and Monitoring Board said that it had committed a total of $332m to venture partnerships and targeted $3.7bn in direct investment to the country.
The Executive Secretary of the NCDMB, Simbi Wabote, said this at the 2021 edition of the Nigerian Oil and Gas Opportunity Fair held virtually.
He listed the proposed projects under the partnerships and as well as the achievements the board had made from the previous edition in 2019.
Wabote said the partnerships included the 5,000 barrels per day Waltersmith Modular Refinery at Ibigwe, Imo State, the establishment of 80 million standard cubic feet per day gas processing plant with the NEDO Gas Processing Company in Kwale, Delta, and a 300 MMscfd Kwale Gas Gathering hub.
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