摘要

Our  latest Israel Petrochemicals Report does not see any further expansion of petrochemicals capacity over the next five years, following the commissioning of new polypropylene (PP) facilities in Q307. Israel's largest petrochemicals enterprise, Oil Refineries Ltd (ORL), is investing in existing facilities in Israel and acquiring assets abroad. In Q407, ORL raised US$467.8mn in a public offering of three series of bonds. The issues will help fund a five-year programme to upgrade its operations. ORL has said it will invest US$850mn to expand its business in both the core and complementary activities, and invest US$270mn in the areas of the environment, safety, security, production reliability and product quality control. However, this is unlikely to result in an increase in olefins or derivative production capacities.

COL's PP production capacity increased from 200,000tpa to 450,000tpa following the opening of new facilities. It has also expanded the production capacity of its monomers plant and other ancillary facilities. The total investment is estimated at US$315mn. The original cost of the plant was US$245mn, but subsequent restructuring and changes in construction inputs raised cost. The new plant aims at alleviating PP shortage in Israel. ORL and its subsidiaries are also seeking to extend their reach abroad. In November 2007, COL signed an MOU with a European company to acquire 49% of a petrochemicals company for EUR20mn. The names of the companies were not disclosed. Carmel Olefins may also pay an up to additional EUR1mn per year for five years beginning in 2013, in accordance with the terms of the MOU. In November 2007, ORL announced that its Gadiv Petrochemical Industries Ltd subsidiary had signed a letter of intent with a Hong Kong-based company for the purchase of a 50% stake in a Chinese company for US$33.5mn. The acquired company, whose name was not disclosed in the report to the Israel Securities Authority, benefits from the status of a Wholly Foreign Owned Enterprise (WFOE) in China. The firm will engage in the manufacturing of tri-maleic anhydride (TMA), which is used mainly as a softener in the polymer industry, and para diethyl benzene (PDEB), a product used mainly in the manufacturing of paraxylene. It already owns a plant in China, with a new PDEB facility due to come online by Q108 and a TMA facility due to begin production by the end of 2008.

BMI has revised its method of risk scoring in the petrochemicals sector, introducing dynamic scores that reflect future growth as well as current capacities and the size of the internal market, along with investment risk assessments of the political, economic and regulatory environments. The Israeli petrochemicals industry business environment is relatively less favourable when compared to Middle Eastern rivals such as Saudi Arabia, with their large feedstock reserves and production capacity. It has a better competitive environment, however, given a broad product portfolio and an established downstream chemical industry. In BMI's Middle Eastern Petrochemicals Business Environment Rankings matrix, Israel remains in sixth place with a score of 55 points, one point behind the regional average, 0.6 points ahead of South Africa and 2.0 points behind Iran.

目录及图表

Chapter 1 - Executive Summary

Industry Overview

Privatisation of ORL

Industry Developments

Israel Petrochemicals Competitive Environment

Chapter 2 - SWOT Analysis

Israel Petrochemicals Industry SWOT

Israel Economic SWOT

Israel Political SWOT

Israel Business Environment SWOT

Chapter 3 - Market Overview

Market Structure

Table: Israel Petrochemical Sector – Cracker Capacity Data and Forecasts

Industrial Production In Q306

Plastics and Rubber Sales

Israel Petrochemicals Business Environment Rankings

Table: Middle East Rankings

Country Composite Risk Rating

Domestic Feedstock Availability

Petrochemicals Production

Petrochemicals Competitive Environment

Chapter 4 - Industry Trends and Developments

Regulatory

Projects and Acquisitions

Company Developments

Chapter 5 - Industry Forecast Scenario

Table: Israel Sector Forecasts

Chapter 6 - Economic Outlook

Table: Economic Activity

Business Environment Outlook

Foreign Direct Investment

Chapter 7 - Company Monitor

Profiles

COL

Gadiv Petrochemicals Industries

Dor Chemicals

Israel Chemicals (ICL)

Israel Petrochemical Enterprises (IPE)

Chapter 8 - BMI Forecast Modelling

How we generate our industry forecasts

Chemicals & Petrochemicals Industry

Cross checks