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39
th
Annual Report
Meanwhile, net profit for the financial year ended 31 December 2011 was
about US$9.7 million, against US$12 million in 2010.
Manpower and Training in 2011
Manpower movement in 2011 was characterized by the stability of the
remaining senior staff, and young employees were appointed to occupy
vacancies of company owners. By the end of 2011 the company had 338
employees, including 295 Iraqis and Arabs.
2. Projects Division Activities for the First Half of 2012
As a result of cessation of the Benzene production in the second quarter
of 2012 due to furnace qualification works and replacement of reactors in
the Benzene production units (aromatics line), the company compensated
the shortage by importing the required quantities to sustain the production
process. The company achieved the production plan.
Work was implemented in a set of projects, including:
Tanks: To increase the storage capacity of the intermediate materials
required in themarket at the company plants, the completion ratio registered
96% for the construction of two tanks, of 500m3 capacity each, to store
BTX and other intermediate materials. Also, the construction of a 1,000m3
tank was completed to store other intermediate materials, with completion
ration being 88%.
A 20 low-housing unit project was implemented, including bachelor
quarters, and 6 service shops. The company’s ORACLE operated systems
were upgraded by replacing the current systems with other developed and
flexible systems.
Upon conducting technical studies to identify the critical equipment
to be replaced or qualified, the manufacturing and mobilization of V1/
V208 reactors, and H108 furnace qualification works are being monitored
with KPS Company of the Czech Republic. Rotary Valve operating control
system upgrading works are under way at the Paraffin production unit
(Molex Unit). A contract was made to acquire a cooling tower for the
nitrogen unit and air compressor.
