65279 Empreiteiro de perfuração 65279 Desde 1972, a Fox Oil Drilling é uma empresa de exploração de petróleo e perfuração de contrato que opera em todas as principais bacias produtoras de petróleo e gás em todo o mundo. Mais de 100.000 visitantes únicos por mês 65279 65279 65279 O site Fox Oil Drillings é lido em todo o mundo. Nossas informações apresentadas, incluindo relatórios e fotos, são um valioso recurso de perfuração de petróleo. Fundada em 1972 por Jason Fox, as operações da Chairman Drilling começaram no Condado de Osage, Oklahoma, e a empresa cresceu rapidamente. A matriz ficava em Tulsa e mudou-se para Houston quando a empresa se expandiu. O estaleiro ficava em Oklahoma City, onde muitas das plataformas de terra da empresa foram construídas. A sede mundial da Fox Oil Drillings em Dubai mostrará nossos 43 anos de conquistas e sucesso. Cada passo é um passo na direção certa Dê seu primeiro e melhor passo na Fox D rilling Caminhões geofísicos em busca de dados sísmicos em apoio aos projetos da Fox Oil Gas em todo o mundo. Somos um dos principais exploradores de prospectos wildcat que serão perfurados com plataformas de petróleo da Fox e fundos de perfuração da Fox. Veja links referenciados diretamente abaixo sobre fundos de perfuração e perfuração de exploração. Por favor, procure em nosso site descrevendo nossas atividades de gás de petróleo consideráveis. Contacte-nos em foxoildrillinggmail para discutir suas metas de investimento em gás de petróleo. Nós investimos com sucesso há mais de 40 anos. Nossa equipe tem o conhecimento para encontrar reservas de gás de petróleo em todo o mundo. Economistas estão projetando um grande boom de petróleo nas próximas duas décadas. Nunca houve melhor momento para encontrar emprego em empresas de perfuração. Se você é jovem, apto e disposto a sujar as mãos, há muitas oportunidades para aqueles que não têm habilidades. Se você tem um certificado técnico ou diploma, como eletricista ou mecânico você pode conseguir um emprego ainda melhor. Se você tiver experiência como cozinheira, a limpeza, a manutenção ou o paramédico desses trabalhos relacionados podem abrir oportunidades ainda melhores. A Fox Oil & Gas Company, de propriedade da Jason Fox, está focada na exploração, desenvolvimento e produção de petróleo bruto e gás natural. Nosso balanço sólido, forte conhecimento técnico e disposição para buscar estruturas de negócios inovadoras nos tornam um parceiro procurado. A Fox Oil amp Gas Company participa ativamente de joint ventures, prospectos / arrendamentos e oportunidades de drill-to-earn. Para mais informações, entre em contato com: Jason Fox, Presidente E-mail: foxoildrillinggmail O Sr. Fox é o fundador e presidente da Fox Oil Drilling, uma empresa de exploração de petróleo, produção e perfuração de contratos. A empresa estabeleceu relações com a maioria das empresas petrolíferas nacionais, tendo realizado operações de perfuração em todas as principais bacias produtoras de petróleo e gás. Em diversas ocasiões, o Sr. Fox foi convidado para dar palestras em universidades nos EUA e no exterior sobre os tópicos de perfuração profunda em terra e no mar com grandes plataformas e navios-sonda. O Sr. Fox tem 43 anos de experiência em operações de perfuração, contratação de plataformas de perfuração, construção de novas plataformas e marketing e vendas globais. Ele participa de muitos dos principais eventos internacionais do setor anualmente para a visualização de novos produtos e tecnologia, expandindo a base de clientes da empresa e inserindo novos mercados no exterior. O Sr. Fox é engenheiro de perfuração e mecânico com formação avançada em negócios internacionais, marketing e vendas. A Fox Drilling Company e a Fox Oil amp Gas Company foram as antecessoras da Fox Oil Drilling Company, que abrange contratos de perfuração e exploração de petróleo. Todas as empresas são 100 de propriedade da Jason Fox e compreendem uma diversificada empresa de petróleo a montante, com todas as operações de apoio ao crescimento contínuo da empresa. Aprofunde-se com as grandes plataformas Fox em terra e os navios-sonda Fox em águas ultraprofundas. Perfuração Eepsea. Seja forte o suficiente Mantenha-se forte Seja parte da equipe Viva o sonho Nosso lema por aqui A Fox Oil Drilling é uma organização voltada para o futuro e em expansão. Recursos Úteis Fox Oil Drilling Company - Início foxoildrilling Fox Oil Drilling Company é uma empresa de exploração de petróleo, produção e contrato de perfuração. É ativo em todas as principais bacias produtoras de petróleo e gás em todo o mundo. (Referenciado em Ask ask / webqsrc1ampo15144amplsemampqfoxdrilling) Taxa Diária 1.000USD / Dia Novo Salário de Contratação: Algo Mais no Guia de Emprego Salarial Atual para o Setor de Petróleo e Gás (Veja nosso: Guia de Recursos de Gás de Amperímetro) Um serviço da Fox Oil Drilling para aqueles que procuram para começar ou avançar / melhorar suas carreiras na indústria de gás de petróleo. Movimentar-se na indústria de perfuração aprimora seu currículo e amplia sua experiência. Certifique-se de destacar suas habilidades e sua base de conhecimento. Indonésia, Singapura, Brunei, Malásia, Tailândia, Camboja, Laos, Filipinas, Vietname, Líbia, Sudão, Omã, Iémen, Norte de África (Tunísia, Argélia, Marrocos, Mauritânia), Angola, Chade, Etiópia, Senegal, Seychelles, Nigéria, Papua Nova Guiné, Camarões, Gabão, Congo, Egito, Emirados Árabes Unidos, Bahrein, Kuwait, Catar, Arábia Saudita, Rússia, Ucrânia, Geórgia, Turquia, Turcomenistão, Uzbequistão, Tadjiquistão, Azerbaijão, Cazaquistão, Quirguistão, Sibéria, Paquistão, Indonésia , Bangladesh, Índia, México, Venezuela, Argentina, Brasil, Chile, Colômbia, Equador, Peru, Canadá, Texas, Colorado, Wyoming, Montana, Louisiana, Alasca, Alabama, Mississipi, Michigan, Kentucky, Arkansas, Kansas, Oklahoma, Novo México, Califórnia, Nebraska, Virgínia Ocidental, Dakota do Norte, Dakota do Sul, Missouri, Utah, Golfo do México, EUA e Oriente Médio. 196 países no total, globalmente. Grande trabalho disponível no setor de óleo e gás A Fox Oil amp Gas Company está procurando preencher o cargo de gerente executivo sênior 65279 65279 para seu escritório em Houston. O candidato deve ter pelo menos 20 anos de experiência no setor de gás de petróleo. Os candidatos que preenchem os critérios acima devem enviar seu CV para foxoildrillinggmail A Fox Oil Drilling oferece a você uma posição que é uma carreira e não apenas um emprego. Você encontrará uma posição desafiadora com muitas oportunidades de progresso. Veja a página de Solicitação de Emprego para muitas novas vagas na Fox Oil Drilling. Seu futuro será garantido com uma empresa que é grande o suficiente para fornecer a você uma ampla gama de crescimento a longo prazo. A Fox Oil Drilling é o lugar certo para quem deseja encontrar emprego na indústria de gás de petróleo, em alto-mar e em terra. A Fox Oil Drilling tem as seguintes posições abertas: gt FERRAMENTA PNEUS gt FERRAMENTA NOITE PUSH gt AGENTE DE SEGURANÇA gt DRILLER (IWCF VALID) gt CHEFE ELETRICISTA gt CHEFE MECÂNICO gt ASSISTENTE DRILLER (IWCF VÁLIDO) gt DERRICK MAN gt ASSISTENTE MECÂNICO gt ASSISTENTE ELETRICISTA gt PISO MAN gt ROUSTABOUT gt SOLDADOR Jeemon Jose CV PARA CHEFE RIG ELÉTRICO Meu nome é Matthew Hicks e im 19 e eu não tenho nenhuma experiência em uma plataforma de petróleo, mas eu quero trabalhar em um muito ruim .. tentei todos os lugares que posso pensar e eu nunca hered de qualquer um deles..im um bom trabalhador dang e viver no profundo texas leste e eu estava me perguntando se u poderia me ajudar a entrar em uma plataforma .. obrigado. Os seguintes profissionais de gás de petróleo estão sendo procurados para plataformas em terra e offshore com a Fox Oil Drilling: Superintendentes de Plataformas Assistente Superintendentes de Equipamentos Rig Managers Assistente Rig Managers Ferramenta Pushers Night Pushers Chefe Eletricistas Assistente Eletricistas Chefe Mecânica Assistente Mecânica Drillers Assistant Drillers Derrick men Floor Homens Com a sua rápida expansão através da construção de plataformas e aquisições, a Fox Oil Drilling está procurando equipes altamente experientes para operar as plataformas. Nossas áreas geográficas diversificadas atendidas por nossas sondas e o número de novos clientes sendo adicionados nos colocam em uma posição forte e desejável. Outras realizações: Drilling Technology 1 certificate Singapore 1989. Tecnologia de Perfuração 2 certificado PUA (França) 1997 Experiência: 30 anos em perfuração de gás com óleo em escala Oslash Trabalhando como Superintendente de Equipamentos (Rig Manager) na WEATHERFORD no Sul do Iraque Superintendente de Rig Oslash (Rig Manager) para Rig AD-34 e AD-35 com Arabian Drilling Company (Grupo Schlumberger) na Arábia Saudita e permutado em 2007 Oslash Trabalhando como Senior Pusher Tool com a Arabian drilling Company no AD-14 e permutado em 2003 Oslash trabalhou como perfurador direcional com SPERRY SUN em Omã, Dubai e Arábia Saudita. Oslash Trabalhou como Senior Tool Pusher com SEDCO FOREX Schlumberger no Paquistão Rig 15. (Land Rig) Oslash Trabalhou como Assistant Driller com SEDCO FOREX Schlumberger em Oman amp China no Rig 58, 32, 15, 96, 47 amp Trident-9 (Land amp JackUps). Experiências em Oslash Exploration and Development Drilling. Oslash Todos os tipos de operações de Work over - Envolvendo bem Killing, Recuperação de strings de conclusão antigas (Ambos Single amp Dual), Corte, Recuperação de amperagem de empacotadores Embaladores de gravel pack, Abandono, Ajuste de estoque de chicote e acompanhamento lateral. Oslash Conclusão do amplificador de perfuração horizontal. Oslash Perfuração de poços de alta temperatura de alta pressão. Poços de avaliação de perfuração de Oslash. Perfuração Incentiva Oslash. Oslash Drill Slim Holes. Oslash Executa todos os tipos de acabamento Único / duplo, incluindo embalagem de cascalho. Uml Como Rig Superintendent Work, envolva por escrito a perfuração, a conclusão e o trabalho sobre o programa, a execução da operação diária do equipamento. Uml Drill relief well ldquoMAKAREM ndash1rdquo em Oman, junto com JOHN WRIGHT relief well specialist. O buraco antigo foi cruzado abaixo do peixe usando homing no método com a ajuda de levantamentos MAGNÉTICOS VETORIAIS. Oslash IWCF (Fórum Internacional de Controle de Poços) Dhahran Arábia Saudita 2001, 2003, 2005, 2007, 2009 e 2013. Oslash Well Cap IADC Dhahran Arábia Saudita Jan 2011. Oslash Treinamento em Sistemas de Gestão QHSE (Compromisso de Liderança de Amparo). Treinamento de Liderança em Segurança da Oslash. Avaliação e Segurança de Risco de Oslash. Gerenciamento de manutenção assistida por computador (CAMM) da Oslash. Vários cursos em casa. Módulo introdutório de seita. Pare programa STOP. seção Rotary Helper Module. seita Derrick Man Module. Módulo Assistente de Perfuração. Seita Driller Module. seita Assistente Superintendente Módulo Rig. Sect Rig Superintendant Module. Curso de Direção Defensiva de middot. middot Handling / Stepping / Lifting Course. Curso de Habilidades de Investigação de Acidentes. middot Drilling Safety Workshops. middot Rig Pass. middot Safe Start. Sou Gerente Sênior de Plataforma, com mais de 35 anos de experiência em busca de emprego de longo prazo. Eu tenho trabalhado em 2.000 amp 4.000 cavalos de potência alegria vara amp cyber cadeira experiência experiência de unidade superior. Saint Stivender Eu tenho trabalhado no campo de petróleo por 30 anos perfurados, ferramentas empurradas, trabalho de conclusão, operador de fábrica Conoco-Phillips Tony Feathers Estou interessado em trabalhar com software de petróleo baseado em simulação e modelagem de reservatório. Eu sou um graduado da M. TECH na PETROLEUM EXPLORATION. L. BHARATH CV Driller para o Oriente Médio Quero me juntar à sua equipe no Oriente Médio. Recentemente, estou trabalhando em emirados com a National Drilling Company (NDC) como perfuradora assistente. Hamad Hamoud Tenho interesse em participar como Coordenador de Logística na sua empresa. Eu estou atualmente em Kemaman, Terengganu Malásia e trabalhei na Engineering amp Construction como coordenador de materiais / logística. Requisitos de perfil pessoal Ndash de ética de trabalho forte ansioso para aprender Fisicamente apto ndash capaz de completar levantamento repetitivo pesado Segue direção ndash conclui tarefas eficientemente Mostra habilidades de liderança - um membro de equipe vital Funciona bem independentemente ou com outros Mais de 100.000 visitantes únicos por mês Meu pai gostaria de solicitar emprego na indústria de plataformas de petróleo. Ele terminou a escola orientado como técnico agrícola. Ele apreciaria qualquer tipo de emprego, se possível. Por favor, envie qualquer informação que possa ser útil. Damir Draskovic, ibenik, Condado de ibenik-Knin, Croácia Olá, Meu nome é Reid Stordahl, atualmente trabalho offshore como um concurso de mergulho, mas estou procurando uma posição mais estável em uma plataforma para uma carreira de longo prazo. Sou um trabalhador esforçado e aprendiz rápido, vou me esforçar todos os dias para me tornar um trunfo para sua empresa e trabalhar para chegar ao topo. Interesse na POSIÇÃO NÍVEL DE ENTRADA para PERFURAÇÃO OFFSHORE Roustabout, Deckhand, Wiper, Seaman Ordinário ou Seaman Capaz Clarence C. Webb, Jr. Gulfport, MS Reunião de recrutamento de RH Oil Drilling HR em nosso escritório em Houston. Aberturas de trabalho atuais Estagiário de oportunidades em perfuração de exploração e perfuração Coordenador Posição de nível de entrada Médico Médico Posicionamento Médico Chefe Eletricista Chefe Mecânico Rig Gerente / Toolpusher Motorman / Assistente de Vaga Mecânica: Gerente de Manutenção Supervisor de perfuração (Land Rigs) Driller Engenheiro Chefe Nível de entrada Engenharia Posição Geofísico Offshore O operador de rádio principal do perfurador do companheiro de rádio do perfurador do superintendente de perfuração do operador de guindaste Marine OIM / mestre para a broca envia SDPO / Ch. Mate / Rig Mestre Eletricista Rig Soldador 3º Engenheiro Chefe Rig Mecânico Cyber Jack up rig Nível de entrada Offshore Oil Rig Job Job no campo de exploração de petróleo Petroleum Engineer Driller com 20 anos de experiência Ferramenta Pusher / Noite Ferramenta Rus superintendente Gostaria de candidatar-se a um emprego em plataforma de petróleo / navio de perfuração com a Fox Oil Drilling. Eu estou segurando licença Indian 2nd Mate (Foreign Going) juntamente com GMDSS todos os certificados STCW. Eu também tenho 3 anos de experiência como Oficial de Navegação independente a bordo do navio. Durante esse período, realizei operações de descarga de carga de petróleo bruto em relação à estabilidade dos navios. Eu também costumava desempenhar as funções de oficial de segurança. Eu estava encarregado da manutenção de aparelhos salva-vidas. Aplicação da SUBRATA KUMAR BHATTACHARYA (2ª Companheira) 1 Maiores salários na indústria de perfuração de petróleo Pago 2 Melhor e Mais Abrangente Cobertura de Seguro de Saúde Benefícios médicos, odontológicos e de visão com maior cobertura e uma ampla variedade de provedores. O plano de compensação inclui cônjuges e dependentes segurados. Apoiamos ativamente você e sua família. O reembolso do ensino normalmente depende do funcionário concluir um curso aprovado pela gerência em uma instituição de ensino superior e obter uma nota aceitável. A participação nos lucros é baseada em uma porcentagem do salário dos funcionários e anos de serviço. Os planos de aposentadoria permitem que o empregado contribua com uma porcentagem de seus ganhos para uma conta de investimento e receba fundos equivalentes da empresa. Todos os funcionários receberão bônus com base nas metas estabelecidas para sua divisão específica. As distribuições serão feitas aos membros de cada equipe de perfuração ou unidade geológica. Quando os níveis alvo são alcançados, como um determinado número de pés perfurados em toda a empresa em um mês, o salário mínimo em um equipamento específico ou os níveis especificados de produção de óleo, os trabalhadores receberão grandes bônus. Mantemos nossas perfuratrizes 100 do tempo sem demissões de funcionários. Nosso compromisso com você é mantê-lo totalmente empregado. Junte-se a uma equipe vencedora Estamos oferecendo muitas oportunidades, bem como novos desafios para nossos funcionários. A Fox Oil Drilling é uma empresa inovadora e de alto desempenho em engenharia. Todos os nossos principais gerentes e líderes de equipe são engenheiros. Indústria offshore de petróleo e gás. Fox Oil Drilling Contínuo Pesquisas de Empregados Manutenção Mecânica de Rádios Drillship Mecânico Mecânico Rig Electrician Rig Mecânico Supervisor de Drilling Motor Mecânico Drillship Entry Level Offshore Posição Roughneck Vacancy Mud Engineer Elétrico Offshore Drillship Assistente Driller Derrickman Roustabout Floorman Campo Mecânico Field Engineer / Drilling Superintendente DPO em perfuração unidades / semi-sub / plataformas 2º / 3º mate / DPO / JbPO / SbPO Engenheiro Eletricista em plataforma off-shore de base cibernética. Engenheiro de Instrumentação / Técnico RN position on offshore rig. Gerente de Projeto Cook Mudlogger / Geólogo Geofísico Geólogo Mud Engineer / Consultor Operador de Equipamentos Pesados Nível de Entrada Offshore Posição Engenheiro de Perfuração Offshore, Marine, Drilling Store Keeper Mecânico / Nível de Entrada Engenharia Operador de Rádio em Plataformas Offshore e Navio de Perfuração Sou um Operador de Rádio com 9 anos de experiência em plataformas marítimas e navios de perfuração com certificação GMDSS válida, além do certificado IMO básico. Atualmente trabalhando a bordo do navio de perfuração PetroSaudi Saturn, na Venezuela ALBERTO GRANADILLO - OPERADOR DE RÁDIO Buscando uma oportunidade para levar toda a experiência adquirida nestes anos, fora do meu país. Disposto a viajar e trabalhar em todo o mundo, conforme necessário. Alberto Granadillo Quero trabalhar com você na Companhia no Estado do Catar Karim Jebrane APLICADO PARA ASSISTENTE PERFURADOR RESPEITO SIR, estou lhe enviando meu CV. Agora estou trabalhando com WEATHERFORD Drilling COMPANY como ASST. DRILLER. Eu tenho 10 anos de experiência de perfuração com empresas internacionais. Eu quero me juntar à sua empresa porque sua empresa tem um grande nome na área de perfuração. Naveed Bhatti Plataforma de perfuração offshore 53 Pedido para o poste de mão no chão Por favor, encontre o anexo do meu CV e eu realmente preciso deste trabalho, espero que você precise me dar uma chance. Eu sei que milhares de pessoas enviaram e-mails para você e me incluíram milhares de pessoas. mas senhor eu tenho maior problema porque senhor sou casado e tenho uma filha senhor eu não tenho fontes também ganhar dinheiro, senhor como eu posso gerenciar minha despesa casa, estou desempregado senhor seu pedido sincero, agora senhor é para você senhor, o que fazer você por mim Estou esperando .. Mikeys (Michael A. Aguero) Currículo: Habilidades Gerais em Mecânica, Atendimento ao Cliente e Vendas de Produtos A Fox Oil Drilling tem novas oportunidades de trabalho disponíveis Inscreva-se agora para avançar em sua carreira. Envie seu currículo para foxoildrillinggmail Submarino Engenheiro Rig Arquivo Clerk Bem Site Supervisor Cliente Representante Despachante Drilling Foreman Gerente de Operação Operation Manager Consultor de Drilling Mud Engineer / Drilling Fluids Rig Instrumento Tech Drilling Engineering Bem Controle Bem Site Supervisor Instrutor Bem Site Supervisor Drilling Superintendente Driller Instrutor Drilling Foreman Direcional Driller OIM Radioman Rig Instrumento Tech Rig Welder Equipe de tripulação Field Service Tech, Mechanic Oil Gerente de Projeto Executivo Engenheiros de Petróleo Coordenador de Logística Coordenador de Manufatura de Materiais Man Company Engineer de Comissionamento Consultor de Perfuração Vendas e Marketing Bem Servindo Testes de Amplificador Engenharia de Perfuração Técnico de Manutenção Técnico de Manutenção Equipe de Tripulação Chefe de Perfuração Instrumento de Contramestre Controles de Amplificador Engenheiro de Produção Operador Lastro de Controle Tech Barge Engineer Mestre de Barca OIM / QA / QC / Inspeção Operador de Guindaste Heavy Lift / Pipelay Offshore Gerente de Instalação Gerente de Rig Gerente de Rig Ferramenta Pusher Night Pusher Rig Oficiais de Segurança Rig Mecânica Rig Eletricistas Roustabout / Floorman / Derrickman Administração Comercial / Financeiro / Jurídico Projeto Perfuração Engenharia Meio Ambiente Geociências Saúde e Segurança RH Secretário Pessoal Gerente de Marketing TI Comunicação Logística Gestão de Compras Marítimo / Mergulho / Operações de ROV Inspeção de Qualidade Técnicos de Vendas / Marketing Como alguém trabalha para yall em Galveston, Texas Monica Duncan Lista de e-mails para possíveis empregos na indústria de gás de petróleo: Para incluir sua empresa neste Guia de Emprego para a Indústria de Gás de Amperímetro, por favor envie um email to foxoildrillinggmail Consulte nosso Centro de Carreira para obter nomes de empresas ativas no recrutamento de contratações de nível de entrada e experientes equipes de manutenção. Seus endereços de e-mail são fornecidos para seu uso pessoal. A lista de e-mail é compilada pela Fox Oil Drilling Company a partir das melhores fontes disponíveis, consideradas confiáveis. Nós sempre temos seus melhores interesses no coração. boa sorte Ronaldo. Morenteme. weatherford, Mubeen. Parkar2me. weatherford, Ashrafyousaf. hosangadyme. weatherford, Ajikumar. balakrishnanairme. weatherford, Amit. Kirodianme. weatherford, aurelio. estanislaome. weatherford, barry. sullivanme. weatherford, Carmaline. Lynchlgnatiusme. weatherford, dataprivacyweatherford, elizabetheapeame. weatherford, FeridSadi. Alime. weatherford, Francisco. perniame. weatherford, holly. keatingme. weatherford, Imdad. Bhuttome. weatherford, john. colemanme. weatherford, khezeyer. Buckerme. weatherford, larry. Buckerme. weatherford, laura. dsouzame. weatherford, manish. Singhme. weatherford, marygrace. domingome. weatherford, melanie. kaniame. weatherford, Michael. Edmondsonme. weatherford, mohamed. guendazme. weatherford, mushtaq. hussainme. weatherford, Narayanan. Kottilaveetilme. weatherford, peter. tanfieldme. weatherford, Qaidar. Osmanme. weatherford, Raquelme. weatherford, recruitingme. weatherford, rowie. delonme. weatherford, scott. Gibsonme. weatherford, sharon. atendidome. weatherford, Shiela. Otadoyme. weatherford, stevegraysonme. weatherford, yasir. waheedme. weatherford, wotmeme. weatherford, alvin. blackmoreparkerdrilling, Kim. Kalseyparkerrilling, krdhrmgrparkerdrilling, morris. boatnerparkerdrilling, ricky. perrittparkerdrilling, roselyndsouzanabors, Fairouz. Salehnabors, Hamza. Muhammadnabors, Rose. Lopesnabors, cozinheiro. Rodgernabors, Nidhi. Agarwalnabors, Rodger. cooknabors, Lawrence. Dsouzanabors, beth. barbanabors, carmel. stephennabors, eloise. brackenridgenabors, field. jobsnabors, hr. ndlnabors, Ian. Greennabors, Jyoti. Choudharynabors, kavita. nunasenabors, Nadia. Benlakehalnabors, nagiba. anamnabors, roselyn. dsouzanabors, serita. boysienabors, Sofia. Hadjarnabors, Radzi. Ismailnabors, Hakimi. Zainolnabors, Aravind. Ganesannabors, Dawn. Tylernabors, Hr. ndilnabors, shajina. theresanabors, Vikas Raghavan ltvikas. raghavannaborsgt, veena. bangeranabors, gavino. mangsatnabors, Shafeeque Vazhayil ltshafeeque. vazahilnaborsgt, preeti. chadhanabors, owais. naseemnabors, abdulla. alhammadigdi. qa, alzubarahdsgdi. qa, ame enulla. shariffgdi. qa, andrea. lasradogdi. qa, anitha. varghesegdi. qa, hamad. almansourgdi. qa, hrgdi. qa, huda. mohammadgdi. qa, huda. mohammedgdi. qa, infogdi. qa, jameel. ahmedgdi. qa, Jamil. ahmedgdi. qa, Melvin. dsouzagdi. qa, melwin. dsouzagdi. qa, richard. bountagdi. qa, rubben. khodadadigdi. qa, salah. alkubtigdi. qa, saleh. almohammedgdi. qa, Savio. juliengdi. qa, talimbay. rheagdi. qa, Zahra. almansoorgdi. qa, Sameh. qanyemgdi. qa, nicklegaspisaipem, sadiq. mohammadsaipem, shaju. saraseeruhakshansaipem, Shammy. Nazeersaipem, Zaki. hassansaipem, raghunathan. machingalsaipem, Mohammed. Shanoobsaipem, Qateel. Fahmisaipem, ajohnprecisiondrilling, AMuhammedprecisiondrilling, internationaljobsprecisiondrilling, kchitoorprecisiondrilling, mhassprecisiondrilling, bradley. lewingtonspencer-ogden, josh. wrightspencer-ogden, bonnie. whitfieldspencer-ogden, colin. sutterspencer-ogden, craig. wallacespencer-ogden, daniel. mcdonnellspencer-ogden, donna. 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Benlakehalnabors, nagiba. anamnabors, roselyn. dsouzanabors, serita. boysienabors, Sofia. Hadjarnabors, Radzi. Ismailnabors, Hakimi. Zainolnabors, Aravind. Ganesannabors, Dawn. Tylernabors, Hr. ndilnabors, shajina. theresanabors, Vikas Raghavan ltvikas. raghavannaborsgt, veena. bangeranabors, gavino. mangsatnabors, Shafeeque Vazhayil ltshafeeque. vazahilnaborsgt, preeti. chadhanabors, owais. naseemnabors, abdulla. alhammadi gdi. qa, alzubarahdsgdi. qa, ameenulla. shariffgdi. qa, andrea. lasradogdi. qa, anitha. varghesegdi. qa, hamad. almansourgdi. qa, hrgdi. qa, huda. mohammadgdi. qa, huda. mohammedgdi. qa, infogdi. qa, jameel. ahmedgdi. qa, Jamil. ahmedgdi. qa, Melvin. dsouzagdi. qa, melwin. dsouzagdi. qa, richard. bountagdi. qa, rubben. khodadadigdi. qa, salah. alkubtigdi. qa, saleh. almohammedgdi. qa, Savio. juliengdi. qa, talimbay. rheagdi. qa, Zahra. almansoorgdi. qa, Sameh. qanyemgdi. qa, nick. legaspisaipem, sadiq. mohammadsaipem, shaju. saraseeruhakshansaipem, Shammy. Nazeersaipem, Zaki. hassansaipem, raghunathan. machingalsaipem, Mohammed. Shanoobsaipem, Qateel. Fahmisaipem, ajohnprecisiondrilling, AMuhammedprecisiondrilling, internationaljobsprecisiondrilling, kchitoorprecisiondrilling, mhassanprecisiondrilling, bradley. lewingtonspencer-ogden, josh. wrightspencer-ogden, bonnie. whitfieldspencer-ogden, colin. sutterspencer-ogden, craig. wallacespencer-ogden, daniel. mcdonnellspencer - ogden, donna. 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McKayglobalsantafe, Gerry OGrady ltgerryogradylive. cagt, Gill Whiteside ltgill. whitesideopsscotlandgt, gwdckenyacnpc. cn, gwdclibyasina, haomakasibndc. ae, HarrisSwartzoxy, hartadiqp. qa, heiko. winteroocep, hemangaakashexploration, herbvigeantkdc. kw, hrassisioges, hrdallah-group, hrdewanpetroleum, hrkndco. net, hrogsmanpower, hrselectivemarine, hrsprint-oilfieldservices, infoablemaninternational, infoassisioges, infocanelsondrilling, infonorscot. net, iran. gwdccnpc. cn, iraqcnlc. cn, isumaneilndc. ae, j. krausebrunel. net, jamesbigdogdrilling. net, JBWANG2008yahoo. sg, jenny. thomasburgandrilling, jobs-expat-adcslb, joepughlongneckerrigging , damir. zadravecyahoo, jonathanlongneckerrigging, kathleenjvi-global, kazakhstancnlc. cn, kellymrowancompanies, Kerry. 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Salehnabors, fcartujanondc. ae, falmalahindc. ae, foxoildrillinggmail. denisrobionselection, salah. alkubatigdi. qa, shenlongusgmail, stanely. deannomacdrilling, syed. ahmadme. weathorford, ahmedalsulaimanindc. ae, alsulaimanindc. ae, aumeslb, ayesha. khanme. weatherford, zulfiqar. buttme. weatherford, chairman. secttdewanpetroleum, cvglobaljobsnet, beth. barbanabors, nagiba. anamnabors, ndcislamicmanpower, neerajmbholding. co, nmailikdewanpetroleum, mabbaprecisiondrilling, masood. abdalime. weatherford, melody. jinsprg. hk, mgkausardewanpetroleum, mian. imitiazgdi. qa, 7lightsconsultantgmail, adc12irs, aalqubandc. ae, aliradwahotmail, lucyana aryndo ltaryndogmailgt, crewofrigyahoo, m. dawood asad ltdawoodenterprises1988gmailgt, drilling. mahotmail, drillingtdsgmail, foxoildrillinggmail. gwdcnigergmail, hrmogsyahoo, islamicmpyahoo, Muhammad Ilyas ltjobs. milyasbrosgmailgt, jobsdrillingyahoo, mcsekwyahoo, m ilyas ltmilyasbrosgmailgt, mr. sagaraliyahoo, Hse Trainings ltoasispakgmailgt, Michael Farrugia ltogm. maltagmailgt, vconzhotmail, Wang Allen lttcpdc. pkgmailgt, sps. drillinggmail, Sukhbir Sidhu ltsnk. sukhbirgmailgt, sanjoseabudhabigmail, recruitnewbuildgmail, crewing. golighthaus-marine, rdcfrontdeskgmail, aamohammedqp. qa, aalsulaimanindc. ae, t. denneybrunel. net, abanoffshoreaban, abdullah. alhadyabrajoman, adamqp. qa, adam umer ltadamshaleem. co. omgt, adityaarchelons, ae3firstmagellan, alayhamomantel. net. om, albakriqp. qa, almullaqp. qa, altallaqp. qa, ananianqp. qa, andrew. closestork, atadaaarabianrecruitment. ae, aya. ben-brikempiric, bdmabrajoman, carltonbigdogdrilling. net, celsharowancompanies, ceofmjassociates, chad. gwdccnpc. cn, consultmasorg, crewinglighthaus-marine, cuba. gwdccnpc. cn, cvalahadgroup, cvglobaljobsnet, CVmasarhr, cyesternoblecorp, dan. suteumcleay. ab. ca, Danilo Catudio. Baquilodhalliburton, dannylongneckerrigging, Denis Clifton ltdenisrobionselectiongt, Moosa Koya ltdrillinggmkuwaitgt, dubaicnlc. cn, egeisslerwellcontrol, elfaghiqp. qa, emeka. ossialdelia, enquiriesaztecdrilling, enrollgtsc. biz, fahad. kafifkdc. kw, fakhroqp. qa, fcartujanondc. ae, fluidengomantel. net. om, gabriel. caitamcleay. ab. ca, Gerry. McKayglobalsantafe, Gerry OGrady ltgerryogradylive. cagt, Gill Whiteside ltgill. whitesideopsscotlandgt, gwdckenyacnpc. cn, gwdclibyasina, haomakasibndc. ae, HarrisSwartzoxy, hartadiqp. qa, heiko. winteroocep, hemangaakashexploration, herbvigeantkdc. kw, hrassisioges, hrdallah-group, hrdewanpetroleum, hrkndco. net, hrogsmanpower, hrselectivemarine, hrsprint-oilfieldservices, indonesia. gwdccnpc. cn, infoablemaninternational, infoassisioges, infocanelsondrilling, infonorscot. net, iran. gwdccnpc. cn, iraqcnlc. cn, isumaneilndc. ae, j. krausebrunel. net, jamesbigdogdrilling. net, JBWANG2008yahoo. sg, jenny. thomasburgandrilling, jobs-expat-adcslb, joepughlongneckerrigging , jonathanlongneckerrigging, kathleenjvi-global, kazakhstancnlc. cn, kellymrowancompanies, Kerry. McCombie.18054.224petroplan. aplitrak, khalid. damkhikdc. kw, LMejia2slb, louise. knightthegulfrecruitmentgroup, lpinccharter. net, malbinaliqp. qa, manrakrowancompanies, mdtcomzest, mexico. gwdccnpc. cn, mgkausardewanpetroleum, MikeStarrettoxy, mirpulrowancompanies, mkt. omanalnuaimi-group, MMcClurenoblecorp, mrahmanndc. ae, mtesselaartotalsafety, muniroilrigs, mustafaburgandrilling, Mwestslb, naeem. yaminomsae, Natasha. fernandesburgandrilling, nazakat. aliheston. net, ndscoomantel. net. om, neil. mellinnesglobal, Neil Smith ltneilsbbltechnical. co. ukgt, nigercnlc. cn, nik. rossrossrecruitment, ofsmuscat. oilfield. slb, oim22rowancompanies, oim37rowancompanies, oim38rowancompanies, oim39rowancompanies, oim42rowancompanies, oim56rowancompanies, oim57rowancompanies, oman. gwdccnpc. cn, oozenatlasservicesgroup, oryxomanomantel. net. om, pakistancnlc. cn, pakistankarimicontracting, PaulSpringoxy, philthebridgenergy, pol cmspakoil. pk, poncet3slb, priyankasofomation, qums. gwdccnpc. cn, raldosariqp. qa, rajnish. goswamiabrajoman, ral-awadslb, recruitsoulresources, recruiter10asmacs. ph, recruitmentaryndo, reservationramadachelseadubai, resumesmcleay. ab. ca, rismailsaxonservices, rmadisonrigemployment, rochellevelosi, rolandbellastotal, ssankarqp. qa, Sameer Parambath ltsameernpsintlgt, saud. dehamkdc. kw, shehzadogec. pk, shitalabhiksha, shuhusrowancompanies, sk. gwdccnpc. cn, sosdohaqatar. net. qa, sosheapg-global, stevebigdogdrilling. net, subbiahndsco. net, sudan. gwdccnpc. cn, Sukhbirsnkinternational. org, sulaiman. musallamkdc. kw, sunny. thomasabrajoman, syria. gwdccnpc. cn, techrockomantel. net. om, tfieldsslb, thai. gwdccnpc. cn, tijanases-iraq, togrul. iskenderli.780.49.224petroplan. aplitrak, tomchronosoilandgas, tq19820805126, uzbekistancnlc. cn, ve. gwdccnpc. cn, victoria. goetz2hoffshoreinc, vinayjvi-global, vipulaakashexploration, wadelongneckerrigging, webmasterndc. ae, will. oramhays. au, workabroadisdphilippines, yaqubimbp etroleum. co. om, Yemendrilly. net. ye, z. zainalabidinbrunel. net, zhangyueanhilonggroup, zuweinambpetroleum. co. om, doug. shafferreagan, senan85hnyahoo, Scott Bell ltjeffrey. scott. bellgmailgt, damir. zadravecyahoo, merlinkenhotmail, Guo Xiaonan ltguoxiaonangmailgt, BASIT MALIK CEO OGS ltceoogsgmailgt, resumedrillingadvisory. info, Colin Sutter ltsutter.59gmailgt, Rachel. mccullochcierecruit, clawieonepeterson, gimhuan ng toapayoh111hotmail Good Luck in your job search in 2015. The above email list has been compiled by Fox Oil Drilling for your personal job search. The list includes U. S. and international contacts. Learn to market your skills Come in strong and personalize it We are seeking proficient, experienced Managers, Engineers and 2D, 3D Designers in all Disciplines for Design and Construction. The following Technical Expertise is required on Contract or Permanent basis: 1.Piping - (Engineers, Designers amp Draftsmen) 2.Process - (Engineers, Designers amp Draftsmen) 3.Civil amp structural - (Engineers, Designers amp Draftsmen) 4.Mechanical - (Engineers, Designers amp Draftsmen) 5.Electrical - (Engineers, Designers amp Draftsmen) 6.Instrumentation - (Engineers, Designers amp Draftsmen) 7.2D amp 3D Designers, Modelers ndash SP3D, PDS, PDMS, AUTOPLANT 8.Planning Engineers 9missioning Engineers 10.HSE Site Engineers 11.Resident Construction Engineer/ Managers 12.Project Engineers 13.Site Planning Managers 14.QA/QC Engineers and Managers 15.Oil and Gas, Office and Site Administrative Staff 16.Supervisor Mechanical---(Sr/Jr) 17.Supervisor Piping---(Sr/Jr) 18.Supervisor Structural---(Sr/Jr) 19.Rig Builders---Onshore and Offshore 20.Oil Facilities---Land Installations and Offshore Platforms Applied for Assistant Driller Onshore Offshore Semisub experience Cyber 3000, 2000 HP Joystick Emad Hamdy Fawy Ahmed. Possibilities for oil and gas direct hire jobs (recent list compilation by Fox Oil Drilling): foxoildrillinggmail ltfoxoildrillinggmailgt, henry. delrosarioburgandrilling, lthenry. delrosarioburgandrillinggt, hariharan. pooyathburgandrilling, lthariharan. pooyathburgandrillinggt, hrsupportburgandrilling, lthrsupportburgandrillinggt, hussain. saifuddinburgandrilling, lthussain. saifuddinburgandrillinggt, contactusegyptian-drilling , ltcontactusegyptian-drillinggt, ndcislamicmanpower , ltndcislamicmanpowergt, naveen. rajanburgandrilling, ltnaveen. rajanburgandrillinggt, mevanseldoradodrillingcompany, mevanseldoradodrillingcompany , aauerniggpih. co. uk ltaauerniggpih. co. ukgt, foxoildrillinggmail ltfoxoildrillinggmailgt , hannah. tabetandobowleven lthannah. tabetandobowlevengt, careersmarriottdrilling ltcareersmarriottdrillinggt, infobreitlingenergy ltinfobreitlingenergygt, infogoldoilplc ltinfogoldoilplcgt, aberdeenterceloilfield ltaberdeenterceloilfieldgt, dleithuk. ey ltdleithuk. eygt, offshore. rec ruitmenttopaz-marine ltoffshore. recruitmenttopaz-marinegt, rwynneorcaexploration ltrwynneorcaexplorationgt, recruitmentawilcodrilling ltrecruitmentawilcodrillinggt, recruitmentpremier-oil ltrecruitmentpremier-oilgt, ukcircleoil. net ltukcircleoil. netgt, timtalisman-energy lttimtalisman-energygt, towertowerresources. co. uk lttowertowerresources. co. ukgt, tullowpeopleenquiriestullowoil lttullowpeopleenquiriestullowoilgt, sosg. careersolstad. sg ltsosg. careersolstad. sggt, inforockhopperexploration. co. uk ltinforockhopperexploration. co. ukgt, infosomaoilandgas ltinfosomaoilandgasgt, maileuropaoil ltmaileuropaoilgt, infoprovidenceresourses ltinfoprovidenceresoursesgt, mlofgranntog. co. uk ltmlofgranntog. co. ukgt, infoupwebsite ltinfoupwebsitegt, generalpublicenquiries-ukshell ltgeneralpublicenquiries-ukshellgt, infoafren ltinfoafrengt, infoantrimenergy ltinfoantrimenergygt, infobdf. co. uk ltinfobdf. co. ukgt, infonorthpet ltinfonorthpetgt, recruitmentrbgltd ltrecruitmentrbgltdgt, lowestoft. hrsalamis ltl owestoft. hrsalamisgt, infoswire. sg infoswire. sg , uocmumbaivsnl. net ltuocmumbaivsnl. netgt, cmzamsindia ltcmzamsindiagt, zamsbom3.vsnl. net. in ltzamsbom3.vsnl. net. ingt, cm305vsnl ltcm305vsnlgt, cvmanavconsultants ltcvmanavconsultantsgt, hrmanavconsulants lthrmanavconsulantsgt, seagulljobsgmail ltseagulljobsgmailgt, fpsamsonmaritime ltfpsamsonmaritimegt, oilngasplacementgmail ltoilngasplacementgmailgt, jobsarayoffshore ltjobsarayoffshoregt, contactsjindaldrilling. in ltcontactsjindaldrilling. ingt, foxoildrillinggmail ltfoxoildrillinggmailgt, employmentclsoffshore employmentclsoffshore , field. jobsnabors ltfield. jobsnaborsgt, fivecontemirates. net. ae ltfivecontemirates. net. aegt, foxoildrillinggmail ltfoxoildrillinggmailgt, alex. hayeslakingaranmoorhouse ltalex. hayeslakingaranmoorhousegt, alsulaimanindc. ae ltalsulaimanindc. aegt, AQMA.29168.1835sthreesg. aplitrak ltAQMA.29168.1835sthreesg. aplitrakgt, jobscarsurin ltjobscarsuringt, dqwl. hrdgmail. co dqwl. hrdgmail. co , jobssaxonservices ltjobssaxon servicesgt, jobsgdi. qa ltjobsgdi. qagt, samreclutamientosaxonservices ltsamreclutamientosaxonservicesgt, infosaxonservices ltinfosaxonservicesgt, chuckwalkerbrothersdrilling. us ltchuckwalkerbrothersdrilling. usgt, michellewalkerbrothersdrilling. us ltmichellewalkerbrothersdrilling. usgt, rig17tpwalkerbrothersdrilling. us ltrig17tpwalkerbrothersdrilling. usgt, rig35tpwalkerbrothersdrilling. us ltrig35tpwalkerbrothersdrilling. usgt, foxoildrillinggmail ltfoxoildrillinggmailgt, secmasterdrill. co. za ltsecmasterdrill. co. zagt, explorationmasterdrilling ltexplorationmasterdrillinggt, kalakala. cl kalakala. cl , abd. elhamied900yahoo ltabd. elhamied900yahoogt, efco33yahoo ltefco33yahoogt, recruitomsae ltrecruitomsaegt, Riglinesupportcanrig ltRiglinesupportcanriggt, ogscvsgmail ltogscvsgmailgt, pfinchprecisiondrilling ltpfinchprecisiondrillinggt, aramcorp-jobs ltaramcorp-jobsgt, asmacs1asmacskuwait ltasmacs1asmacskuwaitgt, amgadmourisyahoo ltamgadmourisyahoogt, sadia. aligegroup ltsadia. aligegroupgt, salesg manpowersolutions ltsalesgmanpowersolutionsgt, sarah. bettyablyresources ltsarah. bettyablyresourcesgt, scott. gibsonme. weatherford ltscott. gibsonme. weatherfordgt, shamsrigwaysgroup ltshamsrigwaysgroupgt, submasterndc. ae ltsubmasterndc. aegt, datasoheljobs ltdatasoheljobsgt, foxoildrillinggmail ltfoxoildrillinggmailgt, fcartujanondc. ae ltfcartujanondc. aegt, hrrigways lthrrigwaysgt, kathreencortestescocorp ltkathreencortestescocorpgt, careercrosco. hr ltcareercrosco. hrgt, cvqebaa-eg ltcvqebaa-eggt, cvrecruitmentndc. ae ltcvrecruitmentndc. aegt, cvecruitmentndc. ae ltcvecruitmentndc. aegt, VNambiarslb ltVNambiarslbgt, bdm6falconmsl ltbdm6falconmslgt, bill. michocanrig ltbill. michocanriggt, naeem. yaminomsae ltnaeem. yaminomsaegt, nohaeiseg ltnohaeiseggt, majidchallengerlimited ltmajidchallengerlimitedgt, mnazahatchallengerlimited ltmnazahatchallengerlimitedgt, mnowfalprecisiondrilling mnowfalprecisiondrilling , denisrobionselection ltdenisrobionselectiongt, marketing3.gwdccnpc. cn ltmarketing3.gwdccn pc. cngt, anna. burzynskamaersk ltanna. burzynskamaerskgt, info. dekcadeutag ltinfo. dekcadeutaggt, infouk. kcadeutag ltinfouk. kcadeutaggt, contactkdc. kw ltcontactkdc. kwgt, saud. dehamkdc. kw ltsaud. dehamkdc. kwgt, sulaiman. musallamkdc. kw ltsulaiman. musallamkdc. kwgt, herbvigeantkdc. kw ltherbvigeantkdc. kwgt, fahad. kafifkdc. kw ltfahad. kafifkdc. kwgt, robin. bosekdc. kw ltrobin. bosekdc. kwgt, khalid. damkhikdc. kw ltkhalid. damkhikdc. kwgt, infopng-drilling ltinfopng-drillinggt, foxoildrillinggmail ltfoxoildrillinggmailgt, marketingvantagedrilling ltmarketingvantagedrillinggt, infoadwoc ltinfoadwocgt, investors. relationseurasiadrilling ltinvestors. relationseurasiadrillinggt, mailangoladrilling mailangoladrilling , rigmanager. svheritageshiv-vani , 7lightsconsultantgmail lt7lightsconsultantgmailgt, adc12irs ltadc12irsgt, aliradwahotmail ltaliradwahotmailgt, lucyana aryndo ltaryndogmailgt, crewofrigyahoo ltcrewofrigyahoogt, m. dawood asad ltdawoodenterprises1988gmailgt, drilling. mahotmail ltdrilling. mahotmail gt, drillingtdsgmail ltdrillingtdsgmailgt, foxoildrillinggmail ltfoxoildrillinggmailgt, gwdcnigergmail ltgwdcnigergmailgt, hrmogsyahoo lthrmogsyahoogt, islamicmpyahoo ltislamicmpyahoogt, Muhammad Ilyas ltjobs. milyasbrosgmailgt, jobsdrillingyahoo ltjobsdrillingyahoogt, mcsekwyahoo ltmcsekwyahoogt, m ilyas ltmilyasbrosgmailgt, mr. sagaraliyahoo ltmr. sagaraliyahoogt, Hse Trainings ltoasispakgmailgt, Michael Farrugia ltogm. maltagmailgt, vconzhotmail ltvconzhotmailgt, Wang Allen lttcpdc. pkgmailgt, sps. drillinggmail ltsps. drillinggmailgt, Sukhbir Sidhu ltsnk. sukhbirgmailgt, sanjoseabudhabigmail ltsanjoseabudhabigmailgt, recruitnewbuildgmail ltrecruitnewbuildgmailgt, crewing. golighthaus-marine ltcrewing. golighthaus-marinegt, rdcfrontdeskgmail ltrdcfrontdeskgmailgt, aamohammedqp. qa ltaamohammedqp. qagt, t. denneybrunel. net ltt. denneybrunel. netgt, abanoffshoreaban ltabanoffshoreabangt, abdullah. alhadyabrajoman ltabdullah. alhadyabrajomangt, adamqp. qa ltadamqp. qagt, adam umer ltadamshaleem. co. omgt, adityaarchelons ltadityaarchelonsgt, ae3firstmagellan ltae3firstmagellangt, alayhamomantel. net. om ltalayhamomantel. net. omgt, albakriqp. qa ltalbakriqp. qagt, almullaqp. qa ltalmullaqp. qagt, altallaqp. qa ltaltallaqp. qagt, ananianqp. qa ltananianqp. qagt, andrew. closestork ltandrew. closestorkgt, atadaaarabianrecruitment. ae ltatadaaarabianrecruitment. aegt, aya. ben-brikempiric ltaya. ben-brikempiricgt, bdmabrajoman ltbdmabrajomangt, carltonbigdogdrilling. net ltcarltonbigdogdrilling. netgt, celsharowancompanies ltcelsharowancompaniesgt, ceofmjassociates ltceofmjassociatesgt, chad. gwdccnpc. cn ltchad. gwdccnpc. cngt, consultmasorg ltconsultmasorggt, crewinglighthaus-marine ltcrewinglighthaus-marinegt, cuba. gwdccnpc. cn ltcuba. gwdccnpc. cngt, cvalahadgroup ltcvalahadgroupgt, cvglobaljobsnet ltcvglobaljobsnetgt, CVMasarHR ltCVmasarhrgt, cyesternoblecorp ltcyesternoblecorpgt, dan. suteumcleay. ab. ca ltdan. suteumcleay. ab. cagt, DaniloCatudio. Baquilodhalliburton ltDaniloCatudio. Baquilodhalliburtongt, dannylongn eckerrigging ltdannylongneckerrigginggt, Denis Clifton ltdenisrobionselectiongt, Moosa Koya ltdrillinggmkuwaitgt, dubaicnlc. cn ltdubaicnlc. cngt, egeisslerwellcontrol ltegeisslerwellcontrolgt, elfaghiqp. qa ltelfaghiqp. qagt, emeka. ossialdelia ltemeka. ossialdeliagt, enquiriesaztecdrilling ltenquiriesaztecdrillinggt, enrollgtsc. biz ltenrollgtsc. bizgt, fahad. kafifkdc. kw ltfahad. kafifkdc. kwgt, fakhroqp. qa ltfakhroqp. qagt, fluidengomantel. net. om ltfluidengomantel. net. omgt, gabriel. caitamcleay. ab. ca ltgabriel. caitamcleay. ab. cagt, Gerry. McKayGlobalSantaFe ltGerry. McKayglobalsantafegt, Gerry OGrady ltgerryogradylive. cagt, Gill Whiteside ltgill. whitesideopsscotlandgt, gwdckenyacnpc. cn ltgwdckenyacnpc. cngt, gwdclibyasina ltgwdclibyasinagt, Rig HAO MAKASIB (NDC) ltHAOMAKASIBndc. aegt, HarrisSwartzoxy ltHarrisSwartzoxygt, hartadiqp. qa lthartadiqp. qagt, heiko. winteroocep ltheiko. winteroocepgt, hemangaakashexploration lthemangaakashexplorationgt, herbvigeantkdc. kw ltherbvigeantkdc. kwgt, hrassisioges lt hrassisiogesgt, hrdallah-group lthrdallah-groupgt, hrdewanpetroleum lthrdewanpetroleumgt, hrkndco. net lthrkndco. netgt, hrogsmanpower lthrogsmanpowergt, hrselectivemarine lthrselectivemarinegt, hrsprint-oilfieldservices lthrsprint-oilfieldservicesgt, indonesia. gwdccnpc. cn ltindonesia. gwdccnpc. cngt, infoablemaninternational ltinfoablemaninternationalgt, infoassisioges ltinfoassisiogesgt, infocanelsondrilling ltinfocanelsondrillinggt, infonorscot. net ltinfonorscot. netgt, iran. gwdccnpc. cn ltiran. gwdccnpc. cngt, iraqcnlc. cn ltiraqcnlc. cngt, j. krausebrunel. net ltj. krausebrunel. netgt, jamesbigdogdrilling. net ltjamesbigdogdrilling. netgt, JBWANG2008YAHOO. SG ltJBWANG2008yahoo. sggt, jenny. thomasburgandrilling ltjenny. thomasburgandrillinggt, jobs-expat-adcslb ltjobs-expat-adcslbgt, joepughlongneckerrigging ltjoepughlongneckerrigginggt, jonathanlongneckerrigging ltjonathanlongneckerrigginggt, kathleenjvi-global ltkathleenjvi-globalgt, kazakhstancnlc. cn ltkazakhstancnlc. cngt, kellymrowancompanies ltk ellymrowancompaniesgt, Kerry. McCombie.18054.224petroplan. aplitrak ltKerry. McCombie.18054.224petroplan. aplitrakgt, khalid. damkhikdc. kw ltkhalid. damkhikdc. kwgt, LMejia2slb ltLMejia2slbgt, louise. knightthegulfrecruitmentgroup ltlouise. knightthegulfrecruitmentgroupgt, lpinccharter. net ltlpinccharter. netgt, malbinaliqp. qa ltmalbinaliqp. qagt, manrakrowancompanies ltmanrakrowancompaniesgt, mdtcomzest ltmdtcomzestgt, mexico. gwdccnpc. cn ltmexico. gwdccnpc. cngt, mgkausardewanpetroleum ltmgkausardewanpetroleumgt, MikeStarrettoxy ltMikeStarrettoxygt, mirpulrowancompanies ltmirpulrowancompaniesgt, mkt. omanalnuaimi-group ltmkt. omanalnuaimi-groupgt, MMcClurenoblecorp ltMMcClurenoblecorpgt, mtesselaartotalsafety ltmtesselaartotalsafetygt, muniroilrigs ltmuniroilrigsgt, mustafaburgandrilling ltmustafaburgandrillinggt, Mwestslb ltMwestslbgt, naeem. yaminomsae ltnaeem. yaminomsaegt, Natasha. fernandesburgandrilling ltNatasha. fernandesburgandrillinggt, nazakat. aliheston. net ltnazakat. aliheston. netgt, ndscooma ntel. net. om ltndscoomantel. net. omgt, neil. mellinnesglobal ltneil. mellinnesglobalgt, Neil Smith ltneilsbbltechnical. co. ukgt, nigercnlc. cn ltnigercnlc. cngt, nik. rossrossrecruitment ltnik. rossrossrecruitmentgt, ofsmuscat. oilfield. slb ltofsmuscat. oilfield. slbgt, oim22rowancompanies ltoim22rowancompaniesgt, oim37rowancompanies ltoim37rowancompaniesgt, oim38rowancompanies ltoim38rowancompaniesgt, oim39rowancompanies ltoim39rowancompaniesgt, oim42rowancompanies ltoim42rowancompaniesgt, oim56rowancompanies ltoim56rowancompaniesgt, oim57rowancompanies ltoim57rowancompaniesgt, oman. gwdccnpc. cn ltoman. gwdccnpc. cngt, oozenatlasservicesgroup ltoozenatlasservicesgroupgt, oryxomanomantel. net. om ltoryxomanomantel. net. omgt, pakistancnlc. cn ltpakistancnlc. cngt, pakistankarimicontracting ltpakistankarimicontractinggt, PaulSpringoxy ltPaulSpringoxygt, philthebridgenergy ltphilthebridgenergygt, polcmspakoil. pk ltpolcmspakoil. pkgt, poncet3slb ltponcet3slbgt, priyankasofomation ltpriyankasofomationgt, qums. g wdccnpc. cn ltqums. gwdccnpc. cngt, raldosariqp. qa ltraldosariqp. qagt, rajnish. goswamiabrajoman ltrajnish. goswamiabrajomangt, ral-awadslb ltral-awadslbgt, recruitsoulresources ltrecruitsoulresourcesgt, recruiter10asmacs. ph ltrecruiter10asmacs. phgt, recruitmentaryndo ltrecruitmentaryndogt, reservationramadachelseadubai ltreservationramadachelseadubaigt, resumesmcleay. ab. ca ltresumesmcleay. ab. cagt, rismailsaxonservices ltrismailsaxonservicesgt, rmadisonrigemployment ltrmadisonrigemploymentgt, rochellevelosi ltrochellevelosigt, rolandbellastotal ltrolandbellastotalgt, ssankarqp. qa ltssankarqp. qagt, Sameer Parambath ltsameernpsintlgt, Saud Deham ltsaud. dehamkdc. kwgt, shehzadogec. pk ltshehzadogec. pkgt, shitalabhiksha ltshitalabhikshagt, shuhusrowancompanies ltshuhusrowancompaniesgt, sk. gwdccnpc. cn ltsk. gwdccnpc. cngt, sosdohaqatar. net. qa ltsosdohaqatar. net. qagt, sosheapg-global ltsosheapg-globalgt, stevebigdogdrilling. net ltstevebigdogdrilling. netgt, subbiahndsco. net ltsubbiahndsco. netgt, sudan. gwdccnpc. cn ltsudan. gwdccnpc. cngt, Sukhbirsnkinternational. org ltSukhbirsnkinternational. orggt, Sulaiman Musallam ltsulaiman. musallamkdc. kwgt, sunny. thomasabrajoman ltsunny. thomasabrajomangt, syria. gwdccnpc. cn ltsyria. gwdccnpc. cngt, techrockomantel. net. om lttechrockomantel. net. omgt, tfieldsslb lttfieldsslbgt, thai. gwdccnpc. cn ltthai. gwdccnpc. cngt, tijanases-iraq lttijanases-iraqgt, togrul. iskenderli.780.49.224petroplan. aplitrak lttogrul. iskenderli.780.49.224petroplan. aplitrakgt, tomchronosoilandgas lttomchronosoilandgasgt, tq19820805126 lttq19820805126gt, uzbekistancnlc. cn ltuzbekistancnlc. cngt, ve. gwdccnpc. cn ltve. gwdccnpc. cngt, victoria. goetz2hoffshoreinc ltvictoria. goetz2hoffshoreincgt, vinayjvi-global ltvinayjvi-globalgt, vipulaakashexploration ltvipulaakashexplorationgt, wadelongneckerrigging ltwadelongneckerrigginggt, Webmaster (NDC ISampT) ltWebmasterndc. aegt, will. oramhays. au ltwill. oramhays. augt, workabroadisdphilippines ltworkabroadisdphilippinesgt, yaqubimbpetroleum. co. om l tyaqubimbpetroleum. co. omgt, Yemendrilly. net. ye ltYemendrilly. net. yegt, z. zainalabidinbrunel. net ltz. zainalabidinbrunel. netgt, zhangyueanhilonggroup ltzhangyueanhilonggroupgt, zuweinambpetroleum. co. om ltzuweinambpetroleum. co. omgt, doug. shafferreagan ltdoug. shafferreagangt, senan85hnyahoo ltsenan85hnyahoogt, Scott Bell ltjeffrey. scott. bellgmailgt, damir. zadravecyahoo ltdamir. zadravecyahoogt, merlinkenhotmail ltmerlinkenhotmailgt, Guo Xiaonan ltguoxiaonangmailgt, BASIT MALIK CEO OGS ltceoogsgmailgt, resumedrillingadvisory. info ltresumedrillingadvisory. infogt, Colin Sutter ltsutter.59gmailgt, Rachel. mccullochcierecruit ltRachel. mccullochcierecruitgt, clawieonepeterson ltclawieonepetersongt, gimhuan ng lttoapayoh111hotmailgt Unconventional Oil amp Gas Report UOGR Digital Magazine and Past Issues First published in 1902, Oil amp Gas Journal is the worlds most widely read petroleum industry publication. Each week the Journal delivers the latest international oil and gas news analysis of issues and events practical technology for design, operation and maintenance and important statistics on international markets and activity. With a history spanning over 112 years, generations have relied on Oil amp Gas Journal. Make the Journal your first choice for the latest news and reports in the industry We do. Warm welcome to the following companies (a work-in-progress) seeking increased overseas sales by listing on the Fox Oil Drilling website: ldquoThank you for your dedication to advance cooperation and networking in the oil amp gas industry. rdquo Adam Gan, Business Development Manager Thanks for listing us onto your website. Eu realmente aprecio isso. Parvesh Sareen To: Fox Oil Drilling Letter of cooperation Upet SA SC UPET SA, a member of Industrial Group Generation Russia, one of the European leading manufacturer of wide range of drilling and oilfield equipment, such as: mobile amp stationary oil and gas drilling and workover rigs with hook load of 40-250 tons, auxiliary drilling equipment (mud pumps, rotary tables, travelling blocks, crownblocks, swivels, drawworks etc.) The companys comprehensive range of products is manufactured according to the international technical and quality standards, including ISO 9001, ISO 14001, ISO 18001 (certified by TUV Austria) and API. Our products have been supplied to Europe, Asia, Africa and South America. Please consider holding a presentation together with your specialists at a possible time. Project Manager: Liviu Lisnic Tel. 40 245 634 379 Mob. 40 743 996021 SC UPET SA, a member of Industrial Group Generation Russia Hilong Petropipe International Business The Hilong Group of Companies is an independent and international group of businesses that serve the oil and gas industry around the world. Centered in Beijing and Shanghai it has solely owned and joint-venture production and service bases in China, Canada, the United Arab Emirates, Kazakhstan, Ecuador and Russia. The operational scope of the Hilong Group of Companies covers multiple sectors including pipe coating, oilfield service, oil drilling tools, oil pipe, rolled pipe, petroleum equipment, and chemical new materials. Hilong Oilfield Service has progressively established wholly owned subsidiaries in several countries and regions including Kazakhstan, United Arab Emirates, and Ecuador, and completed multiple general contracting and workover operations both at home and abroad. Its outstanding operation performance and advanced equipment deployment have received effusive praise from oil companies. My main area of focus is drill pipe, and internal tubular coating. It would be greatly appreciated if you could get me in contact with the personnel that deal with the tubular side of things. Nisku, AB. T9E 0N1 Seadrill orders two new ultra-deepwater drillships The construction of the drillships is scheduled for completion in the second and third quarter 2014. Total project price per drillship is estimated to be under US600 million Seadrill has in the last year seen a surge in long-term demand for tender rigs and modern ultra-deepwater drilling rigs. The increased demand for ultra-deepwater rigs has been driven by high oil prices and significant exploration successes in both new as well as established deepwater regions leading to a ramp-up in drilling programs. The growth in rig demand has been particularly strong in the US, East and West Africa regions. In addition to oil price and exploration successes, the industrys focus on safety following the Macondo accident, has supported demand for higher specification rigs as well as leading to increased drilling time per well. Based on these developments and analysis of the rig market, Seadrill has concluded that it is highly likely that lack of sufficient rig availability in the deepwater market will become a key bottleneck until significant new drilling capacity is added. If oil prices remain at present levels, this tight supply demand balance will force oil companies to postpone field developments with negative impact on the net present value of these discoveries. Seadrill is of the opinion that the present and foreseeable developments represent a unique investment opportunity. In order to benefit from this opportunity, Seadrill is currently in discussions with several shipyards to further increase the Companys rig availability in 2014 and thereafter. As a first step, Seadrill has entered into turnkey contracts to build two new ultra-deepwater drillships at Samsung in South Korea. The construction of the drillships is scheduled for completion in the second and third quarter 2014. Total project price per drillship is estimated to be under US600 million, which includes a turnkey contract with the yard, project management, drilling and handling tools, spares, capitalized interest and operations preparations. Seadrill has also a fixed price option to order an additional drillship for delivery in 2014. The drillships are of the same design as the three previous dual derrick drillships that Seadrill ordered at Samsung late 2010 and early 2011, with increased water depth, technical capabilities and accommodation capacities. These dynamic positioning drillships will have a hook load capability of 1,250 tons and a water depth capacity of up to 12,000 feet targeting operations in areas such as the Gulf of Mexico, Brazil as well as West and East Africa. In addition, these units will be outfitted with seven ram configuration of the Blow out Preventer (BOP) stack and with storing and handling capacity for a second BOP. Land RigsAnalysis of Pakistani Cement Industry 8211 A Report Cement Industry of Pakistan Analysis of Pakistani Cement Industry 8211 A Report Cement industry is one of the few industries that existed in Pakistan before the partition of the sub-continent. The major reason for the existence of this industry is the availability of the raw materials. Pakistan has inexhaustible reserves of limestone and clay, which can support the industry for another 50-60 years. The annual production of the cement at the time of the creation of Pakistan was only 300000 tones per year. By 1954 the production increased to 660000 tonnes per annum against a demand of 1000000 tonnes per annum. At this time PIDC took initiative and established two cement factories Zealpak (240,000 tonnes) and Maple Leaf (100,000 tonnes) having a capacity of 340000 tones, thereby increasing the production to 1000000 tonnes per annum. Since then besides expansion of the existing plants, new plants have also established. Besides producing OPC, the Pakistani cement industry also started producing SRC, Slag cement and white cement. In 1921 the first cement plant was established at WAH. At the time of independence in 1947 there were four cement factories with an installed capacity of 470,000 tonnes per annum. These units were located at Karachi, Rohri, Dandot and WAH. In 1956 PIDC established two plants at Daudkel and Hyderabad and subsequently more plants were established in the private sector. The industry was nationalized in 1972 and the State Cement Corporation of Pakistan (SCCP) was established following the Economic Reforms Order, 1972. As a result of nationalization, a total of 10 cement units with an installed capacity of 2.8 million tonnes per annum were transferred to the SCCP. Effective price control was also vested with the SCCP and for a long time the industry operated under a regime of strict regulation and price control. While the cement industry was working under the state control, the SCCP established five new units with an installed capacity of 1.8 million tonnes per annum. For the next fifteen years no new cement plant was established under the private sector, which resulted in acute shortage of cement in late 70s and early 80s. This gap was filled by the import of cement. Severe shortage of cement and price deregulation prompted the private sector to establish more plants. Seven units were established in the private sector before commencement of the process of privatization in 1991. During the regime of Nawaz Sharif the industry went through major transformation. As a part of its privatization policy, the Government of Pakistan, has privatized 8 cement plants since 1992. Due to privatization the SCCP lost its control over the prices of the cement and as a result new cement plants were established under private sector. The units working under the SCCP control are old and inefficient using wet process whereas the units established in the private sector are new, efficient and use dry process. At present there are more than 28 cement plants in Pakistan with installed capacity of over 19.5 million tonnes per annum. The present demand for cement in Pakistan is around 9.5 million tonnes per annum. Pakistan is a country rich in deposits of limestone, shale and gypsum, which are the main ingredients for the production of cement. The mining costs for these deposits come to only about Rs. 100 per tonne or approximately 6 of total manufacturing cost. Thus cement is an extremely value-added product and must be given its due importance. The chemical composition of cement is as under: Gray cement manufacture consists of about 73 limestone and 25 clay. The amount of gypsum that is added to the clinker may be taken at 4. About 1.23 tones of limestone, 0.31 tones of clay and 0.04 tones of gypsum are required for producing one tone of cement. In case of gas fired kiln about 50000 to 60000 cubic feet of gas is required for a tonne of cement. For the production of slag cement, blast furnace slag is also used and for the production of sulphate resistant cement sand and iron ore are also used. The five types of cement manufactured in Pakistan are Ordinary Portland Cement (OPC) Slag Cement. Sulphate Resistant Cement (SRC) Super Sulphate Resistant Cement (SSRC) White Cement. The manufacturing process can be of any of the 3 types: Wet Process an obsolete method of manufacturing due to poor kiln heating and large water requirements. Semi-Wet Process not popular due to high levels of fuel and energy consumption and suited for materials with extreme elasticity. Quite obsolete. Dry Process suitable for materials with low moisture content. Low fuel usage as compared to the wet process, less maintenance requirements, higher kiln efficiency due to pre - heating facility and low kiln setup and maintenance costs. Two main methods of cement manufacturing are prominent, the dry process and the wet process . Dry process now has almost replaced the wet process since wet process consumes high thermal energy for drying the moisture. In dry process the rock is the principal raw material, the first step after quarrying is the primary crushing. Mountains of rock are fed through crushers capable of handling pieces as large as an oil drum. The first crushing reduces the rock to a maximum size of about 6 inches. The rock then goes to secondary crushers or hammer mills for reduction to about 3 inches or smaller. It is then ground in ball mill to fine powder with other ingredients like clay/iron ore/bauxite to create a combination of values for silica/alumina/lime etc in the mixture. The ground powder is then sent to blending silos for uniform mixing of components added during the grinding stage. This blended material is feed to the preheater / calciner. The preheater is a group of cyclones placed over one another where in material comes down and hot gases goes up heating the material and calcining it in the process. The only difference between dry process and the wet process is that in the later on the crushed raw material is ground with water to form the slurry. This slurry is then filtered and pumped to the kiln and the rest of the process is exactly the same as that of the dry process. British standard Specification 12 are followed in Pakistan. For a good quality cement initial setting time should not be less than 45 minutes and the final setting time should not be more than 10 hours, all existing cement plants in Pakistan meet these quality criteria. The process used has a major impact on the cost structure of the company. Using old and out-dated forms of technology not only effect the overall quality of the final product but result in higher maintenance costs, more replacement of parts etc. and the result is less competitive prices in both the domestic and foreign markets. We can see that Indian cement is sold at lesser prices since they have been able to cut back on their costs of production. This has been done by lowering energy costs via reliance on coal rather than furnace oil for running and operating their processes. The key players in the industry, which attained billion rupees mark (in sales) in 1998, are listed below: Name of the Company Sales (in billions of Rupees) Fauji cement 1.401 At present KSE has 21 companies in the cement sector on its list. Total paid up capital of these companies stood at Rs. 15.584 billion and the net worth at Rs. 24.947 billion. Total sales of these companies stood at Rs. 14.589 billion. At present all companies are showing losses. According to APCMA the industry as a whole incurred a loss of Rs. 2.786 billion during six months period of 1998-99 as compared to Rs. 2.836 billion of 12 months period of last year. An adverse development in the sector is the deterioration in the EPS. The total sales of all cement companies have decreased from Rs. 15379 million in 95-96 to Rs. 13118 million in 96-97. The accumulated loss incurred by the cement plants increased from Rs 1026 billion in 96-97 to Rs. 2.836 billion in 97-98. The poor performance of the sector is mainly due to the excess supply situation. All this resulted in deterioration in the General index of share prices of cement as shown below General Index of Share Prices (1990-91 as base year) Year Share prices The profitability of the sector was further affected by the increase in the prices of fuel power and packaging material that consists 70-80 of the total production cost. In the last budget the sales tax was lifted and the excise duty was increased from 35-40 of the retail price. In order to provide support to the industry the government allowed the export of cement via sea allowed draw back of 12.5. The permission to export 3 million tones of cement has given some breathing to the crisis stricken cement industry. The demand and supply situation in the cement industry has tilted sides during the last few years. Until 1996 there had been a shortage of supply as compared to the demand, but then there has been a consistent demand shortage due to new units being set up, converting the sellers market into a buyers market. The demand for cement has grown at a steady rate of 8 in the northern region while 4 in the southern region. The way the new plants are being set up and the existing plants are undertaking expansion. The demand and supply situation is bound to create surpluses. Over the last ten years, cement consumption has grown unequally in the two marketing segments. The pace of industrialization, infrastructure development and urbanization in the North has prompted a higher growth rate of 7-10 in the North as compared with 4 in the South. 50 demand comes from the private housing and real estate activity, while 40 comes from government infrastructure projects. The industrial sector generates the remaining 10. Private housing and real estate activity have slowed due to a high inflation rate that has led to lower savings. This coupled with fraudulent practices of the builders and real estate brokers has shattered the publics confidence. In view of the lack of government funds and regional disparities surrounding large infrastructure projects such as Ghazi Barotha project, the cement demand is expected to remain low. Especially the government expenditure in the construction sector has decreased by about 29. The present crisis in the cement sector first emerged in 1995. Until 1992, the governments active control over the cement sector through State Cement Corporation had dept private investment in the sector to a minimum. This sale of state-owned units to private sector in 1992 led to price deregulation. The rising margins attracted fresh private investment, which resulted in an exorbitant increase in capacity from 8.2 million tonnes in 1992 to 17 million tonnes in 1998. The huge addition in the capacity of the cement industry is heavily responsible for the current strife in the cement sector of Pakistan. This increase in capacity increased the competition between the producers, but with the rising cost of production they couldnt keep themselves competitive. The rising overheads could no longer be afforded in a tight industry and eventually an industry with redundant capacity and heavy losses found its way into the already troubled Pakistani economy. The situation has further aggravated as demand failed to grow at the same pace at which it was growing at the time of starting of the new cement projects. The slowdown in the economy has led to a decline in growth for the housing sector, which accounts for a major part of total consumption. The problem has compounded by the decline in government development expenditure. As a result of all this the demand has declined over the past few years. The supply of the cement became out of the control of the government with the privatization of the government owned units in the early nineties. The demand for the cement was particularly high in the eighties from the housing sector as the remittance form the Gulf was used to build homes by the expatriate Pakistanis. Now with the changing scenario from the Gulf and a decrease in the trend of the Pakistanis to heavily invest in real estate is changing the trend, resulting in serious decrease in demand of cement. The serious mistake on the part of the cement manufactures to accurately estimate the demand of the cement has hit hard on the cement manufactures. The result is the present scenario with excess capacity and lack of demand. The demand of the cement is now increasing at a much slower pace then it was before, now the supply of the cement in the market is being controlled by the cartel of the cement makers association (APCMA). Since its inception APCMA is deciding upon the price of the cement to be offered to the public. A comparison of the demand and supply of the cement over the years is shown below: The supply of the cement doesnt exceed the demand of the cement by a big margin, but the capacity that has been installed by the cement industry far exceeds the demand of the cement. Rather the cement capacity is approximately double then the demand. Over and above that, the profitability of the industry has been hit hard by the increase in the cost of inputs, which include furnace oil, power and packaging material. These constitute about 60 of the total cost of production, which the producers have been unable to pass to the consumers. Demand of the cement has a high correlation with a GDP, coefficient of correlation found to be 93. Factors, which can possibly change the surplus position into a near equilibrium between demand and supply, are: APCMA actions to avoid price decline Delay in implementation of planned additions and expansions Efforts to export cement Increase in demand if construction of huge mega-size projects starts. The cement industry is very unevenly distributed in the country with a vast difference in capacity and production as can be seen in the following tables. The number of plants in the North Zone is double in number to those in the South Zone. The following two tables will give the zonal effective capacity, percentage capacity utilization, consumption and the prevailing gaps between demand and supply in the two production zones. It shows both the actual present scenario and future estimates. These tables give the effective capacity of the operating unit in the cement sector. NORTH ZONE (million tonnes) As we can see from the above tables in the South Zone the surplus supply situation is expected to continue for as long as the next 5 years. Also capacity utilization is not estimated to reach even 90 much less full capacity utilization of the plants. The question that then arises is what then is the reason for the extensive expansion projects and the setting up of new plants when existing plant capacities create an over supply situation before attaining full capacity levels of production. The reason lies in the growing export potential for cement manufacturers and all of them want to capture a sizeable share before their competitors do. As per the figures available the total production of cement during the year 97-98 was about 9.8 million tonnes as compared to production of 9.5 million tonnes production the preceding year. The total installed capacity of all the 28 cement units in Pakistan comes to about 17.312 million tonnes. The actual production of these units during 98-99 was about 10.3 million tonnes. New projects are being undertaken in the cement sector. The capacity of these projects is estimated somewhere between eight and nine million tonnes. The existing plants are also increasing their capacity, which comes to about 4.030 million tonnes. Thus the total capacity of the existing and upcoming projects would be as follows: CAPACITY OF CEMENT PLANTS Status No. Capacity (M. Tonnes) Existing Plants 28 19.143 Expansion 8211 4.030 New Projects 9 9.670 INPUT COST STRUCTURE The cement price has seen a very unrealistic trend over the past two years, where the price per kg of cement has increased by about Rs. 2. Price of 50-kg bag rose from Rs. 140 in October 1998 to Rs. 240 in January 1999. The APCMA (All Pakistan Cement Manufacturers Association) was directed by the Monopoly Control Authority (MCA) to cut back on this unreasonable increase in prices and a show-cause notice was issued. This increase in price by the APCMA was viewed as a monopoly practice. APCMA had a standpoint that the previous price set at Rs. 140 was not justified by any means as the costs associated have increased drastically leaving the operations almost impossible at the old prices. The debate went on for a while and the APCMA failed to produce any valid explanations thereby earning a penalty imposed on them by MCA. Government of Pakistan, however, considered APCMAs point valid and assured them some relaxation in this concern. Due to this drastic increase in prices, the construction sector was badly affected and turned down most of its operations. The Association of Builders and Developers (ABAD) protested and demanded from the government to cut the prices back to Rs. 140 per bag. They warned of Rs. 1 billion investment in housing-sector going to waste if the issue was not resolved soon. As an immediate affect of the slowdown in construction sector some 3000 to 4000 civilians went out of job. MCA finally gave out its word on the issue and ordered a cut back to original price of Rs. 140 immediately. The order, however, was challenged by APCMA in the court of law, and thus not observed. The government has offered several incentives to the cement manufactures considering their demands to be valid. MCA on the other hand is of the view that the prices of the inputs for cement manufacturing have not increased after 1997, and thus there is no point to increase the prices. The present price is around Rs. 228/bag. A relationship of price to the cost is given in the figure. The cement manufacturing involves several raw materials used in different proportions. The main raw material consists of limestone, gypsum, silica etc. Each tonne of cement requires about 1.7 tonnes of limestone (80 by volume), gypsum, and silica. All these components of raw material are easily available in Pakistan, therefore are cheap. Raw material has a very trivial share in the total cost structure and therefore doesnt affect it much either. The other inputs include fuel (furnace oil), packaging, power (electricity), and other expenses. The major part of the cost is claimed by fuel, power, and packaging, i. e. about more than 46 of the total cost. Any fluctuation in the prices of these three inputs has a very significant effect on the over all cost. A breakup of different input cost in the overall cost structure of a 50-kg bag of cement is given below. The cement manufacturers advocate their point based on the increase in the prices of inputs. According to APCMA, the increase in cement prices is attributed to the following events: A 90 increase in prices furnace oil over February 96 to February 97 85 increase in electricity charges over July 94 to July 97, 79 increase in prices of paper bags during November, 1994 to December 1997 A 128 increase in excise duties over July 1992 to June 1997. Furnace oil prices rose by 112 in 1997 as the government decided to annex furnace oil prices to international oil prices such that they came to about Rs.6297 in 1997 from Rs.3900 in 1995. But when the price of furnace oil in the international markets fell to 12 from 20 the local prices were not adjusted to accommodate this change. At present furnace oil prices should fall in the range of Rs.3000 per ton in Pakistan. Thus, furnace oil is available locally at double the prices in the foreign markets. In turn, the average impact of the rise in furnace oil prices works out to be around Rs.17 per bag. Sensitivity analysis shows that a five - percent increase in furnace oil prices results in one percent decline in gross margins. The fuel and power claim the major part of the total cost of cement manufacturing. The major standpoint of APCMA for their price increase is an increase in the prices of furnace oil. The following is and evaluation showing how the price changes of these inputs impact the total cost and price of cement. Total cost 50 kg of Cement(In Rupees) age of Total Cost 10 Increase in Price Adds to Cost(In Rupees) Total Cost after Price Change(Rs.) One proposition as a cost cutting measure given by APCMA is that if the government allows direct imports of furnace oil by the manufacturer and index governments supply of furnace oil with international prices. The excise duty on ex-factory rate instead of retail, the prices of cement could be cut back. If this proposition is considered the prices of furnace oil could be reduced from Rs. 45 per liter to almost half the price. When the hasty privatization in the 1991-92 was initiated, it was stated that the privatization would benefit the common man as it was thought to be the panacea for all economic ills in the public sector. The clich-ridden privatization policy was based on the principle of competition, deregulation and liberalization. Consumers were amazed when the results started surfacing. Prices of all commodities went up, the massive layoff of employees in the name of Golden Handshake and bad business practices emerged as the governing principle of the newly privatized units. The cement industry is also a victim of the newly enacted privatization strategy. The prices of the cement went up from Rs. 85 per bag to Rs. 235 per bag, without an plausible justification of cost and benefit. The social cost was far more than the economic cost. The rhetoric of the broad based ownership has proved abortive as the ex-production minister Mr. Islam Nabi, at some point disclosed that the government had handed over six to a particular group. The Association of Builders and Developers (ABAD) and Monopoly Control Authority (MCA) has also joined the popular criticism about concentration of ownership and misuse of cartel power. There are in all 28 cement units in the country with an installed capacity of approximately 17.3 million tonnes production. Out of these units only four units with merely 1.8 million tonnes are now in the public sector while a majority of the installed capacity is concentrated in the 20 privately owned cement plants. The installed capacity is far more than the current national demand. The oligopolistic behavior of the cartel has contributed a lot in falling national demand along with some other factors like decline in public works program activities in the country. The depressed trend in the construction sector is evident from its falling sectorial share in the national output (GDP) which has decreased from 4.2 percent in 1992-93 to 3.6 percent in 1998-99. The growth in the construction sector has also declined from in the vicinity of 6 percent during 1990-91 to one and two percent during the period of 1993-94 to 1998-99 with an exception of 1995-96 when it recorded 3.25 percent growth. The poor growth of the construction sector is attributed mainly to two important factors, first the upward adjustment of cement prices and curtailment in the public sector development expenditure in recent times. The development expenditure of the federal government has fallen from 7.5 percent of the GDP in 1991-92 to 3.6 percent of the GDP in 1998-99. The public sector was a major consumer of cement. The cement industry attributes the high prices of cement to the governments imprudent policy regarding taxation and upward adjustment of furnace oil prices and electricity tariffs. The combined impact of electricity and furnace oil on cost of production is 47 percent. However, the MCA and ABAD have different views on the issue. According to the government the MCA has reduced the total tax incidence from 47.5 percent (35 percent CED 12.5 percent ST) to 40 percent excise duty in the Federal Budget 1997-98. There was a marginal increase in electrical charges in late 1997, which was far below than lowering of tax incidence. The furnace oil prices were also depressed in the market. The cement was being sold in the market at around Rs. 165 per bag until February 1998 but prices escalated to Rs. 240 Rs. 245 per bag in July 1988. The cartel, APCMA, in a report submitted to the Ministry of Commerce in May 1998, mentioned the total cost of production was Rs. 184.32, when adjusted with profit and transportation the prices rose to Rs. 228.50 per bag. On the other hand in an earlier report in June 1997, the APCMA had estimated the cost of production at Rs. 136 per bag and adjusted it with profit and transportation at Rs. 170 per bag. The MCA and ABAD have also worked out different cost structures. A comparison of cost of production from different sources are given in the table: The fluctuation of the cost in visible inputs hardly supported the logic for price hike. The furnace oil prices fell sharply during 1998, which moved up to attain prices of 1996 and 1997. If we include recent rise (of December 10, 1999) in the furnace oil prices, the total rise hardly exceeds 10 percent over peak prices prevalent during 1996 and 1997. The same is the case with electricity, whose prices remained stagnant during the period February 1997 and March 1998. A ten percent rise in March 1998 could hardly justify the case for 35 percent upward adjustment in cement prices. The arbitrary increase Rs. 40 to Rs. 50 per bag by cement manufacturers in February 1998 had laid the foundation for the slowdown of the construction activity in Pakistan. A close look at the table would reveal that the cost structure data is manipulated by the APCMA, otherwise, the on ground realities depict a different picture of upward adjustment of input cost. The cost data provided by the ABAD and MCA may be termed as biased by the cement cartel, even then, the prices of cement could not be justified beyond Rs. 200 per bag. Another very disappointing aspect of exorbitant profiteering in the industry is that the cement industry is unevenly distributed in various regions of the country. Different units use different technologies and different units have different plants of different ages with different efficiencies. But irony is that all units charge almost similar prices across the country, which implies misuse of cartel power. Another valid principle of the market economy based on competition is when market is depressed, prices move downwards, but in the case of cement the reverse has happened. The cement industry is working under capacity and there is scope for full capacity utilization at affordable prices. But the thrust for extraction of exorbitant profits dominates the principle of fair play. The forces of exploitation and greed determine prices in Pakistani markets rather than market forces. The government must check the in-ordinate price hike. The shelter is a basic need of the common man and to ease the provision of shelter cement prices have to be brought down. CHARACTERISTICS OF THE INDUSTRY The cement produced in Pakistan by different manufacturers is virtually of the same quality and standard, that is why consumers do not perceive any quality difference in the cement produced by different manufacturers therefore, the market for cement is oligopolistic. In oligopolistic competition the market consists of few sellers who are highly sensitive to each others pricing and marketing strategies. Each seller is alert to the competitors strategies and moves. If one company slashes its price by say 10 buyers will quickly switch to this manufacturer and the other manufacturers will respond by lowering their prices. In contrast if one oligopolist raises its price, the competitors might not follow this lead and the oligopolist then would have to retract its price increase or risk losing customers to the competitors. But the cement manufacturers have formed a cartel APCMA and have set monopolistic prices. This is evident from the fact that all manufacturers sell at almost the same price even though they use different processes, have different technologies and different transportation cost. In Pakistan all cement manufacturing companies adhere to the British Specification 12. The product of each company is virtually same in terms of quality and price. The only role that advertising play in this situation is that, it reminds the customers of the presence of the company in the market. The cement industry is characterized by the need of an elaborate distribution system. The role of distribution becomes more important when one area of a country is deficient in the production of a product while the other is producing the same product in excess of the demand. The presence of the product in the market is what makes or breaks a company. This is true for both export market and the local market Before privatization the cement industry was highly regulated. Under the control of SCCP the prices were kept to an artificially low level. However after privatization, the SCCP lost control over the prices of the cement, however the industry is subject to the policies of the MCA and ECC. The industry is capital intensive and is defined as one that makes use of the latest technology to deliver quality product to the customer. Consideration needs to be given to this factor when making capital budgeting decisions to arrive at the appropriate amount of capital that needs to be invested in acquiring plant and equipment. This has a direct correlation with the type of the technology that the firm wishes to use. To remain competitive in the market, the players need to follow the highest standards of the technology, but acquiring new technology and replacing the older one with the newer is very expensive and most of the time unfeasible. Any major technological change can cause the entire plant to become obsolete. As such there is no major technological changes affecting the cement industry in the near future. The industry is highly exposed to the change in energy prices because energy (fuel amp power) comprises around 40-45 of the total cost of production. Sensitivity analysis shows that a 5 increase in furnace oil prices results in a 1 decrease in the gross profit margin. Some companies that use wet process are highly exposed to change in the energy prices as the wet process consumes 50 more energy than the dry process. In the international market Pakistani cement industry is exposed to the dumping by the Chinese manufacturers. The effect of exchange rate on the cement industry is quite complex. On one hand, weakening of Pakistani Rupee makes the Pakistani exporters more competitive in the international market and on the other hand the cost of manufacturing increases because the cement has a high forex component in the form of energy, capital and transportation. The size of population and the population growth rate besides the consumption habits of the customers have a great impact on any industry. The per capita consumption of cement in Pakistan is around 71 kg against the international standard of 100 kg. It means that there is a potential of increase in the consumption of cement in future. Pakistan has one of the highest population growth rates in the world, which is around 3. It means that in future the increase in the housing needs will increase the demand for cement. PROBLEMS AND ISSUES The cement sector contributes Rs. 15-20 billion per annum to the National Exchequer. The taxation policy should have ensured lower prices since cement is an essential commodity for the development of an economy. The industry in Pakistan is paying Rs. 90 per bag as excise duty as compared to Indian producers who pay only Rs. 17.50 per bag. If the excise duty rates are revised to Rs. 300 per tonne then the price owf domestic cement can be reduced to as low as Rs. 160 per bag. Inordinate and frequent increases in taxes create a dilemma for local cement manufacturers since they have to appreciate their prices every now and then, adding to the lack of stability in the form of fluctuating prices. This has led to a reduction in the demand for cement. The rates of excise duty have been escalating at the tremendous rate of 350 in the last 10 years and 200 in the previous 5 years. This is the reason per capita consumption of cement in Pakistan is as low as 71 kg. Import of machinery for expansion was exempt from duties until 1995 after which 10 regulatory duty was imposed on all imported goods. This led to arise in the capital cost of new plants and on-going projects. Apart from excise duty the sector adds to the state revenue in the form of: Provincial royalties on limestone, gypsum etc. Import duties on spares and parts Octroi on all items purchased Excise duty on all raw materials The rapid escalation in excise duties has transformed the sector to a loss making industry from one that was earning around 35 profit margin previously. The proposal now is to charge the levy as a combination of excise, sales tax with adjustment margins for the same taxes paid on oil, power and materials. In lieu of this recommendation the government has reduced the excise duty to Rs. 1400 per tonne as compared to the past trend of a fixed 40 of retail price. Exports too are being affected by fickle state policies. Low duty drawback of only Rs. 600 per tonne reduces the level of exports. The reduction in excise duties should help local producers lower and maintain their prices at around Rs. 200 per bag. Under the principles of taxation only those commodities should be subjected to high rates, the consumption of which is intended to be restricted and discouraged such as cigarettes and alcoholic drinks. On the contrary cement is a basic commodity which has the potential to promote development efforts and therefore its availability in the market at a reasonable price should be ensured. Since 1995 the cement sector has been in trouble. In 1993-94 the sectors profits were well above Rs. 2 billion but they reduced to half the amount in the following year. Companies in this industry, from 1995-96, were incurring losses onwards. On top of this the overall market capitalization witnessed a severe decline from Rs. 62 billion in 1994 to Rs. 3.486 billion in 1998. The following table shows the actual and forecasted profits in the 2 regional divisions of the cement sector Most cement companies are incurring heavy losses due to the fact that the retail price after excise and other taxes leaves an amount not even able to cover their production costs much less give them space for profit margins. 4 public limited companies were forced to close down since their losses had reached a level they were unable to account for. The losses suffered by some of the companies in the 6 months ended December 1998 are as follows: Operating Losses(in millions) for 6 months December 1998 The financial crisis in the industry has led to a severe liquidity crunch in this sector. The debt burden comprises of 300 million owed to international agencies and around Rs. 20 billion debt is outstanding in relation to the local banks and DFIs. Financial charges have been on the rise ever since 1992 when they amounted to only Rs. 428 million, while in 1998 the same amount had risen to Rs. 1595 million. Cement manufacturers are in a fix as to what to do to remedy the situation. One option available to them is liquidation and 4 of the companies had to eventually resort to this. Fauji Cement, D. G.Khan Cement, Pioneer and AC Wah are nearing a default situation on their debt servicing on loans obtained from foreign institutions such as International Finance Corp. and Commonwealth Development Corp. total credit liabilities of the sector towards local banks is to the tune of Rs. 23.881 billion. Details are as follows: Companies have been unable to pay interest due on loans, owe payment to utility companies like WAPDA and KESC. Depletion of stocks of furnace oil and paper bags for packaging and defaults in payments to suppliers adds to their burden bringing them nearer to the edge. Late payment of bills will lead to an additional loss in the form of 10 surcharge. Suppliers on the other hand will demand immediate payment with the due penalties to avoid a complete default by the manufacturers. Low stocks of paper bags will delay dispatches of orders and tarnish the goodwill developed with the consumers. The cement industry is a capital-intensive industry with heavy reliance on the engineering sector of the economy. In addition to this, the manufacturers depend on technology, which is usually imported when setting up a new plant or considering expansion. So far European and American plants are being set up in the country. The cost of a 2000-tonnes per day plant lies within the range of Rs. 3.5-4 billion and for a 3000-tonnes per day plant the capital cost is approximately Rs. 5.5-6 billion. This large capital outlay is increasing financial charges. 70 of the plants in Pakistan have been supplied by a Danish firm named FL Smidth. Japan and Germany have sold only 2 plants here. The situation now is such that FLS is now a price - making monopolist who is causing a steady upward trend in the price of its plants. All the new 15 plants being set up have been sold to us by FLS except those of Saadi Cement and Kaiser Cement. Due to persistent devaluation plants which cost Rs.35-80 million in 1993 are now in the range of Rs. 3-6 billion. This hinders expansion plans and adoption of latest technology by the new and existing plants. CAPITAL COST COMPARISON OF NEW PROJECTS With the costs of FLS plants on the rise, a few plants have been bought from the Chinese who have adopted this technology via franchise but are offering lower prices as compared to their Western competitors. The drawback is that they are offering only very small capacity plants such as those producing 300-2000 tonnes per day. The cement industry continues to operate under pressure of inconsistent Government policies announced from time to time. These briefly are: Capacity taxation was abolished from August 1993 which took away special incentives for increased production which, in turn could have revived the industry in the larger national interest. The taxes and duties on inputs have consistently been increased. The system of charging excise duty is extremely unfair as cement being voluminous product, freight and allied charges vary widely from place to place. The price of furnace oil, a major cost component of cement manufacture, has increased sharply. Just now it has increased to Rs. 8800 per tonne. Import of machinery for expansion project was a exempt from import duties and sales tax which expired on June 30, 1995 and additional duties have been imposed on imported goods. This has increased the capital cost of the on-going projects in addition to the effect of devaluation of the Pak Rupee. Since consumption of cement in southern region has gone down and northern region has attained self-sufficiency, units located in southern region are forced to cut down their capacity utilization. The possibility of cement export is the proverbial silver lining for the recession-torn industry. While there are cement deficient countries like Sri Lanka and Bangladesh importing approximately 2 million tonnes per annum each, there is tough competition from India and Chinese suppliers. In fact, apart from the prices offered by Pakistani manufacturers, lack of facilities for handling bulk export of cement has become a major impediment. Where bulk handling is cheaper than handling bagged cement. Export of cement is necessary for the existence and survival of the industry rather than a source of profit. Dumping by Chinese manufacturers, lack of incentives, high costs of production and freight charges have made the cement export unviable. In the recent development, there has been a radical change in the political scenario of Afghanistan. The war-ravaged country is a prime target for the northern producers to sell their cement. This possibility is still remote until the situation settles. According to an IRS all countries except Bangladesh and Philippines are in a position to export cement and hence pose competition for Pakistan. Yemen is another potential destination but there too government subsidized cement from Gulf countries will pose serious competitive threat. The export potential available to the Pakistani cement sector can be summarized in the following table: Demand though in the above countries is on the rise, potential is highly jeopardized by the high prices at which local clinker/cement is available to these importers. Further more clinker/cement is available in these countries at extremely low prices due to the South Asian crisis and the crash of currencies. On average the CampF prices in these countries have fallen by US 15 per tonne. Pakistan on the other hand is unable to export these products even at variable cost. The price offered by local producers is 80 per tonne, which is much higher than those quoted by other players in the international market. Pakistan though has an excellent opportunity to capture these markets since they offer benefits in the form of geographic proximity, and perceived high quality of Pakistani cement. Presently India and China are reaping the benefits since they are able to offer competitive prices as their costs of production is lower and state subsidies for exports are given to cement producers of these countries. Import requirements of the countries mentioned in the above table are approximated at 17.7 million metric tonnes. Pakistani producers were of the view that they could capture around 30 of this market in 1998-99 and increase their share to 50 in the following year, that is, 1999-2000. By the year 2000 the forex earnings were estimated at US 697 million. In relation to the above scenario the targets set by our local producers are as follows: Import Demand(000 tonnes) Total Export (millionUS) Apart from non-competitive prices domestic cement manufacturers face problems in the form: Inadequate port facilities Present export rebate of 12.5 of FOB i. e. Rs. 300 and Rs. 270 per tonne for cement and clinker respectively is very high Clinker/cement are not Non-Traditional Exports and therefore denied extra 50 rebate Export of cement allowed only via sea which eliminates cheaper road transport through Afghanistan and into Central Asia Lack of sufficient duty and surcharge drawbacks. Reimbursement of these duties to the exporter should be made. Chinese dumping and high freight charges also act as a disincentive for local exporters. For instance freight charges from Pakistan to Dhaka are around 17 per tonne, whereas it costs the Chinese only 12 per tonne to the same destination. Rupee devaluation poses another problem for exporters in the form of changing fuel and furnace oil prices and thus increasing costs. A 5 increase in furnace oil prices leads to a 1- fall in gross margins for exporting companies. The countrys cement manufacturers can gain a strong foothold in the foreign market by competing on prices because brand image and value are not of prime consideration for cement in the international arena. Proposals offered to remedy this situation are duty drawbacks, refunding of development surcharge and freight subsidies to the tune of 180 million. Pakistani cement can attract buyers only if it offers a combination of superior quality with competitive prices. Also fast action is needed to tap the vast potential available for foreign market development for the cement sector to regain its balance and revert to its former status as a well performing industry. At the current point cement manufacturers and the government have to take concrete steps even to keep units in production. On the input side, necessary steps are required to contain the energy cost. The following are the general recommendations that would help to improve the situation of the cement industry The liberalization policy Pakistan is so eager to adopt will work both for and against the local industries. Unrestricted trade will allow free entry of low priced cement into the country and reduce existing market shares of all domestic players. Growing emphasis on low prices may reduce the qualitative aspect of production and give way to inferior products. Companies have to maintain quality standards and at the same time try and reduce costs via economies of scale. Too much expansion by a few players will lead to the development of a monopolistic environment in the sector. At present the industry is oligopolistic in market structure with a few sellers in the market who compete on the basis of price and technology and resort to means to increase their relative shares in the market. The wet process technology is outdated and all manufacturers using this method will stay far behind if they do not take measures to improve and update their production facilities. Focus in the future will be on cost competitiveness and product differentiation so that producers of cement can enhance margins and increase earnings by capturing a wider market base. Players specializing in different varieties can develop to various market segments and increase customer base. 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A Study of Pakistani Cement Industry Cement Industry of Pakistan A Study of Pakistani Cement Industry GENERAL OVERVIEW In the past 2 years the cement industry has been facing a crisis situation with no relief from the state and the overall industrial setup. Cement constitutes a basic ingredient for any infrastructure or socio-economic development of a nation and care must be taken to avert the crisis before it gains a strong foothold and begins to affect other areas such as the construction industry and other public development programs. It signifies the participation of the private sector in the industrial growth of the country with an investment of about Rs.70 billion and thus needs attention to maintain its pivotal role in the economic setup of the country. The sector which contributes Rs.15-20 billion per annum to the National Exchequer, has a sufficient share in the GDP (Rs.40 billion per year) and with a shareholders equity of around Rs.30 billion, is now on the verge of collapse.1 The industrys market capitalization fell to Rs.3.5 billion in1998 from Rs.63 billion in 1994. During 1997-98 the cement sector had been adversely affected by the dampening effect of slowed down economy and oversupply situation but in 1999 revival began as a substantial growth in domestic consumption. The performance outlook of the sector is very encouraging with the main factors being: Reduced capacity utilization Improvement in consumption patterns Reduction in indirect taxation Measures for price stability The sector had experienced steady growth upto 1993-94 prompting an additional private sector investment of Rs.32 billion and addition of new capacity of 6.5 million tonnes per annum. However since 1995 onwards it has been hard hit by frequent fiscal policy changes and rapid escalation of input costs. The capacity utilization reached only 60 due to a negative trend in demand growth and the prevalent oversupply situation. This led to losses of Rs.2 billion in 1996-97.2 Demand was falling due to the slow growth in the construction sector as drastic cuts were being applied in the annual development programs on account of resource constraints. CEMENT SECTOR IN PAKISTAN At present the total installed capacity of 28 cement plants (23 private and 5 public sector) is 17.312 million tonnes. Of these 8 are in Sind, 12 in Punjab, 5 in NWFP, 2 in Baluchistan and 1 in Islamabad.3 The industry has experienced a steady growth rate of 8, with 9 in the North Zone and between 4.5 and 6 in the South Zone. Until 1994 the country was facing shortages of cement and the gap was filled by imports. The shortfall in the supply coupled with a stable growth trend attracted investments in this sector, which led to an increase in capacity from 9 million tonnes in 1994 to 16 million tonnes in 1999. In 1998-99 total production of these plants was estimated at 10.384 million tonnes. In the preceding years i. e. 1997-98 and 1996-97 cement production was around 9.799 and 9.536 million tonnes respectively. 4 In 1999 as many as 9 new cement plants were being planned or implemented, all in the private sector. Their estimated capacity will be about 9.67 million tonnes. The expansion of existing plants will further add 4.03 million tonnes to the overall capacity of the sector.5 (SOURCE: Co. report and interview) The cement industry is very unevenly distributed in the country with a vast difference in capacity and production as can be seen in the above and following table. The number of plants is less than double in the south zone as compared to those in the north but total production in the latter region is nearly 3 times that in the former area. Even then all units charge the same price when in reality their technology, layout, product range and differs. This implies a misuse of cartel power exerted by the APCMA. NORTH ZONE PLANTS CAPACITY (million tonnes/annum) EFFECTIVE CAPACITY (million tonnes/annum) (SOURCE: Co. report and interview) The following 2 tables will give the zonal effective capacity, percentage capacity utilization, consumption and the prevailing gaps between demand and supply in the two production zones. It shows both the actual present scenario and future estimates. (SOURCE: Performance Review by Pakland) As we can see from the above tables in the South Zone the surplus supply situation is expected to continue for as long as the next 5 years. Also capacity utilization is not estimated to reach even 90 much less full capacity utilization of the plants. The question that then arises is what then is the reason for the extensive expansion projects and the setting up of new plants when existing plant capacities create an over supply situation before attaining full capacity levels of production. The reason lies in the growing export potential for cement manufacturers and all of them want to capture a sizeable share before their competitors do. The next section discusses this issue at length. The export potential available to the Pakistani cement sector can be summarized in the following table: Current Demand 1998 Local Production (metric tonnes) Fast depletion of limestone reserves No major capital High growth rate (SOURCE: Pakland Research Report) Demand though in the above countries is on the rise, potential is highly jeopardized by the high prices at which local clinker/cement is available to these importers. Further more clinker/cement is available in these countries at extremely low prices due to the South Asian crisis and the crash of currencies. On average the CampF prices in these countries have fallen by US15 per tonne. Pakistan on the other hand is unable to export these products even at variable cost. The price offered by local producers is 80 per tonne, which is much higher than those quoted by other players in the international market.9 Pakistan though has an excellent opportunity to capture these markets since they offer benefits in the form of geographic proximity, and perceived high quality of Pakistani cement. Presently India and China are reaping the benefits since they are able to offer competitive prices as their costs of production is lower and state subsidies for exports are given to cement producers of these countries. Import requirements of the countries mentioned in the above table are approximated at 17.7 million metric tonnes. Pakistani producers were of the view that they could capture around 30 of this market in 1998-99 and increase their share to 50 in the following year, that is, 1999-2000. By the year 2000 the forex earnings were estimated at US697 million. 10 DEMAND FOR IMPORT OF CEMENT(000 metric tonnes) (SOURCE: IRS Nov.1997) In relation to the above scenario the targets set by our local producers are as follows: EXPORT TARGETS OF CEMENT PRODUCERS Import Demand(000 tonnes) Total Export Revenue(million US) (SOURCE: IRS Nov.1997) Apart from non-competitive prices domestic cement manufacturers face problems in the form: Inadequate port facilities Present export rebate of 12.5 of FOB i. e. Rs.300 and Rs.270 per tonne for cement and clinker respectively is very high Clinker/cement are not Non-Traditional Exports and therefore denied extra 50 rebate Export of cement allowed only via sea which eliminates cheaper road transport through Afghanistan and into Central Asia Lack of sufficient duty and surcharge drawbacks. Reimbursement of these duties to the exporter should be made.11 Cement export has also been negatively affected by other acts such as dumping by Chinese cement producers and high freight charges which, act as a disincentive for local exporters. For instance freight charges from Pakistan to Dhaka are around 17 per tonne, whereas it costs the Chinese only 12 per tonne to the same destination. Rupee devaluation poses another problem for exporters in the form of changing fuel and furnace oil prices and thus increasing costs. A 5 increase in furnace oil prices leads to a 1 fall in gross margins for exporting companies. 12 The countrys cement manufacturers can gain a strong foothold in the foreign market by competing on prices because brand image and value are not of prime consideration for cement in the international arena. Proposals offered to remedy this situation are duty drawbacks, refunding of development surcharge and freight subsidies to the tune of 180 million.13 Pakistani cement can attract buyers only if it offers a combination of superior quality with competitive prices. Also fast action is needed to tap the vast potential available for foreign market development for the cement sector to regain its balance and revert to its former status as a well performing industry. Pakistan is a country rich in deposits of limestone, shale and gypsum, which are the main ingredients for the production of cement. The mining costs for these deposits come to only about Rs.100 per tonne or approximately 6 of total manufacturing cost. Thus cement is an extremely value-added product and must be given its due importance. Types of cement include: Ordinary Portland Cement (OPC) Slag Cement White Cement Super Sulphate Resisting Cement (SSRC) Sulphate Resisting Cement (SRC) The manufacturing process can be of any of the 3 types: Wet Process an obsolete method of manufacturing due to poor kiln heating and large water requirements. Semi-Wet Process not popular due to high levels of fuel and energy consumption and suited for materials with extreme elasticity. Quite obsolete. Dry Process suitable for materials with low moisture content. Low fuel usage as compared to the wet process, less maintenance requirements, higher kiln efficiency due to pre - heating facility and low kiln setup and maintenance costs. The process used has a major impact on the cost structure of the company. Using old and out-dated forms of technology not only effect the overall quality of the final product but result in higher maintenance costs, more replacement of parts etc. and the result is less competitive prices in both the domestic and foreign markets. We can see that Indian cement is sold at lesser prices since they have been able to cut back on their costs of production. This has been done by lowering energy costs via reliance on coal rather than furnace oil for running and operating their processes. In early 1999 the Monopoly Control Authority (MCA) issued a directive that all cement prices were to be reduced to Rs.140 per bag. The result was a disastrous drop in revenue proceeds to the government to the tune of Rs.8 billion per annum approximately. Average Cost of Cement (SOURCE: IRS Jan.1999) The MCA decision was more than welcomed by the construction sector and the builders and developers. This was done to boost the growth in the construction sector, which had been showing a declining trend as per a 1-2 growth rate between the period 1993-1999.14 The privatization strategy was used as a reason for the hike in prices by the cement manufacturers and they after profit retail price as Rs.228.5 in 1998, whereas just a year earlier in1997 the same was said to be Rs.170 per bag. The APCMA asserts that the rise in the prices of inputs such as furnace oil and the additional surcharge on electricity justifies for an increment in the final prices. Furnace oil prices rose by 112 in 1997 as the government decided to annex furnace oil prices to international oil prices such that they came to about Rs.6297 in 1997 from Rs.3900 in 1995. But when the price of furnace oil in the international markets fell to 12 from 20 the local prices were not adjusted to accommodate this change. At present furnace oil prices should fall in the range of Rs.3000 per tonne in Pakistan. Thus, furnace oil is available locally at double the prices in the foreign markets. In turn, the average impact of the rise in furnace oil prices works out to be around Rs.17 per bag. 15 Electricity charges were escalating due to the additional surcharges levied on them. These were about Rs.1.82 per kwh in 1992-93 and rose by 107 to Rs.3.76 in 1997-98. Since around 85 of the total manufacturing cost consist of fuel and power, rise in this cost element leads to cost-push inflation in the form of higher retail prices.16 Even at the rate of Rs.230 per bag in 1999 the industry was losing Rs.12 per bag. In addition to this cement producers pay around 40 of their retail price in the form of excise duty leaving a retention price of only Rs.100 per bag as compared to a cost of Rs.138 per bag.17 The following diagram shows the trend in prices in the previous 4 years. In addition to the above, prices of other materials has also led to the justification of producers for increasing their final prices. One of these reasons is nearly a 79 increase in paper bag prices due to the devaluation of the rupee. This increment led to the rise in packing costs and a further addition to total cost. The principle of competition in the market economy states that a depressed market leads to lower prices but we see that this is not the case in the cement sector. A decline in demand is having a reverse effect. 18 The taxation policy should have ensured lower prices since cement is an essential commodity for the development of an economy. The industry in Pakistan is paying Rs.90 per bag as excise duty as compared to Indian producers who pay only Rs.17.50 per bag. If the excise duty rates are revised to Rs.300 per tonne then the price of domestic cement can be reduced to as low as Rs.160 per bag. Inordinate and frequent increases in taxes create a dilemma for local cement manufacturers since they have to appreciate their prices every now and then, adding to the lack of stability in the form of fluctuating prices. This has led to a reduction in the demand for cement. The rates of excise duty have been escalating at the tremendous rate of 350 in the last 10 years and 200 in the previous 5 years. This is the reason per capita consumption of cement in Pakistan is as low as 71kg. Import of machinery for expansion was exempt from duties until 1995 after which 10 regulatory duty was imposed on all imported goods. This led to arise in the capital cost of new plants and on-going projects. Apart from excise duty the sector adds to the state revenue in the form of: Provincial royalties on limestone, gypsum etc. Import duties on spares and parts Octroi on all items purchased Excise duty on all raw materials The rapid escalation in excise duties has transformed the sector to a loss making industry from one that was earning around 35 profit margin previously. The proposal now is to charge the levy as a combination of excise, sales tax with adjustment margins for the same taxes paid on oil, power and materials. In lieu of this recommendation the government has reduced the excise duty to Rs.1400 per tonne as compared to the past trend of a fixed 40 of retail price. Exports too are being affected by fickle state policies. Low duty drawback of only Rs.600 per tonne reduces the level of exports. The reduction in excise duties should help local producers lower and maintain their prices at around Rs.200 per bag. Declining Profitability and Market Capitalization: Since 1995 the cement sector has been in trouble. In 1993-94 the sectors profits were well above Rs.2 billion but they reduced to half the amount in the following year. Companies in this industry, from 1995-96, were incurring losses onwards. On top of this the overall market capitalization witnessed a severe decline from Rs.62 billion in 1994 to Rs.3.486 billion in 1998. The following table shows the actual and forecasted profits in the 2 regional divisions of the cement sector: (SOURCE: Performance Review by Pakland) Most cement companies are incurring heavy losses due to the fact that the retail price after excise and other taxes leaves an amount not even able to cover their production costs much less give them space for profit margins. 4 public limited companies were forced to close down since their losses had reached a level they were unable to account for. The losses suffered by some of the companies in the 6 months ended December 1998 are as follows: Operating Losses(in millions) An adverse development has been the fall in EPS of all companies in this sector. The maximum EPS in the period 1996-98 was Rs.3.45 and the mean was only Rs.1.17 as compared to 1993-95 when the figures were Rs.17.23 and Rs.7.46 respectively. A 17 decrease in sales has aggravated the financial status of all companies. Total sector profits fell from Rs.484 million in 1995-96 to a loss of Rs.2836 million in 1997-98. In the 6 months period of 1998-99 the industry stated losses of Rs.2.786 billion.19 Lower sales with additional taxes on retail price lead to lower revenues and lower operating profits. Subtraction of high financial charges on liabilities results in extremely low or in most cases negative net income. Shareholders have suffered losses worth Rs.60 billion since 1994 in share value. Companies thus have negative EPS as well and are unable to declare and pay out dividends to shareholders. The earnings track record for Cherat, Fecto, Dadabhoy, Pakland, Maple leaf, Lucky, Gharibwal, Fauji, DG. Khan, Kohat, Mustehkam, Pioneer and Zeal Pak, combined is as follows: Mkt. Capitalization 000 (SOURCE: Pakland Research Report) As we can see the trend has been very inconsistent. The reasons are the problems mentioned and most of all the lack of foresight on the part of all cement manufacturers. They have been unable to gauge the trends in a manner to take preventative actions and now are at a loss for remedial measures as well because the crisis has deepened an the issues just keep piling up. The financial crisis in the industry has led to a severe liquidity crunch in this sector. The debt burden comprises of 300 million owed to international agencies and around Rs.20 billion debt is outstanding in relation to the local banks and DFIs. Financial charges have been on the rise ever since 1992 when they amounted to only Rs.428 million, while in 1998 the same amount had risen to Rs.1595 million.20 Cement manufacturers are in a fix as to what to do to remedy the situation. One option available to them is liquidation and 4 of the companies had to eventually resort to this. Fauji Cement, D. G.Khan Cement, Pioneer and AC Wah are nearing a default situation on their debt servicing on loans obtained from foreign institutions such as International Finance Corp. and Commonwealth Development Corp. total credit liabilities of the sector towards local banks is to the tune of Rs.23.881 billion. Details are as follows: (SOURCE: IRS Feb.1999) Companies have been unable to pay interest due on loans, owe payment to utility companies like WAPDA and KESC. Depletion of stocks of furnace oil and paper bags for packaging and defaults in payments to suppliers adds to their burden bringing them nearer to the edge. Late payment of bills will lead to an additional loss in the form of 10 surcharge.21 Suppliers on the other hand will demand immediate payment with the due penalties to avoid a complete default by the manufacturers. Low stocks of paper bags will delay dispatches of orders and tarnish the goodwill developed with the consumers. The cement industry is a capital-intensive industry with heavy reliance on the engineering sector of the economy. In addition to this, the manufacturers depend on technology, which is usually imported when setting up a new plant or considering expansion. So far European and American plants are being set up in the country. The cost of a 2000-tpd plant lies within the range of Rs.3.5-4 billion and for a 3000-tpd plant the capital cost is approximately Rs.5.5-6 billion. This large capital outlay is increasing financial charges. 70 of the plants in Pakistan have been supplied by a Danish firm named FL Smidth. Japan and Germany have sold only 2 plants here. The situation now is such that FLS is now a price - making monopolist who is causing a steady upward trend in the price of its plants. All the new 15 plants being set up have been sold to us by FLS except those of Saadi Cement and Kaiser Cement. Due to persistent devaluation plants which cost Rs.35-80 million in 1993 are now in the range of Rs. 3-6 billion. This hinders expansion plans and adoption of latest technology by the new and existing plants. Capital Cost Comparison of New Projects (SOURCE: Pakland Research Report) With the costs of FLS plants on the rise, a few plants have been bought from the Chinese who have adopted this technology via franchise but are offering lower prices as compared to their Western competitors. The drawback is that they are offering only very small capacity plants such as those producing 300-2000 tonnes per day.22 Proposals for Improvement in Present Scenario Reduce surplus situation by exports Lower tax rates, enhance duty drawbacks and import subsidies Increase state protection and eliminate the problem of dumping Zero-rating for excise and other retail taxes Freight equalization of Rs.300 per tonne to bring manufacturers in both zones at par Establish bulk loading and storage facilities at the port and develop a dry port Government should reschedule debt to reduce loss burden Producers be given gas for fuel instead of high-priced furnace oil to reduce input costs Reduce surcharge on electricity and bring furnace oil prices at the same level as international prices Proposed duty drawback is as understated: No. of bags per ton of cement No. of bags produced per ton of Kraft paper (SOURCE: PAGE, Apr27-May3) The liberalization policy Pakistan is so eager to adopt will work bot h for and against the local industries. Unrestricted trade will allow free entry of low priced cement into the country and reduce existing market shares of all domestic players. Growing emphasis on low prices may reduce the qualitative aspect of production and give way to inferior products. Companies have to maintain quality standards and at the same time try and reduce costs via economies of scale. Too much expansion by a few players will lead to the development of a monopolistic environment in the sector. At present the industry is oligopolistic in market structure with a few sellers in the market who compete on the basis of price and technology and resort to means to increase their relative shares in the market. The wet process technology is outdated and all manufacturers using this method will stay far behind if they do not take measures to improve and update their production facilities. Focus in the future will be on cost competitiveness and product differentiation so that producers of cement can enhance margins and increase earnings by capturing a wider market base. Players specializing in different varieties can develop to various market segments and increase customer base. COMMITTED TO EXCELLENCE this is the statement that defines the management of the company. With this mission the company has moved on and grown since its inception in 1976. It had started off as a trading and land development firm and has then diversified into various areas of business of which its cement portfolio has earned it the name it has today. At present Pakland is in the business of trading, housing and manufacturing with its hand full with production and marketing of: The dynamism and progress of Pakland is attributable to its corporate philisophy which revolves around its above mentioned motto. It is this commitment to excellence that has led to impressive achievements, some of which are impressive by any yardstick of management performance. Pakland is a goal-oriented organization. It is their corporate belief that the organization must have clear, unambiguos goals that stretch both the management and the individuals. Once these challenging goals have been defined then the process of implementation is set in motion. They are the most important and crucial element in the organization. Their belief is that the only worthy goals are those that blend the interests of the individual, company and community. Intellect is not allowed to overpower wisdom and analysis does not impede actions. Things are kept simple yet efficient to strike the right balance between sophistication and rationale. At Pakland it is believed that the most important objective is not profit but to offer quality to the community which satisfies a desirable need efficiently and economically. The product offered should be of high quality yet affordable to a large segment of the market. Every endeavour and action of the company is geared toward the attainment of this underlying objective. They are aware of the fact that they are here to serve the community and that the complete satisfaction of all stakeholders is a win-win remedy that solves all other problems due to its long-term impact. The company is continuously striving to retain and attract new markets and customers. This is being done via product and market development and on-going improvements in process, plant and technology. 23 Pakland cement is Pakistans first private sector cement plant to go into production. It was incorporated in 1980 with the objective of establishing a 1000 metric tonnes per day capacity ordinary Portland cement plant at Dhabeji, about 60 km from Karachi. The project at the time was worth Rs.700 million. After successful trial production in February 1985 the company announced commercial production on 1 July 1985. The process design chosen is of latest technology based on suspension pre-heater type of dry process system. The company has one dry process unit as well. A high degree of automation has been incorporated in the production line and thus the process is highly capital intensive. An advance system enables monitoring and control of the entire process from a single station, by means of visual display in the central control room. Quality control is an in-built system with inspection at every stage of the process to ensure optimum output with least level of rejection. In 1995 a massive expansion program was undertaken to increase the capacity to 5000 tonnes per day. It was achieved through optimization of existing production line and addition of new unit. The capital cost of this plan was in the region of Rs.2600 million. The company was listed in 1989 with a share capital of Rs.200 million, with its market capitalization crossing the Rs.1500 million mark in 1995 when share capital grew to Rs.825 million.24 After completion of its under implementation projects Pakland shall have a total installed capacity of 2.9 million tonnes per annum comprising 4 manufacturing lines summarized below: The original plant was based on single string 4 stage pre - heater, with a capacity of 1100 tonnes per day (TPD). It was designed and supplied by Creusot Loire of France. Holder Bank were engaged as consultants for vetting of process design, raw material investigation and quarry planning for 50 years requirements. In 1986 the plant was added with second string 5 stage pre - heater, and an offline precalciner with tertiary air duct designed by IHI of Japan, to enhance the plant capacity to 1800 TPD. The plant has successfully operated over the years with an average 550000 TPD production. In 1998-99 the plant has been further enhanced to 3000 TPD by additions/ modifications of various plant sections in line with optimization program designed by IHI. In 1994-95 Pakland Cement initiated capacity expansion project by installation of a new line parallel to its existing facilities. The process technology was from UZINEXPORTIMPORT, Romania and the equipment from USA, Romania and Japan. The Pyroprocess is based on Onodas RSP technology. The plant is designed to produce 2400TPD clinker. The expansion project is presently under implementation with civil work almost completed and 75 of the equipment delivered to Pakistan. In addition to this the Pakland expansion at Karachi is basically export based with a capacity of 0.788 million tonnes per annum. Saadi cement is located in NWFP, about 60 km from Islamabad. Due to its proximity to the federal capital and to the main consuming centers the plant enjoys an ideal location. Rated capacity of the project is 1.5 million tonnes per annum. The project is using the same technology that is being used in Pakland 2 and the sources of machinery and equipment is also the same. It will produce gray portland cement. Expected daily production is 3000 tonnes. The whole project has a capital cost of Rs. 3.2 billion. Pakland has invested Rs.800 million in the equity of Saadi Cement. The plant and equipment includes raw material crusher, raw milling and homogenizing equipment, suspension pre-heater, kiln and clinker cooler, cement milling and gypsum proportioning equipment, electrostatic precipitator, and dust collecting equipment. The total cost of the imported equipment is approximately US 27.22 million including 406800 for supervisory and advisory services. Saadi cement is located in an area which enjoys exemption from payment of duties and taxes on imported equipment and sales tax on product sales upto the year 2001. The new investment policy allowed zero-rated tariff on imported machinery and a 90 tax allowance on the cost of plant, machinery and equipment. This was done since the cement sector was in the category of Value - added or Export industry. The area also is in close proximity to sites of all the raw materials needed in the production process. The raw materials are available in quantities sufficient to last for a 100 years. Based on the exemptions mentioned above such a large amount of investment was mobilized in NWFP. The financial feasibility and finances were arranged accordingly on the basis of cash flows keeping in mind the exemptions from sales and income tax. The government in contradiction to the Economic Reforms withdrew these exemptions with no protection to under implementation projects. The following table provides other relevant data in a more concise and comprehensive manner. Gross amounts are in million of rupees, capacity and production in millions of tonnes per year and ratios in times or percentages. The Pakland Group, which is the sponsor of Saadi Cement, is planning to enter the export market to tap the huge potential a available in this area of business. For this purpose the group has been given permission to construct its own jetty at Port Qasim. The construction of this private jetty will involve costs worth Rs.250 million. The present CampF prices prevailing in Bangladesh, Sri Lanka and other target export markets is US 39 per tonne. The average freight from Karachi to Chittagong is 16. Based on these parameters and added with duty drawback of Rs.900 per tonne allowed by the government on cement export, the cash margin available to Pakland is: (SOURCE: Pakland Research Report) The contribution margin earned with exports will help in offsetting the local fall in net retention due to increase in input costs and assist the company overcome losses with additional revenues. Due to a well-developed brand name market development is not a problem for Pakland. the companys products command premium prices in the market. The price per tonne keeps fluctuating but recently Pakland was charging approx. Rs. 3200-3600 per tonne for its cement. By achieving quality standards set by the BSS the company can easily pursue the ISO 9002 certificate to add to its strengths. Pakland faces threats in the form of govt. regulations, increase in duties and lack of sufficient protection and incentives to explore the export market. In addition to this constant rise in input and energy prices and the prevailing oversupply situation create problems for the company since it has undertaken massive expansion plans. The companys overdue debt can be a major obstacle for the implementation of some of the plans mentioned above. The top 5 companies in the industry in relation to market share are: (SOURCE: KSE, WI Carr and Corporateinfo) Like the industry as a whole, the company too is in the maturity stage and quite close to decline if actions are not taken in time to reverse the present decelerating trend in the sector. The slow market growth trend has weakened the companys status as a growing concern. But with its expansion plans nearing completion and ability to explore the foreign market with its exports, the company has a strong competitive edge over the other players in the industry. Participative management allows the company to remain flexible in a very volatile and unstable industry. The company is proactive and welcomes all feasible and beneficial changes quite easily. In an industry where price wars do not result in a lot the company eliminates competition via prudent financial management with the consecutive achievement of lower costs through economies of scale. Tariq Mohsin Siddiqui (CEO and Chairman) Shamim Mushtaq Siddiqui Mohd. Salim Arif Mohd. Aqueel Abbasi Jameel Ahmed Siddiqui The Dadabhoy group has businesses in the areas of energy, sacks, construction and trading apart from cement. They are proud to be the only Pakistani plant in the country as compared to their counterparts who have bought plants from international plant producers. The cement sector was entered in 1978 when the group decided to set up a 1000 TPD plant for the production of ordinary portland cement. The technology the company uses is the dry process. The plant is situated in Nooriabad, Sind and commercial production began in 1986. At the time since demand outpaced supply, the company went for optimization and increased plant capacity to 1500 TPD. The company was listed on the Stock exchange in 1992 with a paid-up capital of Rs. 265.79 million. Its line of products includes: Slag cement Portland cement Sulphate resistant cement The company believes in quality as the only driver toward success. It strives hard to give consumers products which are upto and beyond their expectations. Continuous optimization is undertaken to keep the technology and production process at its best. The company strives hard to maintain its quality standards and keep customers satisfied. The companys pursuance of its goal led to the attainment of the ISO 9002 certification for compliance with international quality standards. The certificate is ample proof of the fact that customers will get a product worth the price they pay and that the company will maintain its criteria for quality and continuous improvement. A company so keen on giving all its customers a worthy product, is bound to develop immeasurable goodwill and carve a niche for itself in the market. Quality attracts customers and the company does not have to waste much time and effort in winning customers over via tedious marketing techniques. Rapid socio-economic revival is necessary to remove the sectors sluggish growth trend. The company like the others in the sector wants state protection and reduction in input costs to gain an edge in the international market and compete with competitors offering low prices. Due to the slump in the market the production in 1998-99 was reduced to 374.376 million tonnes as compared to 547 million tonnes in the preceding financial year. The company has expanded its capacity to 1800-2000 TPD to achieve economies of scale and reduce costs. As such the company does not intend to engage in any large scale expansion projects. No. of shareholders (SOURCE: Annual Reports VIS 1999) Sales were reduced by 32 in the current financial year due to the escalation of furnace oil prices. Still, the company managed to earn a profit of Rs.1.697 million. The reason for the fall in profits is that the increment in manufacturing cost could not be passed on to the consumers since there is cut throat competition in this oligopolistic industry where price enhancements lead to loss of customers. The company is planning to enter the Furnace Blast cement product area. This type is used for seaports etc. and has a high export and revenue potential. At present the company is involved in a legal battle with the NDFC regarding the repayment of all long term loans due to the institution and the present sums in the Balance Sheet being the interest and mark-up on those loans. The company can use its increased daily production facility as an advantage and try and enter the international market like the rest of the firms in the industry. It can gain a strong footing in the export area since it has a relative cost advantage due to prevalent economies of scale and the availability of latest technology. The reduction in sales and thus profits is having a deep impact on the overall liquidity position of the company and the profit margins as well. Remedial measures need to be taken to deal with the fall in sales revenue and margins. Since the company is one of the largest in the sector in addition to being renowned it will have no problem in differentiating and developing new products to widen its product and customer base. Latest products include oil-well cement, furnace blast cement, low alkali cement and rapid hardening cement. These types are quite common in international markets and local companies to enhance exports must offer the latest products.26 Mohd. Hussain Dadabhoy (chairman) Razia Hussain Dadabhoy Mohd. Amin Dadabhoy (CEO) Fazal K. Dadabhoy Joint stock cos. Fin. amp Invest. Cos. (SOURCE: Annual report 1999) 4 Pakland report IRS Dec. 1998 7 Page, Sept.7-13, 1998 8 InvesCap Research, 1999 12 IRS, Feb. 1999 IRS, Nov, 1997 13 IRS Feb. 1999 Pakland Report 18 Page, Sept.7-13, 1998 21 Page, Sept. 1998 Page Mar.15-21, 1999 23 Pakland Brochure Interview 24 Annual reports Interview Co. Performance Review 25 Pakland Research Report IRS Nov. 1997 26 Interview With Dy. Mgr. Mktg. GENERAL OVERVIEW In the past 2 years the cement industry has been facing a crisis situation with no relief from the state and the overall industrial setup. Cement constitutes a basic ingredient for any infrastructure or socio-economic development of a nation and care must be taken to avert the crisis before it gains a strong foothold and begins to affect other areas such as the construction industry and other public development programs. It signifies the participation of the private sector in the industrial growth of the country with an investment of about Rs.70 billion and thus needs attention to maintain its pivotal role in the economic setup of the country. The sector which contributes Rs.15-20 billion per annum to the National Exchequer, has a sufficient share in the GDP (Rs.40 billion per year) and with a shareholders equity of around Rs.30 billion, is now on the verge of collapse.1 The industrys market capitalization fell to Rs.3.5 billion in1998 from Rs.63 billion in 1994. During 1997-98 the cement sector had been adversely affected by the dampening effect of slowed down economy and oversupply situation but in 1999 revival began as a substantial growth in domestic consumption. The performance outlook of the sector is very encouraging with the main factors being: Reduced capacity utilization Improvement in consumption patterns Reduction in indirect taxation Measures for price stability The sector had experienced steady growth upto 1993-94 prompting an additional private sector investment of Rs.32 billion and addition of new capacity of 6.5 million tonnes per annum. However since 1995 onwards it has been hard hit by frequent fiscal policy changes and rapid escalation of input costs. The capacity utilization reached only 60 due to a negative trend in demand growth and the prevalent oversupply situation. This led to losses of Rs.2 billion in 1996-97.2 Demand was falling due to the slow growth in the construction sector as drastic cuts were being applied in the annual development programs on account of resource constraints. CEMENT SECTOR IN PAKISTAN At present the total installed capacity of 28 cement plants (23 private and 5 public sector) is 17.312 million tonnes. Of these 8 are in Sind, 12 in Punjab, 5 in NWFP, 2 in Baluchistan and 1 in Islamabad.3 The industry has experienced a steady growth rate of 8, with 9 in the North Zone and between 4.5 and 6 in the South Zone. Until 1994 the country was facing shortages of cement and the gap was filled by imports. The shortfall in the supply coupled with a stable growth trend attracted investments in this sector, which led to an increase in capacity from 9 million tonnes in 1994 to 16 million tonnes in 1999. In 1998-99 total production of these plants was estimated at 10.384 million tonnes. In the preceding years i. e. 1997-98 and 1996-97 cement production was around 9.799 and 9.536 million tonnes respectively. 4 In 1999 as many as 9 new cement plants were being planned or implemented, all in the private sector. Their estimated capacity will be about 9.67 million tonnes. The expansion of existing plants will further add 4.03 million tonnes to the overall capacity of the sector.5 (SOURCE: Co. report and interview) The cement industry is very unevenly distributed in the country with a vast difference in capacity and production as can be seen in the above and following table. The number of plants is less than double in the south zone as compared to those in the north but total production in the latter region is nearly 3 times that in the former area. Even then all units charge the same price when in reality their technology, layout, product range and efficiency differs. This implies a misuse of cartel power exerted by the APCMA. NORTH ZONE PLANTS CAPACITY (million tonnes/annum) EFFECTIVE CAPACITY (million tonnes/annum) (SOURCE: Co. report and interview) The following 2 tables will give the zonal effective capacity, percentage capacity utilization, consumption and the prevailing gaps between demand and supply in the two production zones. It shows both the actual present scenario and future estimates. (SOURCE: Performance Review by Pakland) As we can see from the above tables in the South Zone the surplus supply situation is expected to continue for as long as the next 5 years. Also capacity utilization is not estimated to reach even 90 much less full capacity utilization of the plants. The question that then arises is what then is the reason for the extensive expansion projects and the setting up of new plants when existing plant capacities create an over supply situation before attaining full capacity levels of production. The reason lies in the growing export potential for cement manufacturers and all of them want to capture a sizeable share before their competitors do. The next section discusses this issue at length. The export potential available to the Pakistani cement sector can be summarized in the following table: Current Demand 1998 Local Production (metric tonnes) Fast depletion of limestone reserves No major capital High growth rate (SOURCE: Pakland Research Report) Demand though in the above countries is on the rise, potential is highly jeopardized by the high prices at which local clinker/cement is available to these importers. Further more clinker/cement is available in these countries at extremely low prices due to the South Asian crisis and the crash of currencies. On average the CampF prices in these countries have fallen by US15 per tonne. Pakistan on the other hand is unable to export these products even at variable cost. The price offered by local producers is 80 per tonne, which is much higher than those quoted by other players in the international market.9 Pakistan though has an excellent opportunity to capture these markets since they offer benefits in the form of geographic proximity, and perceived high quality of Pakistani cement. Presently India and China are reaping the benefits since they are able to offer competitive prices as their costs of production is lower and state subsidies for exports are given to cement producers of these countries. Import requirements of the countries mentioned in the above table are approximated at 17.7 million metric tonnes. Pakistani producers were of the view that they could capture around 30 of this market in 1998-99 and increase their share to 50 in the following year, that is, 1999-2000. By the year 2000 the forex earnings were estimated at US697 million. 10 DEMAND FOR IMPORT OF CEMENT(000 metric tonnes) (SOURCE: IRS Nov.1997) In relation to the above scenario the targets set by our local producers are as follows: EXPORT TARGETS OF CEMENT PRODUCERS Import Demand(000 tonnes) Total Export Revenue(million US) (SOURCE: IRS Nov.1997) Apart from non-competitive prices domestic cement manufacturers face problems in the form: Inadequate port facilities Present export rebate of 12.5 of FOB i. e. Rs.300 and Rs.270 per tonne for cement and clinker respectively is very high Clinker/cement are not Non-Traditional Exports and therefore denied extra 50 rebate Export of cement allowed only via sea which eliminates cheaper road transport through Afghanistan and into Central Asia Lack of sufficient duty and surcharge drawbacks. Reimbursement of these duties to the exporter should be made.11 Cement export has also been negatively affected by other acts such as dumping by Chinese cement producers and high freight charges which, act as a disincentive for local exporters. For instance freight charges from Pakistan to Dhaka are around 17 per tonne, whereas it costs the Chinese only 12 per tonne to the same destination. Rupee devaluation poses another problem for exporters in the form of changing fuel and furnace oil prices and thus increasing costs. A 5 increase in furnace oil prices leads to a 1 fall in gross margins for exporting companies. 12 The countrys cement manufacturers can gain a strong foothold in the foreign market by competing on prices because brand image and value are not of prime consideration for cement in the international arena. Proposals offered to remedy this situation are duty drawbacks, refunding of development surcharge and freight subsidies to the tune of 180 million.13 Pakistani cement can attract buyers only if it offers a combination of superior quality with competitive prices. Also fast action is needed to tap the vast potential available for foreign market development for the cement sector to regain its balance and revert to its former status as a well performing industry. Pakistan is a country rich in deposits of limestone, shale and gypsum, which are the main ingredients for the production of cement. The mining costs for these deposits come to only about Rs.100 per tonne or approximately 6 of total manufacturing cost. Thus cement is an extremely value-added product and must be given its due importance. Types of cement include: Ordinary Portland Cement (OPC) Slag Cement White Cement Super Sulphate Resisting Cement (SSRC) Sulphate Resisting Cement (SRC) The manufacturing process can be of any of the 3 types: Wet Process an obsolete method of manufacturing due to poor kiln heating and large water requirements. Semi-Wet Process not popular due to high levels of fuel and energy consumption and suited for materials with extreme elasticity. Quite obsolete. Dry Process suitable for materials with low moisture content. Low fuel usage as compared to the wet process, less maintenance requirements, higher kiln efficiency due to pre - heating facility and low kiln setup and maintenance costs. The process used has a major impact on the cost structure of the company. Using old and out-dated forms of technology not only effect the overall quality of the final product but result in higher maintenance costs, more replacement of parts etc. and the result is less competitive prices in both the domestic and foreign markets. We can see that Indian cement is sold at lesser prices since they have been able to cut back on their costs of production. This has been done by lowering energy costs via reliance on coal rather than furnace oil for running and operating their processes. In early 1999 the Monopoly Control Authority (MCA) issued a directive that all cement prices were to be reduced to Rs.140 per bag. The result was a disastrous drop in revenue proceeds to the government to the tune of Rs.8 billion per annum approximately. Average Cost of Cement (SOURCE: IRS Jan.1999) The MCA decision was more than welcomed by the construction sector and the builders and developers. This was done to boost the growth in the construction sector, which had been showing a declining trend as per a 1-2 growth rate between the period 1993-1999.14 The privatization strategy was used as a reason for the hike in prices by the cement manufacturers and they after profit retail price as Rs.228.5 in 1998, whereas just a year earlier in1997 the same was said to be Rs.170 per bag. The APCMA asserts that the rise in the prices of inputs such as furnace oil and the additional surcharge on electricity justifies for an increment in the final prices. Furnace oil prices rose by 112 in 1997 as the government decided to annex furnace oil prices to international oil prices such that they came to about Rs.6297 in 1997 from Rs.3900 in 1995. But when the price of furnace oil in the international markets fell to 12 from 20 the local prices were not adjusted to accommodate this change. At present furnace oil prices should fall in the range of Rs.3000 per tonne in Pakistan. Thus, furnace oil is available locally at double the prices in the foreign markets. In turn, the average impact of the rise in furnace oil prices works out to be around Rs.17 per bag. 15 Electricity charges were escalating due to the additional surcharges levied on them. These were about Rs.1.82 per kwh in 1992-93 and rose by 107 to Rs.3.76 in 1997-98. Since around 85 of the total manufacturing cost consist of fuel and power, rise in this cost element leads to cost-push inflation in the form of higher retail prices.16 Even at the rate of Rs.230 per bag in 1999 the industry was losing Rs.12 per bag. In addition to this cement producers pay around 40 of their retail price in the form of excise duty leaving a retention price of only Rs.100 per bag as compared to a cost of Rs.138 per bag.17 The following diagram shows the trend in prices in the previous 4 years. The taxation policy should have ensured lower prices since cement is an essential commodity for the development of an economy. The industry in Pakistan is paying Rs.90 per bag as excise duty as compared to Indian producers who pay only Rs.17.50 per bag. If the excise duty rates are revised to Rs.300 per tonne then the price of domestic cement can be reduced to as low as Rs.160 per bag. Inordinate and frequent increases in taxes create a dilemma for local cement manufacturers since they have to appreciate their prices every now and then, adding to the lack of stability in the form of fluctuating prices. This has led to a reduction in the demand for cement. The rates of excise duty have been escalating at the tremendous rate of 350 in the last 10 years and 200 in the previous 5 years. This is the reason per capita consumption of cement in Pakistan is as low as 71kg. Import of machinery for expansion was exempt from duties until 1995 after which 10 regulatory duty was imposed on all imported goods. This led to arise in the capital cost of new plants and on-going projects. Apart from excise duty the sector adds to the state revenue in the form of: Provincial royalties on limestone, gypsum etc. Import duties on spares and parts Octroi on all items purchased Excise duty on all raw materials The rapid escalation in excise duties has transformed the sector to a loss making industry from one that was earning around 35 profit margin previously. The proposal now is to charge the levy as a combination of excise, sales tax with adjustment margins for the same taxes paid on oil, power and materials. In lieu of this recommendation the government has reduced the excise duty to Rs.1400 per tonne as compared to the past trend of a fixed 40 of retail price. Exports too are being affected by fickle state policies. Low duty drawback of only Rs.600 per tonne reduces the level of exports. The reduction in excise duties should help local producers lower and maintain their prices at around Rs.200 per bag. Declining Profitability and Market Capitalization: Since 1995 the cement sector has been in trouble. In 1993-94 the sectors profits were well above Rs.2 billion but they reduced to half the amount in the following year. Companies in this industry, from 1995-96, were incurring losses onwards. On top of this the overall market capitalization witnessed a severe decline from Rs.62 billion in 1994 to Rs.3.486 billion in 1998. The following table shows the actual and forecasted profits in the 2 regional divisions of the cement sector: (SOURCE: Performance Review by Pakland) Most cement companies are incurring heavy losses due to the fact that the retail price after excise and other taxes leaves an amount not even able to cover their production costs much less give them space for profit margins. 4 public limited companies were forced to close down since their losses had reached a level they were unable to account for. The losses suffered by some of the companies in the 6 months ended December 1998 are as follows: Operating Losses(in millions) An adverse development has been the fall in EPS of all companies in this sector. The maximum EPS in the period 1996-98 was Rs.3.45 and the mean was only Rs.1.17 as compared to 1993-95 when the figures were Rs.17.23 and Rs.7.46 respectively. A 17 decrease in sales has aggravated the financial status of all companies. Total sector profits fell from Rs.484 million in 1995-96 to a loss of Rs.2836 million in 1997-98. In the 6 months period of 1998-99 the industry stated losses of Rs.2.786 billion.19 Lower sales with additional taxes on retail price lead to lower revenues and lower operating profits. Subtraction of high financial charges on liabilities results in extremely low or in most cases negative net income. Shareholders have suffered losses worth Rs.60 billion since 1994 in share value. Companies thus have negative EPS as well and are unable to declare and pay out dividends to shareholders. The earnings track record for Cherat, Fecto, Dadabhoy, Pakland, Maple leaf, Lucky, Gharibwal, Fauji, DG. Khan, Kohat, Mustehkam, Pioneer and Zeal Pak, combined is as follows: Mkt. Capitalization 000 (SOURCE: Pakland Research Report) As we can see the trend has been very inconsistent. The reasons are the problems mentioned and most of all the lack of foresight on the part of all cement manufacturers. They have been unable to gauge the trends in a manner to take preventative actions and now are at a loss for remedial measures as well because the crisis has deepened an the issues just keep piling up. The financial crisis in the industry has led to a severe liquidity crunch in this sector. The debt burden comprises of 300 million owed to international agencies and around Rs.20 billion debt is outstanding in relation to the local banks and DFIs. Financial charges have been on the rise ever since 1992 when they amounted to only Rs.428 million, while in 1998 the same amount had risen to Rs.1595 million.20 Cement manufacturers are in a fix as to what to do to remedy the situation. One option available to them is liquidation and 4 of the companies had to eventually resort to this. Fauji Cement, D. G.Khan Cement, Pioneer and AC Wah are nearing a default situation on their debt servicing on loans obtained from foreign institutions such as International Finance Corp. and Commonwealth Development Corp. total credit liabilities of the sector towards local banks is to the tune of Rs.23.881 billion. Details are as follows: (SOURCE: Pakland Research Report) With the costs of FLS plants on the rise, a few plants have been bought from the Chinese who have adopted this technology via franchise but are offering lower prices as compared to their Western competitors. The drawback is that they are offering only very small capacity plants such as those producing 300-2000 tonnes per day.22 Proposals for Improvement in Present Scenario Reduce surplus situation by exports Lower tax rates, enhance duty drawbacks and import subsidies Increase state protection and eliminate the problem of dumping Zero-rating for excise and other retail taxes Freight equalization of Rs.300 per tonne to bring manufacturers in both zones at par Establish bulk loading and storage facilities at the port and develop a dry port Government should reschedule debt to reduce loss burden Producers be given gas for fuel instead of high-priced furnace oil to reduce input costs Reduce surcharge on electricity and bring furnace oil prices at the same level as international prices Proposed duty drawback is as understated: No. of bags per ton of cement No. of bags produced per ton of Kraft paper (SOURCE: PAGE, Apr27-May3) The liberalization policy Pakistan is so eager to adopt will work bot h for and against the local industries. Unrestricted trade will allow free entry of low priced cement into the country and reduce existing market shares of all domestic players. Growing emphasis on low prices may reduce the qualitative aspect of production and give way to inferior products. Companies have to maintain quality standards and at the same time try and reduce costs via economies of scale. Too much expansion by a few players will lead to the development of a monopolistic environment in the sector. At present the industry is oligopolistic in market structure with a few sellers in the market who compete on the basis of price and technology and resort to means to increase their relative shares in the market. The wet process technology is outdated and all manufacturers using this method will stay far behind if they do not take measures to improve and update their production facilities. Focus in the future will be on cost competitiveness and product differentiation so that producers of cement can enhance margins and increase earnings by capturing a wider market base. Players specializing in different varieties can develop to various market segments and increase customer base. COMMITTED TO EXCELLENCE this is the statement that defines the management of the company. With this mission the company has moved on and grown since its inception in 1976. It had started off as a trading and land development firm and has then diversified into various areas of business of which its cement portfolio has earned it the name it has today. At present Pakland is in the business of trading, housing and manufacturing with its hand full with production and marketing of: The dynamism and progress of Pakland is attributable to its corporate philisophy which revolves around its above mentioned motto. It is this commitment to excellence that has led to impressive achievements, some of which are impressive by any yardstick of management performance. Pakland is a goal-oriented organization. It is their corporate belief that the organization must have clear, unambiguos goals that stretch both the management and the individuals. Once these challenging goals have been defined then the process of implementation is set in motion. They are the most important and crucial element in the organization. Their belief is that the only worthy goals are those that blend the interests of the individual, company and community. Intellect is not allowed to overpower wisdom and analysis does not impede actions. Things are kept simple yet efficient to strike the right balance between sophistication and rationale. At Pakland it is believed that the most important objective is not profit but to offer quality to the community which satisfies a desirable need efficiently and economically. The product offered should be of high quality yet affordable to a large segment of the market. Every endeavour and action of the company is geared toward the attainment of this underlying objective. They are aware of the fact that they are here to serve the community and that the complete satisfaction of all stakeholders is a win-win remedy that solves all other problems due to its long-term impact. The company is continuously striving to retain and attract new markets and customers. This is being done via product and market development and on-going improvements in process, plant and technology. 23 Pakland cement is Pakistans first private sector cement plant to go into production. It was incorporated in 1980 with the objective of establishing a 1000 metric tonnes per day capacity ordinary Portland cement plant at Dhabeji, about 60 km from Karachi. The project at the time was worth Rs.700 million. After successful trial production in February 1985 the company announced commercial production on 1 July 1985. The process design chosen is of latest technology based on suspension pre-heater type of dry process system. The company has one dry process unit as well. A high degree of automation has been incorporated in the production line and thus the process is highly capital intensive. An advance system enables monitoring and control of the entire process from a single station, by means of visual display in the central control room. Quality control is an in-built system with inspection at every stage of the process to ensure optimum output with least level of rejection. In 1995 a massive expansion program was undertaken to increase the capacity to 5000 tonnes per day. It was achieved through optimization of existing production line and addition of new unit. The capital cost of this plan was in the region of Rs.2600 million. The company was listed in 1989 with a share capital of Rs.200 million, with its market capitalization crossing the Rs.1500 million mark in 1995 when share capital grew to Rs.825 million.24 After completion of its under implementation projects Pakland shall have a total installed capacity of 2.9 million tonnes per annum comprising 4 manufacturing lines summarized below: The original plant was based on single string 4 stage pre - heater, with a capacity of 1100 tonnes per day (TPD). It was designed and supplied by Creusot Loire of France. Holder Bank were engaged as consultants for vetting of process design, raw material investigation and quarry planning for 50 years requirements. In 1986 the plant was added with second string 5 stage pre - heater, and an offline precalciner with tertiary air duct designed by IHI of Japan, to enhance the plant capacity to 1800 TPD. The plant has successfully operated over the years with an average 550000 TPD production. In 1998-99 the plant has been further enhanced to 3000 TPD by additions/ modifications of various plant sections in line with optimization program designed by IHI. In 1994-95 Pakland Cement initiated capacity expansion project by installation of a new line parallel to its existing facilities. The process technology was from UZINEXPORTIMPORT, Romania and the equipment from USA, Romania and Japan. The Pyroprocess is based on Onodas RSP technology. The plant is designed to produce 2400TPD clinker. The expansion project is presently under implementation with civil work almost completed and 75 of the equipment delivered to Pakistan. In addition to this the Pakland expansion at Karachi is basically export based with a capacity of 0.788 million tonnes per annum. Saadi cement is located in NWFP, about 60 km from Islamabad. Due to its proximity to the federal capital and to the main consuming centers the plant enjoys an ideal location. Rated capacity of the project is 1.5 million tonnes per annum. The project is using the same technology that is being used in Pakland 2 and the sources of machinery and equipment is also the same. It will produce gray portland cement. Expected daily production is 3000 tonnes. The whole project has a capital cost of Rs. 3.2 billion. Pakland has invested Rs.800 million in the equity of Saadi Cement. The plant and equipment includes raw material crusher, raw milling and homogenizing equipment, suspension pre-heater, kiln and clinker cooler, cement milling and gypsum proportioning equipment, electrostatic precipitator, and dust collecting equipment. The total cost of the imported equipment is approximately US 27.22 million including 406800 for supervisory and advisory services. Saadi cement is located in an area which enjoys exemption from payment of duties and taxes on imported equipment and sales tax on product sales upto the year 2001. The new investment policy allowed zero-rated tariff on imported machinery and a 90 tax allowance on the cost of plant, machinery and equipment. This was done since the cement sector was in the category of Value - added or Export industry. The area also is in close proximity to sites of all the raw materials needed in the production process. The raw materials are available in quantities sufficient to last for a 100 years. Based on the exemptions mentioned above such a large amount of investment was mobilized in NWFP. The financial feasibility and finances were arranged accordingly on the basis of cash flows keeping in mind the exemptions from sales and income tax. The government in contradiction to the Economic Reforms withdrew these exemptions with no protection to under implementation projects. (SOURCE: KSE, WI Carr and Corporateinfo) Like the industry as a whole, the company too is in the maturity stage and quite close to decline if actions are not taken in time to reverse the present decelerating trend in the sector. The slow market growth trend has weakened the companys status as a growing concern. But with its expansion plans nearing completion and ability to explore the foreign market with its exports, the company has a strong competitive edge over the other players in the industry. Participative management allows the company to remain flexible in a very volatile and unstable industry. The company is proactive and welcomes all feasible and beneficial changes quite easily. In an industry where price wars do not result in a lot the company eliminates competition via prudent financial management with the consecutive achievement of lower costs through economies of scale. Tariq Mohsin Siddiqui (CEO and Chairman) Shamim Mushtaq Siddiqui The Dadabhoy group has businesses in the areas of energy, sacks, construction and trading apart from cement. They are proud to be the only Pakistani plant in the country as compared to their counterparts who have bought plants from international plant producers. The cement sector was entered in 1978 when the group decided to set up a 1000 TPD plant for the production of ordinary portland cement. The technology the company uses is the dry process. The plant is situated in Nooriabad, Sind and commercial production began in 1986. At the time since demand outpaced supply, the company went for optimization and increased plant capacity to 1500 TPD. The company was listed on the Stock exchange in 1992 with a paid-up capital of Rs. 265.79 million. Its line of products includes: Slag cement Portland cement Sulphate resistant cement The company believes in quality as the only driver toward success. It strives hard to give consumers products which are upto and beyond their expectations. Continuous optimization is undertaken to keep the technology and production process at its best. The company strives hard to maintain its quality standards and keep customers satisfied. The companys pursuance of its goal led to the attainment of the ISO 9002 certification for compliance with international quality standards. The certificate is ample proof of the fact that customers will get a product worth the price they pay and that the company will maintain its criteria for quality and continuous improvement. A company so keen on giving all its customers a worthy product, is bound to develop immeasurable goodwill and carve a niche for itself in the market. Quality attracts customers and the company does not have to waste much time and effort in winning customers over via tedious marketing techniques. Rapid socio-economic revival is necessary to remove the sectors sluggish growth trend. The company like the others in the sector wants state protection and reduction in input costs to gain an edge in the international market and compete with competitors offering low prices. Due to the slump in the market the production in 1998-99 was reduced to 374.376 million tonnes as compared to 547 million tonnes in the preceding financial year. The company has expanded its capacity to 1800-2000 TPD to achieve economies of scale and reduce costs. As such the company does not intend to engage in any large scale expansion projects. No. of shareholders (SOURCE: Annual Reports VIS 1999) Sales were reduced by 32 in the current financial year due to the escalation of furnace oil prices. Still, the company managed to earn a profit of Rs.1.697 million. The reason for the fall in profits is that the increment in manufacturing cost could not be passed on to the consumers since there is cut throat competition in this oligopolistic industry where price enhancements lead to loss of customers. The company is planning to enter the Furnace Blast cement product area. This type is used for seaports etc. and has a high export and revenue potential. At present the company is involved in a legal battle with the NDFC regarding the repayment of all long term loans due to the institution and the present sums in the Balance Sheet being the interest and mark-up on those loans. The company can use its increased daily production facility as an advantage and try and enter the international market like the rest of the firms in the industry. It can gain a strong footing in the export area since it has a relative cost advantage due to prevalent economies of scale and the availability of latest technology. The reduction in sales and thus profits is having a deep impact on the overall liquidity position of the company and the profit margins as well. Remedial measures need to be taken to deal with the fall in sales revenue and margins. Since the company is one of the largest in the sector in addition to being renowned it will have no problem in differentiating and developing new products to widen its product and customer base. Latest products include oil-well cement, furnace blast cement, low alkali cement and rapid hardening cement. These types are quite common in international markets and local companies to enhance exports must offer the latest products.26 Mohd. Hussain Dadabhoy (chairman) Razia Hussain Dadabhoy Mohd. Amin Dadabhoy (CEO) Fazal K. Dadabhoy Joint stock cos. Fin. amp Invest. Cos. (SOURCE: Annual report 1999) 4 Pakland report IRS Dec. 1998 7 Page, Sept.7-13, 1998 8 InvesCap Research, 1999 12 IRS, Feb. 1999 IRS, Nov, 1997 13 IRS Feb. 1999 Pakland Report 18 Page, Sept.7-13, 1998 21 Page, Sept. 1998 Page Mar.15-21, 1999 23 Pakland Brochure Interview 24 Annual reports Interview Co. Performance Review 25 Pakland Research Report IRS Nov. 1997 26 Interview With Dy. Mgr. Mktg. 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