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Middle East Specialized Cables Co (MESC) Announcement Update on the Progress of the Conversion to IFRS Accounting (3rd Phase)

As per the requirements of the Capital Market Authority for all listed entities on the Saudi Stock Exchange to adopt International Financial Reporting Standards (IFRS), endorsed by the Saudi Organization for Certified Public Accountants (SOCPA); Middle East Specialized Cables Co (MESC) announces its third update on progress of the conversion to IFRS Accounting as follows:
1. The IFRS Opening Balance Sheet reconciliation & notes, detailing the IFRS recalculation impacts have been completed.
2. The IFRS Accounting Policies have been approved by the Board of Directors on 28-12-2016.
3. The IFRS financial statement for quarter ended 31st March 2016 (comparatives of first quarter 2017) have already been prepared.
4. There are no significant impacts on the entity as a result of implementing the IFRS.
5. MESC has not faced any difficulties and does not expect to face any major obstacles for the transition to IFRS accounting.
6. MESC is ready to produce its first set of IFRS financial statements for the quarter ended 31st March 2017 within the applicable regulatory period.

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MESC secures the first package in Kuwait New Refinery Project – Main processing unit

KNPC new refinery is a world-class grass roots refinery to produce low sulfur fuel oil to replace high sulfur fuel oil used in local power plants. This large scale refinery is designed to process 615,000 BPSD of light Kuwait crude oil or 535,000 BPSD of heavy mix Kuwait crude oil. This refinery uses latest technology to comply with stringent environmental regulations to protect the local environment, and at the same time produces the latest environmentally friendly ultra-low sulfur diesel fuels for worldwide markets as well as jet fuel, kerosene, and naphtha feedstock for petrochemical plants.

The project is a significant one and it places KNPC amongst the first global refining companies in terms of refining capacity and producing environmentally friendly fuel that meets all international environment conditions. MESC has secured the first order in this Mega project with an order to supply instrumentation and control cables for the main processing unit with Tecnicas Reunidas/Sinopic / Hanwha Engineering

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MESC secures the first package in Liwa Plastics Industries Complex – Sohar Refinery

KNPC new refinery is a world-class grass roots refinery to produce low sulfur fuel oil to replace high sulfur fuel oil used in local power plants. This large scale refinery is designed to process 615,000 BPSD of light Kuwait crude oil or 535,000 BPSD of heavy mix Kuwait crude oil. This refinery uses latest technology to comply with stringent environmental regulations to protect the local environment, and at the same time produces the latest environmentally friendly ultra-low sulfur diesel fuels for worldwide markets as well as jet fuel, kerosene, and naphtha feedstock for petrochemical plants.

The project is a significant one and it places KNPC amongst the first global refining companies in terms of refining capacity and producing environmentally friendly fuel that meets all international environment conditions. MESC has secured the first order in this Mega project with an order to supply instrumentation and control cables for the main processing unit with Tecnicas Reunidas/Sinopic / Hanwha Engineering