State-owned Qatar Petroleum (QP) is planning to merge with Qatar Vinyl (QVC), which is part of Mesaieed Petrochemical, to become Qatar Petrochemical (QAPCO), a division of Industries Qatar.
As a result of this new integration, the two companies will become a one single entity and will be managed and operated by QAPCO.
The new integration will not impact on shareholders ownership.
Qatar Petroleum president and CEO Saad Sherida Al-Kaabi said: “This integration aims to enhance the competitiveness, financial performance, and resilience of both companies.
“The shareholders of Industries Qatar and Mesaieed Petrochemicals will directly benefit from this integration as it reduces the operating cost and enhance the profitability of both companies.
“We will pool the distinctive resources and capabilities of QVC and QAPCO to create a higher value for both of their respective shareholders, while strengthening our global competitive position in the petrochemical industry.
“I am confident that we will create an even more effective and efficient organisation to uphold the best interest of the State of Qatar, as well as each company’s respective shareholders and customers.”
Upon completing the integration process, QAPCO will become a single company, which will be completely responsible for QAPCO’s and QVC’s operations.
Al-Kaabi added: “QP remain fully committed to deliver on its strategic objectives of enhancing and growing the financial performance and competitive position of its business portfolio, and to support the State of Qatar’s continued and sustainable economic growth.”?
The integration process is expected to begin next month and due to be complete by the end of this year.
Source: Chemicals Technology
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).