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
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