MOSCOW (MRC) -- Qatar Petrochemical Company (QAPCO) has secured a QR1.1 bln (USD302 mln) facility from Barwa Bank to help fund its expansion plans, as per Plastemart.
QAPCO said that it is planning a "significant unprecedented expansion" in terms of volume and size of its business and production over the coming years.
"In light of upcoming expansion plans within the petrochemical industry in Qatar over the coming years, QAPCO is committed to expand its activities and production in a planed, optimised and secured way," the company said in a statement.
"Therefore QAPCO preferred to have the option to secure more liquidity on demand, when required, instead of utilising the accumulated operational profit surpluses yielded throughout the years," it added.
As MRC reported previously, in late 2012, QAPCO inaugurated the third LDPE plant at Mesaieed Industrial City. The new facility will produce prime high pressure grade LDPE than existing QAPCO facilities, thus positioning the company as a global leader in LDPE production.
Earlier last year, the company confirmed that the planned USD 5.5 bln Ras Laffan mega petrochemical complex project was on schedule in accordance with the original timetable and scope. The complex, which will be built at an estimated investment cost of QAR20.1 bln (US5.5 bln) includes a world scale steam cracker, with the feedstock coming from natural gas projects located in the north of Qatar. The project will be carried out on a lump sum turnkey basis and is scheduled for completion in 2018.
Qatar Petrochemical Company (QAPCO) is a Qatar-based company established in 1974 and is a joint venture between Industries Qatar (80%) and Total Petrochemicals (20%). The company is currently one of the largest producers of low density polyethylene (LDPE) in the region. In addition to LDPE, QAPCO also produces linear low density polyethylene (LLDPE), ethylene, and sulfur, which it sells to over 4500 industry customers in 145 countries through its extensive global marketing network.
MRC