MOSCOW (
MRC) -- Qatar Petroleum plans to raise 3.2 billion riyals (USD879 mln) in the initial public offering of a new petrochemicals subsidiary, according to
Plastemart.
QP expects to start selling a 26% stake in Mesaieed Petrochemical Holding Co. on 31 December on the Qatar Exchange. The sale is only be open to Qatari citizens and closes on 21 January.
Qatar, which has the world's third largest reserves of gas, plans to stimulate its domestic stock exchange after MSCI Inc. upgraded the stock market to emerging market status in June. This will be the first IPO since 2010 in Qatar's stock market, after the global financial crisis froze issuance.
As MRC
reported before, Qatar Petroleum (QP) and Qatar Petrochemical Company (QAPCO) have recently signed the FEED contract with Tecnimont SpA for the Al Sejeel Petrochemical Complex, to be built in Ras Laffan Industrial City. The signing of the FEED contract for the project, in which QP and QAPCO own respectively 80% and 20% equity interest, marks a strategic milestone for the progress of the mega-petrochemical complex.
The complex's construction scheduled for completion in 2018. It will comprise the worlds largest mixed-feed steam crackers, and is designed to produce 2.2 million tpa of polymers, including polyethylene (PE) - high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) - and polypropylene (PP) resins.
Qatar Petroleum is a state owned petroleum company in Qatar.
MRC