MOSCOW (MRC) -- As part of its ongoing efforts to strengthen its global competitive position in the downstream sector, Qatar Petroleum announces its decision to integrate Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) into QP, according to The Peninsular.
The integration will involve leveraging a combined set of human, technical, commercial, and financial capabilities, as well as customer relationships into the QP organization with the aim of being completed within the next few months, which will enable QP to continue expanding its global reach, and to remain the partner of choice providing superior high quality products and excellence in customer service.
In making the announcement, H E Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, said, "The integration of Muntajat into QP is a strategic move that will further strengthen our downstream capabilities and enhance the State of Qatar’s global competitive position in the downstream sector. We are committed to establishing a center of excellence for the downstream business in Qatar by pooling the commercial, technical, and financial capabilities of both QP and Muntajat, and by leveraging higher efficiencies in the deployment of our human and financial resources."
During the integration process, Muntajat will continue to deliver its commitments and contractual obligations to all its customers around the world with no interruption and with the same superior customer service.
This integration marks another step towards achieving Qatar Petroleum’s vision to become one of the best national oil & gas companies in the world.
As MRC reported earlier, Qatar Petrochemical Company (Qapco) has failed to restart its linear low density polyethylene (LLDPE) line and extented force majeure on shipments of material. The company unexpectedly shut down the LLDPE line on 3 May 2020 due to an unspecified technical issue. The shutdown has forced its sole marketing and distribution arm - Muntajat to declare force majeure on the shipment of these cargoes to Asian customers. Apparently, the plant failed to restart on 12 May. The company bought the 570,000 tons/year LLDPE line online in late May 2020.
According to MRC's ScanPlast report, April LLDPE shipments rose to 42,830 tonnes from 36,790 tonnes a month earlier, production increased. Overall LLDPE shipments totalled 152,840 tonnes in the first four months of 2020, up by 13% year on year. SabSibNeftekhim accounted for the main increase in shipments.
MRC