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QNA
Doha
Qatar Vinyl Company (QVC) will be integrated into Qatar Petrochemical Company (QAPCO) through a service agreement arrangement by the end of the year, Qatar Petroleum (QP) announced on Sunday.
The result will be a single company, QAPCO, operating the facilities of both the companies.
While QVC is part of Mesaieed Petrochemical, QAPCO is a unit of Industries Qatar.
The integration will not result in any change to the shareholding pattern but will allow the realisation of synergies through creating a single entity that operates the assets on behalf of both companies' shareholders.
QP President & CEO Saad Sherida al Kaabi said,"The integration aims to enhance the competitiveness, financial performance and resilience of both the companies. The shareholders of Industries Qatar and Mesaieed Petrochemicals will directly benefit from this integration as it reduces the operating cost and enhances 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 Qatar as well as each company's respective shareholders and customers."
The integration process is expected to start in March and to be completed before the end of the year.
Kaabi said,"We will ensure that all Qatari nationals currently employed by QVC will be integrated into the new QAPCO organisation."
