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Tribune News Network
Doha
Qatar Petroleum (QP) has successfully completed integration of Qatar Vinyl Company (QVC) into Qatar Petrochemical Company (Qapco), according to a press release issued by QP on Thursday.
The unification of QVC, a subsidiary of Mesaieed Petrochemical Company (MPHC), into Qapco, a subsidiary of Industries Qatar (IQ) that already operates Qatofin, has been done through the integration of all operations under a single operating company, Qapco.
First announced in February 2017 as integration between Qapco and QVC, the objective of this operational integration was to enhance the competitiveness, financial performance, and resilience of both companies by creating a single world-class petrochemical operator achieving synergies in size, service and reliability.
As of July 1, the resulting new single operating organisation, Qapco, will fully operate the facilities of all three companies. This operational integration will bring no change to the respective shareholdings of Qapco, Qatofin and QVC, whose brands will remain fully in place.
Qatar Petroleum President and CEO Saad Sherida al Kaabi said,"This successful integration is another testament to our commitment to increasing the efficiency, effectiveness, and competitiveness of all our operations. The combined resources and capabilities of the three companies will further enhance the value for our customers as well as for the shareholders."
Kaabi added,"I would like to take this opportunity to thank all the teams involved from QP and the three companies, who contributed to this success."
