Qatar Petroleum (QP) announced the successful completion of the integration of Qatar Vinyl Company (QVC) into Qatar Petrochemical Company, (which already operates Qatofin) through the merger of all their operations under a single operating company, QAPCO.
First announced in February 2017 as an 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 1 July, 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.
QP President and CEO Saad Sherida al-Kaabi, said that their successful integration is a testament to their commitment to increase the efficiency, effectiveness, and competitiveness of all their operations.
I have no doubt that the combined distinctive resources and capabilities of the three companies will further enhance the value for our customers as well as for the companies’ respective shareholders.’
Al-Kaabi also said that he is proud of the achievements of everyone who took part in the completion of the merger, which was originally scheduled by year end, for only QAPCO and QVC. He expressed his appreciation to all the teams involved from QP and from the three companies who contributed to the success of the integration.
The new operating company, QAPCO, will deliver higher performance through the sharing of leadership, talent, resources and capabilities, realising significant synergies across multiple business and functional areas.
QP remains fully committed to delivering on its strategic objective of enhancing and growing the financial performance and competitive position of its business portfolio, and to support the continued and sustainable economic growth of Qatar.
Visit qp.com.qa for more information about the merger.