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Monday, 27 February 2017

Qatar Petroleum to Merge Chemical Units in Cost-Cutting Drive - Bloomberg

Qatar Petroleum to Merge Chemical Units in Cost-Cutting Drive - Bloomberg:

"Qatar Petroleum plans to merge two petrochemical units in its latest consolidation of businesses, as the world’s fourth-biggest oil and natural gas producer seeks to trim costs in its domestic operations and expand internationally. The state-run company will fold the operations of Qatar Vinyl Co., part of Mesaieed Petrochemical Holding Co., into Qatar Petrochemical Co., a unit of Industries Qatar QSC, it said Sunday in an e-mailed statement. Qatar Petroleum owns 74.2 percent of Mesaieed and 51 percent of Industries Qatar, according to data compiled by Bloomberg. Both companies are listed on the Qatar Stock Exchange. Shareholders “will directly benefit from this integration as it reduces the operating cost and enhance the profitability of both companies,” Qatar Petroleum Chief Executive Officer Saad Sherida Al Kaabi said in the statement. The merger will begin in March and be completed this year through a service-agreement arrangement, QP said. "

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