Minister of Energy and Industry: Industries Qatar (IQ) Hits Highest Records in Its History

Doha , February 15 (QNA) - HE Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman and Managing Director of Industries Qatar, has said that "The last financial year will be remembered as the year IQ surpassed previous financial records and achieved revenue of QR 16.5 billion and net profits of QR 7.9 billion." "The group registered very strong operating rates over the year throughout our production facilities and, along with strong demand from key Asian markets, was able to therefore fully benefit from resurgent product prices." HE Dr. Al-Sada added in a press release published by Qatar exchange website on Wednesday. He noted, "I am also pleased to announce that earlier today we confirmed that one of our joint venture companies, QAPCO, will jointly manage the construction and running of a new, mega-petrochemical facility in Ras Laffan with Qatar Petroleum, the State owned oil and gas company." "QAPCO will have a 20% equity stake in this new enterprise that is estimated to cost over QR 20 billion and start production in 2018." He made clear. Talking on the performance of the group's revenue, Chief Coordinator of Industries Qatar, Abdulrahman Ahmad Al-Shaibi said, "The group recorded revenue of QR 16.5 billion for the year ended December 31, 2011, representing a year-on-year increase of 34%. This increase can be primarily attributed to resilient prices across all key products as price inflation benefited the group by QR 3.4 billion." "The petrochemical segment was the largest contributor to group revenue in 2011, and the group’s key growth driver. The segment contributed almost 40% to the group result in closing the year with total revenue of QR 6.5 billion. The segment also recorded the largest year-on-year increase within the group, adding over QR 1.8 billion. Circa 55% of that increase came from rising product prices, while QR 0.7 billion was attributable to increased sales volumes in 2011," said Al -Shaibi. It's noteworthy that IQ was founded in 2003 majoring in the field of petrochemicals industries, fertilizers industries and products of petroleum additives as well as iron and steel industry. (QNA)