QP Announces Successful Integration of Qatar Petrochemical Company, Qatofin, and Qatar Vinyl Company

Doha, June 22 (QNA) - Qatar Petroleum (QP) on Thursday announced the successful completion of the integration of Qatar Vinyl Company "QVC" into Qatar Petrochemical Company "QAPCO, (which already operates Qatofin) through the integration of all operations under a single operating company, QAPCO. As of July 1st, the resulting new single operating organization, 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 stated in a press release published today. Qatar Petroleum President and CEO, Eng Saad Sherida Al-Kaabi, said this successful integration is another testament to QP's commitment to increasing the efficiency, effectiveness, and competitiveness of all its operations. He expressed confidence 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. The new operating company, QAPCO, will deliver higher performance through the sharing of leadership, talent, resources and capabilities, realizing significant synergies across multiple business and functional areas, he added. 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 the State of Qatar, Eng al-Kaabi stressed. 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. (QNA)