Published: June 10, 2013
Qatari petrochemicals company to carry out significant expansion.
Qatar Petrochemical Company (QAPCO) has secured a QR1.1bn (US$302mn) loan facility from Barwa Bank. The funds will go towards a process of “unprecedented expansion”, both in terms of business size and output volume.
The thinking behind the decision to go to a local bank for funding was outlined in a company statement:
“In light of upcoming expansion plans within Qatar’s petrochemical industry, QAPCO is committed to expand its activities and production in a planned, optimised and secured way. Therefore QAPCO preferred to have the option to secure more liquidity on demand, when required, instead of utilising the accumulated operational profit surpluses yielded throughout the years.”