Qatar Petrochemical Co. $270 expansion funded by bank
Qatar Petrochemical Company (QAPCO) has secured a QAR 1.1 billion facility from Barwa Bank to fund its expansion plans.
“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,” said a company statement.
Dr. Mohammed Yousef Al-Mulla, Vice Chairman and Chief Executive Officer of QAPCO, said, "QAPCO is a successful industrial company and one of the leaders in its field, hence contributing to the diversification of the Qatari economy. As the petrochemical industry is set for exponential growth, we have major expansion plans underway, and are focusing on using and developing the best industrial technologies for this promising future. On the same level, QAPCO only aims for the most recognized, reliable and most successful financial solutions, proven and widely used on a global level, to finance its growth.”
The Vice Chairman and Chief Executive Officer added that the interest generated by the bid demonstrates the confidence that the local financial institutions place in supporting the local industrial sector.
Steve Troop, CEO of Barwa Bank said, “Barwa Bank is proud to support one of Qatar’s leading national and regional players in the industrial sector and we look forward to supporting its further expansion.
“The selection of Barwa Bank for this deal amidst tough competition from other local and international banks is an important achievement for us financially and strategically as we strive to enhance the positioning of Shari’ah-compliant banking and finance as a strategic choice for major local, regional and international companies. This deal is another example of Barwa Bank delivering value to customers, shareholders and the Qatari economy,” said Troop.
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