Qapco and Atofina, the sponsors of the Qatofin petrochemical project in Qatar, have signed a financial advisory agreement with HSBC. This agreement marks a further step in the development of the Qatofin project that will produce 450,000 tons per annum of linear low density polyethylene (LLDPE) for export from 2007.
The Qatofin project forms part of State of Qatar's long-term strategy to become a leading producer and exporter of petrochemical products. The Qatofin project company, upon formation, will be 63 percent owned by Qapco, 36 percent owned by Atofina and one percent owned by Qatar Petroleum.
HSBC Bank Middle East is the largest and most widely represented international bank in the Middle East with 30 branches throughout the United Arab Emirates (UAE), Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain.
This regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a branch in London, UK and a representative office in Tehran, Iran.
HSBC Investment Banking and Markets comprises the HSBC Group's treasury, capital markets, advisory, equity securities origination and distribution, trading and research, asset management, merchant banking, private banking and trustee, and private equity activities.
HSBC Bank Middle East is a principal member of the HSBC Group which, with some 7,000 offices in 81 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa and $746 billion in assets as at 30 June 2002, is one of the world's largest banking and financial services organizations.
Qatar Petrochemical Company Limited QSC (Qapco) is a company established under the laws of the State of Qatar. Qapco is 80 percent owned by Qatar Petroleum, the State of Qatar's oil and gas company, 10 percent owned by Atofina of France and 10 percent owned by ENI of Italy. Qapco has been producing ethylene and ethylene derivatives since 1981.
Atofina SA (Atofina) is a company established under the laws of France. It is 98.7 percent owned by TotalFinaElf, the world's fourth largest oil and gas company. Atofina is the world's sixth largest chemicals company and global leader in petrochemicals and plastics, intermediate chemicals and specialties. Atofina has been present in Qatar since 1981 through its investment in Qapco. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
