The Qatar Fuel Additives Company (Qafac) will supply Iran’s Petrochemical Commercial Company International (PCCI) with 275,000 tons of the gasoline additive, MTBE annually for seven consecutive years beginning in 2003, reported Gulf Times.
Qafac is a jointly owned venture, 50 percent of which is held by Qatar Petroleum (QP). The agreement was part of QP’s plan to open new markets for the country’s petrochemical products and natural gas.
Qafac’s other shareholders are the Chinese Petroleum Corporation, holding a 20 percent stake in the firm, the Lee Chang Yung Chemical Industry Corporation and the International Octane Limited who both hold 15 percent shares. Its plant, located at Mesaieed has the capacity to produce 825,000 tons of methonol and 610,000 tons of MTBE annually. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
