On November 22nd, 2012, Decree Law number 11 of 2012 was published in the Official Gazette mandating a new, wholly owned company of the State of Qatar, Qatar Chemical and Petrochemical Marketing and Distribution Company (Muntajat) Q.J.S.C., with the exclusive rights to purchase, market, distribute and sell the State of Qatar’s production of chemical and petrochemical regulated products to the global market.
Accordingly, Industries Qatar’s activities related to the marketing, distribution and selling of all of the group’s products, with the exception of the group’s steel products, will be progressively migrated to Muntajat.
The Decree Law was effective from November 4th, 2012 but Muntajat’s operations are expected to commence in Q1, 2013.
In comments to the Qatar Exchange, H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman and Managing Director of Industries Qatar, stated: “Industries Qatar fully supports this important initiative of the State of Qatar. IQ firmly believes that unifying the marketing efforts of all of the group companies and creating a national champion is in the best, long-term interests of the company, its shareholders and the State.”
Commenting on the likely financial effect of the change, Mr. Abdulrahman Ahmad Al-Shaibi, Chief Coordinator, Industries Qatar, continued, “We do not expect the change to have an impact on the group’s 2012 financial results. In 2013, the changes will bring additional value to the group – the full impact of which will be disclosed in the group’s 2013 to 2017 business plan which is due to be released in early 2013 and presented to the next annual general assembly meeting.”
Further details will be disclosed to the Qatar Exchange in due course.
Saturday, December 29- 2012 @ 10:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.