Qatar Petroleum (QP), yesterday, announced the successful completion of the integration of Qatar Vinyl Company “QVC” into Qatar Petrochemical Company “Qapco, (which already operates Qatofin) through the integration of all operations under a single operating company, Qapco.
First announced in February 2017 as an integration between Qapco and QVC, the objective of the operational integration was to enhance the competitiveness, financial performance, and resilience of both companies by creating a single world-class petrochemical operator achieving synergies in size, service and reliability.
As of July 1, the resulting new single operating organisation, Qapco, will fully operate the facilities of all three companies. This operational integration will bring no change to the respective shareholdings of Qapco, Qatofin and QVC, whose brands will remain fully in place.
Saad Sherida Al Kaabi (pictured), Qatar Petroleum President and CEO said “this successful integration is another testament to our commitment to increasing the efficiency, effectiveness, and competitiveness of all our operations.”
“I have no doubt that the combined distinctive resources and capabilities of the three companies will further enhance the value for our customers as well as for the companies’ respective shareholders.”
“I am proud of the achievement of all those who completed this elaborate exercise, which was originally planned to be completed by year end for only QAPCO and QVC,” he added.
The new operating company, Qapco will deliver higher performance through the sharing of leadership, talent, resources and capabilities, realising significant synergies across multiple business and functional areas.