Industries Qatar unit secures loan for expansion

Dubai: Qatar Petrochemical Co., a subsidiary of Industries Qatar, has secured a 1.1 billion riyals (Dh1.1 billion) facility from Barwa Bank as it plans for significant business expansions.

Qapco is committed to expand its activities as part of Qatar’s growth plans for its petrochemical industry, the company said in a statement posted on the Doha bourse website on Monday.

It 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, Qapco said.

Industries Qatar owns a 80 per cent stake in Qapco, while France’s Total SA has the balance shares.