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INVESTOR RELATIONS: Quarterly Financial Update For the period ended 31 March 2010. Release Date: 21 st July, 2010. Disclaimer & General Notes. Industries Qatar QSC:
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Quarterly Financial Update
For the period ended
31 March 2010
Release Date: 21st July, 2010
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Sustained petrochemical product prices recovery
Modest fertiliser price recovery
Steel prices still deteriorating
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Industries Qatar QSC:
Industries Qatar QSC (“IQ”) was incorporated as a Qatari joint stock company on April 19, 2003. The business operations of the company comprise the direct holding of shares in the following subsidiary and joint venture companies: (i) Qatar Steel Company QSC (“QS”), a wholly-owned subsidiary, engaged in the manufacture and sale of steel billets and reinforcing bars; (ii) Qatar Petrochemical Company Limited QSC (“QAPCO”), a joint venture owned 80% by IQ, engaged in the production and sale of ethylene, low-density polyethylene (“LDPE”), linear low-density polyethylene (“LLDPE”) and sulphur; (iii) Qatar Fertiliser Company SAQ (“QAFCO”), a joint venture owned 75% by IQ, engaged in the manufacture and sale of ammonia and urea; (iv) Qatar Fuel Additives Company Limited QSC (“QAFAC”), a joint venture owned 50% by IQ, is engaged in the production and export of methanol and methyl-tertiary-butyl-ether (“MTBE”); and (v) Fereej Real Estate Company, a joint venture owned 34% by IQ, engaged in investing in residential and commercial buildings, and the provision of facilities management and construction project management services.
Qatar Petroleum, the largest shareholder, provides all of the head office functions for IQ through a comprehensive service directive. The operations of the subsidiaries and joint venture remain independently managed by their respective Boards of Directors and senior management teams.
Fereej Real Estate Company
Incorporated in 2008 as a joint venture, Fereej is currently owned by IQ (34%), Qatar Real Estate Investment Company (33%) and Al-Koot Insurance And Re-Insurance Company (33%). The company’s activities are focused on investing in residential and commercial buildings, and the provision of facilities management and construction management services.
Qatar Fertiliser Company SAQ
Qatar Fertiliser Company SAQ (“QAFCO”) is the world’s largest single site producer of urea and ammonia. It was incorporated in 1969 and is currently a joint venture between Industries Qatar QSC (“IQ”) [75%], Fertiliser Holdings AS (10%) and Yara Netherland BV (15%). QAFCO is engaged in the manufacture and sale of ammonia and urea, which are sold primarily in the Indian sub-continent, and urea formaldehyde condensate.
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Qatar Petrochemical Company Limited QSC
Incorporated in 1974 as a joint venture, Qatar Petrochemical Company Limited QSC (“QAPCO”) is currently owned by Industries Qatar QSC (“IQ”) [80%] and TOTAL Petrochemicals (France) [20%]. QAPCO has two joint ventures, Qatofin Company Limited QSC and Ras Laffan Olefins Cracker Company, and two associated companies, Qatar Vinyl Company Limited QSC and Qatar Plastic Products Company WLL.
QAPCO was established with the aim of utilising the associated and non-associated ethane gas from petroleum production. QAPCO is one of the leading producers of ethylene and variable grade low-density polyethylene (“LDPE”) [under the brand name “Lotrene”] in the Middle East, with sulphur being its by-product. The LDPE is marketed in over 75 countries, with the main markets being the Middle East, Far East, Africa and the Indian sub-continent. A substantial part of the ethylene produced is used in the LDPE production process, with the remainder being supplied to QAPCO’s associate, QVC, to meet its feed requirements. In 2009, QAPCO commenced production of linear low-density polyethylene (“LLDPE”).
Qatar Fuel Additives Company Limited QSC
Incorporated in 1991 as a joint venture, Qatar Fuel Additives Company Limited QSC (“QAFAC”) is currently owned by Industries Qatar QSC (“IQ”) [50%], OPIC Middle East Corporation [20%], International Octane Limited [15%] and LCY Middle East Corporation [15%]. The company was established as part of Qatar’s strategic plan to diversify its petrochemical base and expand its downstream industries. It is recognised as a producer and exporter of high quality methanol and methyl-tertiary-butyl-ether (“MTBE”). Its primary markets are the Far East, Europe and the Gulf region.
Qatar Steel QSC
Qatar Steel QSC (“QS”) was the first integrated steel producing company in the GCC region and is Qatar’s sole steel producer. Originally incorporated in 1974 as a joint venture between the State of Qatar, Kobe Steel and Tokyo Boeki, QS was subsequently wholly-acquired by Industries Qatar QSC (“IQ”) in 2003. QS is engaged in the manufacture and sale of steel bars, billets and reinforcing bars, which are sold primarily in the local and GCC markets.
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