Qapco wins $296.2m loan facility
Doha, June 9, 2013
Qatar Petrochemical Company (Qapco), one of the country's leading industrial firms, said it has secured a QR1.1 billion ($296.2 million) loan from Barwa Bank to boost capacity expansion at its plant and also support its working capital.
Over the coming years, Qapco is planning a significant unprecedented expansion in terms of volume and size of its business and production, said a senior official.
Dr Mohammed Yousef Al-Mulla, the vice chairman and CEO said Qapco was a successful industrial company and one of the leaders in its field, hence contributing to the diversification of the Qatari economy.
As the petrochemical industry is set for exponential growth, we have major expansion plans underway, and are focusing on using and developing the best industrial technologies for this promising future."
Qapco, he stated, is committed to expanding its activities and production in a planed, optimized and secured way.
"Therefore Qapco preferred to have the option to secure more liquidity on demand, when required, instead of utilizing the accumulated operational profit surpluses yielded throughout the years," he added.
Dr Al-Mulla said the interest generated by the bid demonstrated the confidence that the local financial institutions placed in supporting the local industrial sector.
The bidding process was extremely competitive amongst all the local financial institution and included in-depth and throughout financial and investment analysis and credit risk analysis just to mention a few. Supporting the growth of the local economy via competitive financial facilities is fundamental for the development of the industry, he added.
Barwa Bank CEO Steve Troop said the lender was proud to back one of Qatar’s leading national and regional players in the industrial sector and was now looking forward to supporting its further expansion.
"The selection of Barwa Bank for this deal amidst tough competition from other local and international banks is an important achievement for us financially and strategically as we strive to enhance the positioning of Sharia'h compliant banking and finance as a strategic choice for major local, regional and international companies," he added.-TradeArabia News Service
More Finance & Capital Market Stories
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator