Qatar Petroleum unit inks LED plant JV deal
Doha, February 8, 2014
Alwaseeta, a subsidiary of Qatar Petroleum, has signed a joint venture deal with a Korean consortium for setting up a 60,000 sq m light-emitting diode (LED) lighting systems' manufacturing plant in the country, said a report.
QKLC is made up of prominent Korean LED companies and governmental institutes, such as the Korea Photonics Technology Institute (Kopti) and Korea Association for Photonics Industry Development (Kapid).
The new factory will have an initial production capacity of 155,000 LED units a year, reported the Gulf Times.
The project will be implemented in two phases, with the LED manufacturing plant to be built initially and scheduled for completion by 2016.
The second phase will involve installing LED chip packaging, establishing a state-of-the-art R & D Centre, and subsequently setting up a demonstration centre for simulating real-time conditions.
The project's final phase is expected to be completed by 2018.
As per the deal, Alwaseeta will own a 75 per cent stake in the JV project, while the remainder will be held by QKLC, said the report.