Qapco inks QR730 mln deal to finance LDPE-3 project and related operations

Qatar Petrochemical Company (Qapco) has inked a QR730 mln deal with Qatar Islamic Bank (QIB) for a Shariah-compliant financing facility to be utilised for its new Low-Density Polethylene-3 (LDPE-3) project and related operations. LDPE-3 project is part of Qapco’s expansion and development plans and will be using the excess ethylene produced by Qatofin and Qapco. Slated to be completed in 2011 at an investment of QR 2 bln, the project is expected to produce 300,000 metric tpa of low density polyethylene. As per the deal, QIB will offer Qapco US$200 mln (QR730 mln) with a competitive return and flexible terms and conditions.
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