QAPCO secures a US$302 mln from Barwa Bank to help fund its expansion plans

17-Jun-13

Qatar Petrochemical Company (QAPCO), has secured a QR1.1 bln (US$302 mln) facility from Barwa Bank to help fund its expansion plans. QAPCO said that it is planning a "significant unprecedented expansion" in terms of volume and size of its business and production over the coming years. "In light of upcoming expansion plans within the petrochemical industry in Qatar over the coming years, QAPCO is committed to expand its activities and production in a planed, optimised and secured way," the company said in a statement. "Therefore QAPCO 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," it added.