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QATAR PETROLEUM AND UNITED DEVELOPMENT COMPANY ANNOUNCE THE SUCCESSFUL COMPLETION OF THE ACQUISITION TRANSACTION OF UDC’S 20% INTEREST IN SEEF LIMITED
Qatar Petroleum and United Development Company (UDC) announce the successful completion of the acquisition transaction of UDC’s 20% interest in SEEF Limited (SEEF), a petrochemical company engaged in the manufacturing of Linear Alkyl Benzene (LAB). Following this acquisition, SEEF will be fully owned by Qatar Petroleum.
This transaction that was signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum and Mr. Ibrahim Jassim Al-Othman, President & Chief Executive Officer of UDC, highlights Qatar Petroleum's pursuit of its strategy of consolidating its operations, as well as UDC's strategy of exiting non-core business investments.
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said “we are pleased at the successful conclusion of this transaction which allows for the full integration of SEEF Limited into our operations. We believe that this will help achieve greater synergy value and boost our efforts to enhance and consolidate our operations.”
His Excellency Mr. Al-Kaabi also thanked the management and staff of UDC for their valuable efforts towards the successful completion of this transaction.
On his part, Mr. Ibrahim Jassim Al-Othman, President & Chief Executive Officer of UDC stressed the importance of this agreement saying “this transaction comes in line with our strategy of focusing on core-business to deliver greater value and enhanced returns to our shareholders. We believe this transaction was necessary to eliminate our exposure to hydrocarbon commodity price fluctuations.” SEEF was incorporated in the state of Qatar in July 2004 to manufacture LAB and Linear Alkylbenzene Sulfonate (LAS), the most widely used surfactant in biodegradable household detergents. Today, SEEF produces 80,000 metric tons per year of Normal Paraffin, 100,000 metric tons per year of LAB and 36,000 metric tons per year of Benzene.
SEEF’s plant is located adjacent to Qatar Petroleum’s Refinery in the Industrial Area of Mesaieed, about 40 kilometers south of Doha.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond.
Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development.
For more information, please visit www.qp.com.qa