Doha, 31 Dec. 2018
Qatar Petroleum announces the acquisition of United Development Company’s (UDC) 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 highlights Qatar Petroleum’s pursuit of its strategy of consolidating its operations, as well as UDC’s strategy of exiting non-core business.
Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, Qatar said “This transaction allows for the full integration of SEEF Limited into Qatar Petroleum’s Refinery operations in Mesaieed Industrial city. We believe that this will help us achieve greater synergy value and boost our efforts to enhance and consolidate our operations.”
Al-Kaabi also thanked the management and staff of UDC for their valuable efforts towards the successful completion of this transaction.
Ibrahim Jassim Al Othman, President & Chief Executive Officer of UDC stressed the importance of this agreement