24-09-2024
Mesaieed Petrochemical Holding Company (“MPHC” or “the Group”; QE ticker: MPHC) is pleased to announce the execution of a Memorandum of Understanding (“MoU”) with key stakeholders for the development and operation of a state-of-the-art salt production facility. This strategic initiative is endorsed under QatarEnergy’s TAWTEEN localization program.
Following our announcement on 10 June 2024, the proposed facility will produce both industrial salt for the downstream sector and food-grade table salt, along with other valuable by-products. This project is designed to ensure Qatar’s self-sufficiency in meeting domestic market demands, with surplus production earmarked for regional and international markets. The initiative will drive product diversification, enhance the local economy, and strengthen industrial capabilities thru implementing TAWTEEN localization programs, aligning with the objectives of Qatar National Vision 2030.
The salt production facility will be established through a joint venture comprising:
· Mesaieed Petrochemical Holding Company (MPHC): 40% equity stake
· Qatar Industrial Manufacturing Co. (QIMC): 30% equity stake
· Atlas Yatırım Planlama Sanayi ve Ticaret Anonim Şirketi (Atlas): 30% equity stake
Under the terms of the MoU, Qatar Petrochemical Company (QAPCO) will be appointed as the Project Development Manager, responsible for overseeing the project’s implementation across its various phases.
The MoU aims to advance the project’s further and facilitate negotiations on key project agreements, ultimately leading to a final investment decision (“FID”) by all participating parties.
Further details regarding the project will be disclosed in due course, upon reaching the FID stage.