Qatari firms to acquire USD5b Chinese Petrochemical Group

31 Mar 2015

(MENAFN) Hamad Bin Suhaim Enterprise, jointly with Qatra for Investment & Development (QID Group), is set to acquire almost 50 percent of the USD5 billion Chinese Shandong Dongming Petrochemical Group, Arabian Business reported.

The agreement will be settled later this year. Several projects, under the deal, are also going to be scheduled for completion once the agreement is fully settled, according to the chief executive of QID who informed reporters in a press session.

“These projects will include building 1,000 petrol stations across six provinces in China and a liquefied natural gas (LNG) terminal with a 3 million tonne per annum capacity in the region of Qinzhou,” the chief executive added in his statement.

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