Qatar Petroleum (QP) announces the acquisition of 20% interest from United Development Company (UDC) and its SEEF Limited, a petrochemical company engaged in the production of Linear Alkyl Benzene (LAB). Following the acquisition, SEEF will now be fully owned by QP.
Minister of State for Energy Affairs and President/CEO of QP Saad Sherida Al Kaabi, said the transaction allows for the full integration of SEEF Limited into the operations of QP Refinery in Mesaieed Industrial City. He said that this development will help achieve greater synergy value and boost their efforts to enhance and consolidate operations.
UDC President/CEO Ibrahim Jassim Al Othman also stressed the importance of the deal in line with their strategy of focusing on core-business to deliver greater value and enhanced returns to shareholders.
We believe this transaction was necessary to eliminate our exposure to hydrocarbon commodity price fluctuations.’
SEEF was incorporated in Qatar in July 2004 to manufacture LAB, the most widely used surfactant in biodegradable household detergents. Today, SEEF produces 80,000 metric tonnes of Normal Paraffin per year, 100,000 metric tonnes of LAB per year and 36,000 metric tonnes of Benzene per year.
SEEF’s plant is located adjacent to the QP Refinery in Mesaieed, about 40 kilometres south of Doha.