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DOHA: Qatar Petrochemical Company (Qapco) will officially launch the operations of the new Low Density Polyethylene third plant (LDPE 3) today when the Emir H H Sheikh Hamad bin Khalifa Al Thani inaugurates the facility in a ceremony.
The state-of-the-art facility will increase Qapco’s output to 700,000 metric tonnes per annum of low-density polyethylene, with LDPE 3 making up nearly half that number. Testing and commissioning of the plant were completed in the middle of August this year, with the inauguration of the plant coming just short of three years after the foundation stone was first laid by the Heir Apparent H H Sheikh Tamim bin Hamad Al Thani in December 2009.
“The LDPE 3 facility represents the culmination of our efforts to meet our mission: to become a regional leader in the production and distribution of ethylene and polyethylene,” said Dr Mohammed Yousef Al Mulla, Qapco’s Vice-Chairman and Chief Executive Officer. “In addition, the plant represents our commitment to the virtues and pillars of the Qatar National Vision 2030. With economic diversification at the centre of the country’s development and growth for generations to come, all of us at Qapco are proud in the role we play in meeting the goals.”
The inauguration event will take place at the Mesaieed Industrial City.
LONDON: Oil rose towards $111 a barrel yesterday as escalating violence in the Middle East fuelled concerns over oil supplies from the region and as hopes rose that a US budget crisis could be averted.
Investors fear the Israeli-Palestinian conflict may draw in other countries and possibly disrupt energy exports from the region, which supplies more than a third of the world’s crude.
Israel raised the stakes yesterday, saying it was ready for a ground invasion in the Gaza Strip, but preferred a diplomatic solution. Brent futures were up $1.78 to trade at $110.73 by 1346 GMT. US crude oil rose $1.36 to trade at $88.28.
“There’s no oil being lost, obviously. But it’s just the follow-on effect. No one likes confrontation anywhere near the Gulf region,” said Rob Montefusco, oil broker at Sucden Financial in London. “I would have thought (oil) would have been weaker, because the demand hasn’t really been there.”
United Nations Secretary General Ban Ki-moon was due to arrive in Cairo on Monday to support ceasefire efforts led by Egypt, which borders both Israel and Gaza and whose Islamist-rooted government has been hosting leaders of Hamas.