ID :
361880
Tue, 03/31/2015 - 13:34
Auther :

Qatari Firms to Acquire 49 Percent of China's Shandong Dongming Petrochemical Group

Doha, March 31 (QNA) - Suhaim Bin Hamad Enterprise Group and Qatar Investment and Development Group (QID) announced that they plan to acquire 49 per cent of China's Shandong Dongming Petrochemical Group worth $5 billion. Chief executive of QID Ibrahim El Tenay said, at a press conference to reveal the details of the acquisition in Doha today, that the deal is expected to be finalized by the forth quarter of this year. El Tenay added that the transaction, if completed, included various new projects and expansion of current projects, the most important one is the erecting of an LNG storage facility with a capacity of 3 million metric tons, adding that a similar deal was reached with the Government of Quanzhou with equal capacity as a participation in the development of the economic and industrial renaissance of the province. The transaction includes construction and operation of 1,000 petrol retail stations servicing a substantial part of the needs of the population in five provinces, he added. Hamad bin Suhaim Enterprises is a Qatari company, active in real estate, trade and industry. QID is active in various sectors such as real estate development, petrochemicals, high tech products and information technology. (QNA)

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