(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: On the sidelines of the GPCA conference held in Doha from December 3 to 6, in the presence of a large number of leading local and international companies in the petrochemical industry, the participation of the industrial sector took place through its specialised petrochemical companies in the conference and the accompanying exhibition. The Chief Executive Officer of the Qatar Industrial Manufacturing Company (QIMC) and Vice Chairman of the Board of Directors of Qatar Plastic and Wooden Products Company (QPPC) Abdul Rahman Al Ansari announced the commencement of the plastic bags and wooden pallets project in the Ras Laffan Industrial City. The project involves the production of 15,000 tons of packaging bags and one and a half million wooden pallets for the petrochemical sector.
This project is in line with the expansion of the petrochemical sector in the Ras Laffan region, as indicated by the Minister of State for Energy Affairs H E Saad bin Sherida Al Kaabi. This project represents an increase in the company's production capacity. The project is based on the expansion of the petrochemical sector in the Ras Laffan Industrial City, as highlighted by the Minister in his opening speech at the conference. It is expected that the Ras Laffan Petrochemical Project will be operational by the end of 2026.
The contribution of the Qatar Industrial Manufacturing Company to the GPCA Forum is significant due to its global importance in highlighting the petroleum industries and their derivatives from the petrochemical industries and those associated with them. The GPCA Forum is one of the most important specialised exhibitions in this field. The company's participation aims to express its interest in learning about modern technology, exploring possibilities for future partnerships, and exploring export opportunities to neighboring markets.
The company's initial capital upon incorporation was set at QR200m ($55m), which was fully paid in 2002. Subsequently, it was increased by 50% in 2006 to reach QR300m. In 2009, the capital was further raised by 20% to QR360m. Another increment of 10% occurred in 2010, bringing the capital to QR396m. The latest increase took place in 2014, where the capital was raised by 20% to reach QR475
Investment in economically rewarding industrial projects, grounded in the utilisation of locally and regionally available natural resources and intermediate inputs, constitutes the foundation of the company's investment policy.
The company approaches its investment activities with a focus on comprehensive economic development. As such, it strives to maximize the positive direct and indirect impacts of investments on the national economy. The company commenced its operations in May 1990 and, in a short span, emerged as one of the leading entities in the realm of small and medium industries in the State of Qatar. Presently, the company is involved in 21 industrial projects, all of which are in the production stage, spanning various industrial sectors such as petrochemical, chemical, building materials, and food industries. Additionally, the company is in the process of establishing several new projects, that includes the production of glass bottles.
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