They want to grow their IQ. Industries Qatar (IQ) was Qatar's largest publicly traded company with a market value exceeding QAR42 billion (USD11.5 billion) by year end 2006. With QAR14.445 billion (USD3.97 billion) of investments in ongoing projects as of 2007, IQ is set to grow even further.

As a subsidiary of state-owned Qatar PetroleumQatar Petroleum, IQ was privatized in 2003 through an offering that raised USD674 million for 30% of the company's equity. IQ is a holding company that operates through its subsidiaries, namely Qatar Petrochemical Company (QAPCO)Qatar Petrochemical Company (QAPCO), Qatar Fertilizer Company (QAFCO)Qatar Fertilizer Company (QAFCO), Qatar Steel Company (QASCO)Qatar Steel Company (QASCO) and Qatar Fuel Additives Company (QAFAC)Qatar Fuel Additives Company (QAFAC).

IQ's steel subsidiary, QASCOQASCO, which was established in 1978, is the first integrated steel plant in the Arabian Gulf. QASCOQASCO is undergoing an expansion plan of which the first phase, which will more than double QASCOQASCO's annual production capacity, is expected to be completed by the third quarter of 2007. In 2006, QASCOQASCO supplied 1.1 million t/y of molten steel, 2.25 million t/y of sponge iron, 2.6 million t/y of billets, 780,000 t/y of bars, and 79,000 t/y of PC strands.

IQ's petrochemical subsidiary, QAPCOQAPCO, commenced commercial production in 1981 and expanded to reach 525,000 t/y of ethylene and 410,000 t/y of LDPE production capacity by 2007. QAPCOQAPCO markets LDPE under the brand name ?lotrene? in 75 countries, mainly in the Middle East, Far East, Africa, and India. QAPCOQAPCO is expanding its production of ethylene further to reach 660,000 t/y and an additional 250,000 t/y of LLDPE by the end of 2010.

IQ's fertilizer subsidiary, QAFCOQAFCO, was considered the world's largest single site manufacturer of ammonia and urea by the end of 2006. Furthermore, QAFCOQAFCO signed a long-term agreement with Yara Asia, which would allow it to capture a 42% share of the New Zealand market and thus become the largest supplier to New Zealand by the end of 2007.

IQ established its fuel additives subsidiary, QAFACQAFAC, in 1991 as a joint venture with three other international corporations, Chinese Petroleum Company (via OPIC Middle East Corporation), Lee Chang Yung Chemical Industry Corporation (via LCY Investments Corporation), and Dutco GroupDutco Group (via International Octane), its primary products are methanol and MTBE.

IQ reported a 12.6% increase in 2006 profits to reach QAR3.6 billion (USD994 million). Of IQ's total profits, QAFCOQAFCO contributed 37%, QAPCOQAPCO 35%, QASCOQASCO 15%, QAFACQAFAC 11%, and other sources contributed 2%.