New General Manager Appointed for Qatar Chemical Companies Ltd. (Q-Chem And Q-Chem II)

Saad Rashid Mohammed Al-Muhannadi appointed as General Manager of Q-Chem.

  
07 July 2015
DOHA, QATAR - Mesaieed Petrochemical Holding Company ("MPHC" or "the group"; QE: MPHC), a subsidiary of Qatar Petroleum, and one of the region's premier diversified petrochemical conglomerates with interests in the production, distribution and sale of olefins, polyolefins, alpha olefins and chlor-alkali products, announced today the appointment of Mr. Saad Rashid Mohammed Al-Muhannadi as new General Manager of Q-Chem, Q-Chem2companies with effect from September 1st, 2015.

Mr. Al-Muhannadi has a long experience with Qatar Petroleum, where he worked way up through different disciplines and management levels.

Spanning a career of more than 25 years, Mr. Al Muhannadi is currently the Director Technical of Qatar Petroleum, a position he assumed in June 2006 with overall executive responsibility for planning, directing and executing a diverse range of Oil and Gas related and Civil Infrastructure Capital Projects. Prior to that, he took on the role of Corporate Manager - Contracts and previously served as Engineering Business Manager.

Mr. Al Muhannadi was also a member of several Steering and Management Committees and was a member of Board of Directors in several established companies.

Mr. Al Muhannadi holds a BSC in Industrial & Systems Engineering from the University of Southern California, USA.

Q-Chem is a Qatari company owned by Mesaieed Petrochemical Holding Company Q.S.C. (MPHC) 49 percent, Chevron Phillips Chemical International Qatar Holdings LLC (Chevron Phillips Chemical Qatar) 49 percent, and Qatar Petroleum (QP) 2 percent.                                                   

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For more information about the press release, email mphc@qp.com.qa or visit www.mphc.com.qa.
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Disclaimer:

The companies in which Mesaieed Petrochemical Holding Company QSC directly and indirectly owns investments are separate entities.  In this press release, "MPHC" and "the group" are sometimes used for convenience in reference to Mesaieed Petrochemical Holding Company QSC.

This document may contain forward-looking statements concerning the financial condition, results of operations and businesses of Mesaieed Petrochemical Holding Company QSC.  All statements other than statements of historical fact are deemed to be forward-looking statements, being statements of future expectations that are based on current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements.

There are a number of factors that could affect the realisation of these forward-looking statements such as: (a) price fluctuations in crude oil and natural gas, (b) changes in demand or market conditions for the group's products, (c) loss of market share and industry competition, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks.  As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein.  All forward-looking statements contained in this report are made as of the date of this presentation.

Mesaieed Petrochemical Holding Company QSC, its Directors, officers, advisors, contractors and agents shall not be liable in any way for any costs, losses or other detrimental effects resulting or arising from the use of or reliance by any party on any forward-looking statement and / or other material contained herein.  Mesaieed Petrochemical Holding Company QSC, its joint ventures and associated companies are further in no way obliged to update or publish revisions to any forward-looking statement or any other material contained herein which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever.  Mesaieed Petrochemical Holding Company QSC does not guarantee the accuracy of the historical statements contained herein.

General Notes:

Mesaieed Petrochemical Holding Company's accounting year follows the calendar year.  No adjustment has been made for leap years.  Where applicable, all values refer to Mesaieed Petrochemical Holding Company's share.  Values expressed in QR billions and percentages have been rounded to 1 decimal point.  All other values have been rounded to the nearest whole number.  Values expressed in US $'s have been translated at the rate of US $1 = QR3.64.

DEFINITIONS:

Cash Realisation Ratio: Cash Flow From Operations / Net Profit x 100 • Debt to Equity: (Current Debt + Long-Term Debt) / Equity x 100 • Dividend Yield: Total Cash Dividend / Closing Market Capitalisation x 100 • EDC: Ethylene Dichloride • EPS: Earnings per Share (Net Profit / Number of Ordinary Shares outstanding at the year end) • EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation • Free Cash Flow: Cash Flow From Operations - Total CAPEX • HCL: Hydrochloric Acid • HDPE: High Density Polyethylene • NAO: Normal Alpha Olefins • NaOH: Caustic Soda • MT / PA: Metric Tons Per Annum • Payout Ratio: Total Cash Dividend / Net Profit x 100 • P/E: Price to Earnings (Closing market capitalisation / Net Profit) • Utilisation: Production Volume / Rated Capacity x 100 • VCM: Vinyl Chloride Monomer

ABOUT MPHC:
Mesaieed Petrochemical Holding Company Q.S.C. ("MPHC") was incorporated as a Qatari joint stock company on May 29, 2013 with an agreed effective date for the transfer of Qatar Petroleum's previous shareholding in the joint ventures of September 1, 2013.  The registered office is located at P.O. Box 3212, Doha, State of Qatar.  The main activity of MPHC is to act as a holding company: (i) Qatar Chemical Company Limited (Q-Chem) is currently owned by MPHC (49%), Chevron Phillips Chemical International Qatar Holdings L.L.C. ("CPCIQH") (49%) and QP (2%), and has one wholly-owned subsidiary, Q-Chem Distribution Company Limited (ii) Qatar Chemical Company II Limited (Q-Chem II) is currently owned by MPHC (49%), CPCIQH (49%) and QP (2%), and has one wholly-owned subsidiary, Q-Chem II Distribution Company Limited and an ownership of 53.85% in the capacity rights to the ethylene cracker and pipeline owned by  Ras Laffan Olefins Company Limited ("RLOC"), which supplies ethylene to Q-Chem II; and (iii) QVC, which was incorporated in 1997 as a joint venture, and is currently owned by MPHC (55.2%), Qapco (31.9%) and QP (12.9%).

© Press Release 2015


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