Qatar  | عربي

Qatar National Bank Group (QNB) the largest financial institution in the State of Qatar and the Gulf, took part in a signing ceremony with Qatar Fuel Additives CompanyLimimted (QAFAC).

QNB will partner with QAFAC on their latest initiative of setting up a new Carbon Di-Oxide (CO2) Recovery plant which when completed will be the largest of its type in the region. This signing ceremony took place on the 11th of June at the Al Sharq Hotel in Doha.

  QNB FUNDS THE CONSTRUCTION BY QAFAC

QAFAC signed a Corporate Loan Agreement with QNB for US $80 million to fund the establishment of the CO2 recovery plant, situated within Mesaieed Industrial City premise. This project will take approximately 2 years to complete construction and is expected to begin operation in 2014.

The plant will capture CO2 from the combustion exhaust gas emitted in QAFAC’s Methanol production process. This state of the art design will separate and recover CO2 from the flue gas using a licensed process from Mitsubishi Heavy Industries of Japan.

QNB is excited at the opportunity to be part of such an innovative project, as the Bank works towards being the institute of choice for customers, staff, investors and suppliers alike. Acting in such a way that it always contributes positively and enhances the communities that it operates in.

Further, QNB is immensely proud to be a part of this world class CO2 recovery plant and this collaboration again demonstrates QNB’s willingness to support corporate initiatives which will facilitate the protection of the environment.

With the initiation of this project, QAFAC has shown a desire to be a leader in reducing industrial greenhouse gases and playing a front line role as an environmentally conscious company.

QAFAC plans to recover 500 Tonnes/day of CO2, a Greenhouse Gas, from its Methanol Reformer stack and will inject this into its existing Methanol plant.

QAFAC, based in Qatar, is a Petrochemical company which commenced operation in 1999 and is 50% owned by Industries Qatar (IQ). QAFAC is one of the leading companies in its field producing Methanol and Methyl Tertiary Butyl Ether (MTBE).

Attending the ceremony were Mr. Nasser Jeham Al- Kuwari, the General Manager of QAFAC along with other representatives from their Management Team.

QNB was represented by Mr. Ali A. Al Kuwari, Executive General Manager and Chief Business Officer, along with Mr. Abdulla Mubarak Al Khalifa, General Manager Corporate banking.


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