MUNTAJAT Capital is USD 100 Million, CEO Says

Doha, December 23 (QNA) - The CEO of Qatar Chemical and Petrochemical Marketing and Distribution Company (MUNTAJAT) Abdulrahman Ali Al-Abdullah said that the company's capital is USD 100 Million. At the press conference held today to launch the company, Al-Abdullah considered the establishment of MUNTAJAT as one of the strategic steps which will position Qatar amongst the top leading nations in the chemicals and petrochemicals fields. Following the establishment of the company by issuing the Emiri Decree No. 11/2012 and giving it exclusive rights to purchase, market, distribute and sell regulated Qatari produced chemical and petrochemical products, the Board of Directors collectively agreed on "MUNTAJAT" as the commercial name of Qatar Chemical and Petrochemical Marketing and Distribution Company, he added. "We aim to become world leaders in the marketing and distribution of chemicals and petrochemicals and it is through strategic planning, logistic efficiency and economies of scale that we can move forward to achieving our company's mission, he said. The company has already initiated the regulatory consultation process with the relevant producing entities in order to ensure a seamless transition of the current marketing, sales and associated operations activities to MUNTAJAT, ensuring smooth supply to the customers. He added that in the upcoming few weeks, MUNTAJAT will kick start its operations to purchase, market, distribute and sell existing and future specified regulated petrochemical and chemical products produced in the State of Qatar through a scheduled phased approach to customers in more than 120 countries. We will operate through 36 offices spread around the globe with a dedicated team of more than 400 employees in addition to a number of logistic establishments and warehouses positioned in strategic regional locations that will support its activities of marketing, sales and distribution. The company is setting up an advanced supply chain program that will maximize efficiency designed to assure a faster and improved customer service before and after sales, reduce lead and delivery times, and decentralize distribution to better serve its global customers, said the company's CEO. He stressed that MUNTAJAT will represent the Qatar's chemical and Petrochemical industry at international trade exhibitions and forums to maintain excellent relations with existing customers and expand its business network. "In line with Qatar's National 2030 vision, the establishment of MUNTAJAT will reinforce the national chemicals and petrochemicals industry and leave its mark on the international platform, he said. (QNA)