(MENAFN - The Peninsula) Qatar Petrochemical Company (Qapco) inaugurated a new logistics warehouse in the General Free Zone in Ataqa, Suez Governorate, for the storage of the company's products in the Arab Republic of Egypt, a statement of the company said.
The inaugural ceremony was held under the auspices of Qapco Chairman Hamad bin Rashid Al Muhannadi and Dr Mohammed Yusuf Al Mulla, the Vice-Chairman and CEO of the company. The event was also attended by dignitaries and government officials both from Qatar and Egypt.
Expressing his deep pleasure for inaugurating the second logistics warehouse in Egypt, Dr Al Mulla said: "Qatar is very proud of the excellent economic and political relations established with the government, people and institutions of Egypt, which have been the driving force for opening the representative office of the company and the logistics establishments. The new logistics warehouses has been established as an additional service to the Egyptian market.
"We realise the high significance of this market and highly appreciate the qualitative shift accomplished by the Egyptian economy in all fields. With eyes full of appreciation and admiration, we are witnessing the transformation currently achieved in Egypt despite the hardships and difficulties inflicted upon the country."
Qapco has been keen to be present there since 2002 when the company opened its representative office in 2007 when the first logistics centre was opened in the General Free Zone, Ataqa, Suez, to satisfy clients' needs, provide them with the necessary support and promote their confidence by being very close to them with its products and services
The storage capacity of the new warehouse is 14000 MT, thus increasing the gross storage capacity in Egypt to 20,000 MT. The company is aiming to shorten lead time and distances and establish direct relations with the strategic markets to satisfy the needs of its clients in the neighbouring markets properly and optimally.
It is worth mentioning that Qapco's marketing network extends to more than 4,500 clients in over 145 countries. This network currently comprises 30 representative offices all over the world located in China, India, Pakistan, Taiwan, Bangladesh, Malaysia, Vietnam, Australia, Indonesia, Srilanka, Singapore, Philippines, Turkey, South Africa, and a number of Arab countries, namely: Lebanon, Syria, Egypt, Jordan, UAE and Morocco.
Qapco has also signed heads of agreement with Qatar Petroleum for the development of a new, mega-petrochemical complex in Ras Laffan Industrial City. The complex will be built at an investment of about 5.5bn. The project will be completed by 2018.
Qapco is one of the leading companies in the production of low density ethylene and polyethylene (LDPE) in the Middle East.