The United Development Company (UDC) has signed a term sheet for the supply of gas for Qatar's aluminium smelter project. The Smelter will be the first major gas-based industrial project to be promoted and established by the private sector in the state.
Qatar's Enhanced Gas Utilisation (EGU) Project has the backing of the Qatari authorities for its rapid implementation. The facility will have a hot metal capacity of around 500,000 tons per year. Commercial production is anticipated to start in 2006.
Work is under way on all the key elements of the bankable feasibility study including technology, design and engineering, port and site logistics, and on the environmental impact assessment. UDC holds the exclusive license from the Qatari authorities for its development.
Established in 1999, UDC is the largest private sector Qatari Shareholding Company. UDC's mission is to identify and invest in long-term projects that will contribute to the expansion of Qatar and provide good shareholder value.
Priority sectors for UDC are energy-intensive industries, hydrocarbons downstream, construction related and environment related. Establishment of a primary aluminium smelter in Qatar is the top priority project.
The founders of the company hold a 45 percent stake in the company, with the remaining shares held by a large number of other Qatari and regional country investors. The initial authorized share capital of UDC is QR 500 million ($140 million). Initial capital will be expanded in line with project implementation. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
