Qatar Petroleum Acquires UDC’s 20% Interest in SEEF
Qatar Petroleum has acquired the United Development Company’s (UDC) 20% interest in SEEF Limited (SEEF), a petrochemical company engaged in the manufacturing of Linear Alkyl Benzene (LAB).
Following this acquisition, SEEF will be fully owned by Qatar Petroleum, said a press release from the state owned petroleum company in Qatar.
"This transaction highlights Qatar Petroleum's pursuit of its strategy of consolidating its operations, as well as UDC's strategy of exiting non-core business," it said.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said “This transaction allows for the full integration of SEEF Limited into Qatar Petroleum’s Refinery operations in Mesaieed Industrial city. We believe that this will help us achieve greater synergy value and boost our efforts to enhance and consolidate our operations.”
Al-Kaabi also thanked the management and staff of UDC for their valuable efforts towards the successful completion of this transaction.
On His part, Ibrahim Jassim Al Othman, President & Chief Executive Officer of UDC stressed the importance of this agreement saying “this transaction comes in line with our strategy of focusing on core-business to deliver greater value and enhanced returns to our shareholders. We believe this transaction was necessary to eliminate our exposure to hydrocarbon commodity price fluctuations.”
SEEF was incorporated in the state of Qatar in July 2004 to manufacture Linear Alkyl Benzene (LAB), the most widely used surfactant in biodegradable household detergents. Today, SEEF produces 80,000 metric tons per year of Normal Paraffin, 100,000 metric tons per year of LAB and 36,000 metric tons per year of Benzene.
SEEF’s plant is located adjacent to Qatar Petroleum’s Refinery in the Industrial Area of Mesaieed, about 40 kilometers south of Doha.