IQ plans QR11.1bn capital expenditure for five years – The Peninsula

IQ plans QR11.1bn capital expenditure for five years – The Peninsula

Industries Qatar (IQ) plans to invest around QR11.1bn for capital expenditure for the next five years (2022-2026), said a senior official addressing Annual General Assembly Meeting of IQ. The Group is also evaluating a possible new energy efficient ammonia train investment that will replace a pair of existing ammonia trains which were in operations over the last five decades.

Minister of the State for Energy Affairs, Chairman of the Board of Directors and Managing Director, Industries Qatar H E Saad Sherida Al Kaabi, said that Industries Qatar (IQ) continued the efforts, during last year, towards achieving operational excellence by focusing on our people, ensuring plant reliability and our commitment to HSE.

He was addressing the shareholders during the Annual General Assembly Meeting of IQ held, yesterday.

The AGM approved the Board’s recommendation for a dividend payment of QR1 per share for 2021, representing 100 percent of the nominal share value. The Extraordinary General Assembly Meeting approved an amendment to increase the non-Qatari ownership limit in the Company’s share capital from 49 percent to 100 percent, ensuring that all relevant requirements are fully met.

“During the year 2021, with macroeconomic sentiments remained positive, we continued our efforts towards achieving operational excellence by focusing on our