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Tue 22 Mar 2011 01:17 PM

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Middle East unrest had 'limited' impact on Industries Qatar

Company’s steel arm continues to receive pellets from Bahrain that are used in manufacturing

Middle East unrest had 'limited' impact on Industries Qatar
Industries Qatars steel arm continues to receive pellets from Bahrain that are used in manufacturing (Getty Images)

Industries Qatar, the Arabian Gulf country’s petrochemical, fertiliser and steel manufacturer, said that unrest in the Middle East and North Africa has “limited impact” on its business.

Petrochemical “volumes originally destined for affected Middle East and North African customers, were diverted to alternative Far East Asian and Latin American buyers,” the company’s Chief Coordinator Abdulrahman Ahmad Al-Shaibi said in a statement on Monday.

The company’s steel arm continues to receive pellets from Bahrain that are used in manufacturing.

Civil unrest that brought down leaders in Tunisia and Egypt earlier this year has spread to Libya, Bahrain, Yemen, Oman, Algeria, Morocco, Saudi Arabia, Jordan and Syria. Industries Qatar’s petrochemical arm suspended operations of a warehouse in Egypt in the first quarter, Al Shaibi said. The warehouse is now operating as normal.

A 9-magnitude earthquake on March 11 in Japan isn’t expected to have a “material impact” on exports to the Far East, Al-Shaibi said. “It is likely to lead to further tightening of global ethylene and polyethylene markets,” he said.

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