HE Minister of Energy and Industry and Mesaieed Petrochemical Holding Company (MPHC) Chairman Dr. Mohamed bin Saleh Al Sada has expressed optimism over the oil market as the price of Brent crude hit $62 per barrel.
Answering questions of shareholders on the sidelines of MPHC ordinary general assembly meeting, which was held on Monday, HE Dr. Al Sada said there is a general trend of improvement in oil prices, which showed in the last two weeks as prices increased.
He added that MPHC managed to achieve a strong financial performance despite declining oil prices because the price of petrochemicals didn't fall as much as oil, noting that an increase in oil prices will boost those of petrochemicals.
Dr. Al Sada expected MPHC to keep up its successful performance in 2015 in light of its ownership of a number of well-performing companies.
Founded in May 2013 as a Qatari joint stock company, MPHC has an estimated capital of QR 12 billion. The main activity of MPHC is to act as a holding company as it owns 49 percent of Qatar Chemical Company Ltd (Q-Chem) and Qatar Chemical Company II Ltd (Q-Chem II). It also owns over 55 percent in Qatar Vinyl Company (QVC).