Industries Qatar, the Gulf emirate’s state-controlled petrochemical and steel maker, posted a greater-than-expected 23 percent gain in third-quarter profit amid rising fertilizer prices. Industries Qatar’s fertilizer, petrochemical and steel units make use of the country’s natural gas reserves, the third-largest in the world, to expand production.
The company’s fertilizer unit, the Doha-based Qatar Fertiliser Co. (QAFCO), plans to open its QAFCO 5 plant in the first half of the current year and QAFCO 6 plant in the third quarter of 2012. The urea plants will each produce about 1.3 million tonnes of the fertilizer a year. Qatar Fertiliser Co was founded in 1969 and is owned 75% by Industries Qatar and 25% by Yara International.