Doha, Qatar: Qatar Aluminium Manufacturing Company (QAMCO), which owns a 50% stake in Qatar Aluminium Company (Qatalum), announced that the marketing and offtake arrangements with Hydro Aluminium AS, acting as Qatalum’s marketing agent, have been terminated in accordance with the terms of the relevant agreements. The marketing of production by Qatalum will now be conducted in accordance with the terms of the joint venture agreement.
QAMCO has become aware of public reports regarding the termination of the marketing and offtake agreement, which precipitated the need to make this announcement.
QAMCO notes that Hydro and its affiliates are obligated to maintain confidentiality regarding such information and any public release of information is required to be made in coordination with the other shareholder partner. QAMCO further notes that Hydro had confirmed its position that no market announcement was required.
