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QNB funds the construction by QAFAC of one of the largest carbon dioxide recovery plants in the region
Date:12 Jun 2012
Qatar National Bank Group (QNB) the largest financial institution in the State of Qatar and the Gulf, took part in a signing ceremony with Qatar Fuel Additives Company Limited (QAFAC). QNB will partner with QAFAC on their latest initiative of setting up a new Carbon Di-Oxide (CO2) Recovery plant which when completed will be the largest of its type in the region. This signing ceremony took place on the 11th of June at the Al Sharq Hotel in Doha. QAFAC signed a Corporate Loan Agreement with QNB for US $80m to fund the establishment of the CO2 recovery plant, situated within Mesaieed Industrial City premise. This project will take approximately 2 years to complete construction and is expected to begin operation in 2014. The plant will capture CO2 from the combustion exhaust gas emitted in QAFAC's Methanol production process. This state of the art design will separate and recover CO2 from the flue gas using a licensed process from Mitsubishi Heavy Industries of Japan.