Qatar Aluminium Manufacturing Company (QAMCO), which holds a 50 percent stake in Qatar Aluminium Company (Qatalum), has announced the termination of its marketing and offtake arrangements with Hydro Aluminium AS, which had been acting as Qatalum’s marketing agent.
The company confirmed that the decision has been executed in line with the terms of the existing agreements, with Qatalum’s aluminum product marketing now to be managed under the provisions of the joint venture agreement.
The change will see Qatalum temporarily assume responsibility for the marketing and sale of its aluminum output.
According to a statement published on the Qatar Stock Exchange website, QAMCO does not anticipate any material adverse impact on Qatalum’s financial or operational performance following the termination of the arrangement.
QAMCO stated that it is actively engaging with its partner to ensure a structured and orderly transition, with a focus on maintaining operational continuity and safeguarding stakeholder interests.
The company reaffirmed its commitment to complying with all contractual obligations while working to maximize shareholder value.
The company also noted that it had become aware of public reports concerning the termination, which prompted the formal disclosure.
QAMCO added that Hydro Aluminium AS and its affiliates are required to maintain confidentiality regarding such matters and that any public communication should be coordinated between the relevant parties.
QAMCO further stated that Hydro had previously indicated its position that no market announcement was necessary. The company is currently reviewing the circumstances surrounding the disclosure to determine the sequence of events leading to public reporting.
Clarifying its position, QAMCO emphasized that any references to financial or operational impact in communications from Hydro or its affiliates relate specifically to Hydro Aluminium AS in its role as marketing agent and not to Qatalum or its shareholders.
The company added that it will provide further updates as and when appropriate, in line with regulatory requirements and developments in the transition process.
