The Plaza Group Secures Exclusive Representation Agreement in Qatar
The Plaza Group, a Houston-based petrochemical marketer, announced today that it has signed an exclusive, long-term agreement with a member of the Royal Family of the sovereign state of Qatar to develop petrochemical opportunities in that Middle Eastern country. The agreement will involve the development of markets worldwide for a variety of petrochemical intermediates currently being produced in Qatar along with new production of petrochemicals.
Upon his return from Doha, Qatar, Randy Velarde, The Plaza Group”s president, noted that the country’s raw material position, stable government and modern port were major factors that positively affected his decision to pursue this agreement. Velarde expanded on that, saying, “We are pleased to have developed the relationship within a region of the world that will have an increasingly prominent position in the petrochemical industry.”
On a worldwide basis, Qatar now ranks as the third largest holder of natural gas reserves, from which the petrochemical products are derived, with estimates of more than 500 trillion cubic feet, and proven reserves of 350 trillion cubic feet.
Petroleum was discovered in commercial quantities in Qatar in 1939 and was first exported in 1949. Oil revenues have given Qatar a substantial income and provided its citizens with a higher standard of living than is found in many Middle Eastern countries. Qatar became independent from Turkey on September 3, 1971, after having been a part of the Ottoman empire for more than 400 years. For more information on Qatar, visit www.qatar.com (go to countries and select Qater).