Qatari downstream firms have absorbed a big operational hit as a result of the disruption of traffic through the Strait of Hormuz since March. Q2 results show a sharp drop in revenues and profits driven by a lack of sales.
State investor Industries Qatar (IQ), majority owned by QatarEnergy (51%), holds stakes in downstream companies operating in the petrochemical, fertilizer, and steel sectors. Revenue dropped 58% sequentially to $476mn (QR 1.74bn) last quarter, a first quarter profit of $200mn (QR 734mn) flipped to a $142mn (QR 519mn) loss. (CONTINUED - 362 WORDS)
