Hydro sold its polymers division to UK chemicals company Ineos earlier this year, but excluded the QVC stake.

QVC produces 290,000-tonnes-a-year (t/y) of caustic soda, 175,000 t/y of ethylene dichloride and 230,000 t/y of vinyl chloride monomer.

Following the latest deal, QP now owns 55.2 per cent of QVC. The other shareholders are Qatar Petrochemical Company with 31.9 per cent and Arkema, with a 12.9 per cent stake.

Hydro is developing Qatalum, a 585,000 t/y aluminium smelter at Mesaieed in a joint venture with QP. A second phase of expansion at the plant will raise output to 1.2 million t/y. Production is expected to start in 2010 (MEED 25:1:08).