Doha: Qatar Aluminium Manufacturing Company Q.P.S.C. (QAMCO), which owns a 50% stake in Qatar Aluminium Company (Qatalum), has announced the termination of its marketing and offtake arrangements with Hydro Aluminium AS, which previously acted as Qatalum's marketing agent. This decision aligns with the terms stipulated in their existing agreements.

According to Qatar News Agency, the marketing of Qatalum's production will now proceed in line with the joint venture agreement's terms. QAMCO has emphasized that this change is not expected to adversely affect Qatalum's financial or operational performance. This statement was publicly released on the Qatar Stock Exchange's website.

Post-termination, Qatalum will provisionally handle the marketing and sale of its aluminium products. QAMCO is actively working with its partner to ensure a smooth transition, addressing any issues that may arise due to the change in marketing arrangements.

QAMCO has reiterated its dedication to facilitating a seamless transition while ensuring continuous operations. The company is committed to upholding all relevant agreements and prioritizing the interests of its shareholders by maximizing value.

The termination announcement was prompted by public reports about the agreement's end, leading QAMCO to clarify the situation. QAMCO highlighted that Hydro and its affiliates are bound by confidentiality obligations, and any public information release should be coordinated with the other shareholder partner. Hydro had previously stated that no market announcement was necessary.

Currently, QAMCO is investigating the circumstances surrounding the disclosure of the termination. It clarified that any references to financial or operational impacts in Hydro or its affiliates' communications pertain to Hydro Aluminium AS's role as the marketing agent, not to Qatalum or its shareholders.

QAMCO has assured that it will provide further updates on these matters as necessary.