Doha, June 14 (QNA) - Qatar Aluminium Manufacturing Company Q.P.S.C. (QAMCO), which owns a 50% stake in Qatar Aluminium Company (Qatalum), announced that the marketing and offtake arrangements with Hydro Aluminium AS, acting as Qatalum’s marketing agent, have been terminated in accordance with the terms of the relevant agreements.

The marketing of production by Qatalum will now be conducted in accordance with the terms of the joint venture agreement. QAMCO does not expect the termination to have a material adverse impact on Qatalum’s financial or operational performance, the company said in a statement on Qatar Stock Exchange's website.

Following the termination, Qatalum will assume responsibility for the marketing and sale of its aluminium products on a provisional basis. QAMCO continues to engage constructively with its partner to ensure an orderly transition and to address matters arising from the change in arrangements.

QAMCO said it's committed to supporting a smooth transition, ensuring continuity of operations, while always complying with the terms of all relevant agreements and protecting the interests of, and maximizing value, for its shareholders.

QAMCO has become aware of public reports regarding the termination of the marketing and offtake agreement, which precipitated the need to make this announcement. QAMCO notes that Hydro and its affiliates are obligated to maintain confidentiality regarding such information and any public release of information is required to be made in coordination with the other shareholder partner. QAMCO further notes that Hydro had confirmed its position that no market announcement was required.

QAMCO is currently investigating the circumstances surrounding the disclosure. However, it would like to clarify that any references made in Hydro or its affiliates’ communications to financial or operational impacts should be understood to relate to Hydro Aluminium AS in its capacity as marketing agent, and not to Qatalum or its shareholders.

QAMCO will provide any updates on the above referenced matters as and when appropriate. (QNA)