Industries Qatar Q P S C : GIVES A GO-AHEAD TO QAFCO FOR A NEW WORLD’s LARGEST BLUE AMMONIA TRAIN

FOR IMMEDIATE RELEASE

INDUSTRIES QATAR GIVES A GO-AHEAD TO QAFCO FOR A NEW WORLD's

LARGEST BLUE AMMONIA TRAIN

QAFCO will be partnering with QatarEnergy Renewable Solutions

for expanding into Blue Ammonia

Doha, Qatar, 31 August 2022 - Industries Qatar ("IQ" or "the Company"; QE ticker: IQCD) has today announced the award of an Engineering, Procurement and Construction (EPC) contract for a world's largest Blue Ammonia train (Ammonia-7) by Qatar Fertilizer Company (QAFCO; a wholly owned subsidiary of IQ). Valued at approximately USD 1.06 billion, the EPC contract for new Ammonia-7 train was awarded to a consortium of ThyssenKrupp and Consolidated Contractors Company (CCC).

The announcement was made today during a ceremony held at QatarEnergy's headquarters in Doha to sign the project agreements, including the EPC contract.

The ceremony was attended by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, Chairman and Managing Director of Industries Qatar, Mr. Abdulrahman Al- Suwaidi, the Managing Director & CEO of QAFCO and Ms. Martina Merz, CEO Thyssenkrupp AG, Dr. Cord Landsmann, CEO Thyssenkrupp Uhde, Mr. Oussama El Jerbi, the CCC Area Managing Director (Qatar), as well as, senior executives of QatarEnergy, IQ, QAFCO, ThyssenKrupp and CCC.

Commenting on the occasion, His Excellency Mr. Al-Kaabi said: "Ammonia-7is a landmark project for Qatar and for the industry as a whole. It builds on our expertise in installing, operating, and maintaining conventional ammonia plants to produce fertilizers. We are also building on our unique position in the renewables and carbon capture and sequestration space, as well as on our ideal logistical capabilities and advantages to supply differentiated, low carbon products and fuels to the world."

"Our investment in this project speaks to the concrete steps we are taking to lower the carbon intensity of our energy products and is a key pillar of QatarEnergy's sustainability and energy transition strategy," His Excellency added.

His Excellency Minister Al-Kaabi concluded his remarks by saying: "I would like to take this opportunity to thank Mr. Abdulrahman Al-Suwaidi,the CEO of QAFCO, and QAFCO's executive leadership team and employees for their hard work and dedication. Thanks are also extended to the executive leadership team and all employees of QatarEnergy for their great contributions to the development of Qatar's energy sector. To conclude, I would like to express our deep gratitude to His Highness the Amir Sheikh Tamim bin Hamad Al Thani for his wise leadership and for his unwavering support and guidance to the energy sector."

New Ammonia-7 train

The project will be located in Mesaieed Industrial City (MIC) and will be operated by QAFCO as part of its integrated facilities. QAFCO is the world's largest integrated single-site producer of ammonia and urea, with a current production capacity of approximately 4 MTPA of ammonia and 6 MTPA of urea.

The new train will be more energy-efficient and fully funded by QAFCO's internal sources of funds. The new train is intended to be operational by 1st quarter of 2026 and will have a designed capacity upto 1.2 million tons per annum (MTPA) of Blue Ammonia, making it the world's largest facility.

Strategic partnership with QatarEnergy Renewable Solutions (QERS) for expanding into Blue Ammonia

Pursuant to the agreements signed today, QERS will: (i) develop and manage integrated Carbon capture and storage (CCS) facilities capable of capturing and sequestering about 1.5 million tons of CO2 per annum; (ii) supply more than 35 MW of renewable electricity to the Ammonia-7 train from its Photovoltaic (PV) Solar Power Plant in MIC, which is currently under construction; (iii) develop and lead the process for certifying the product produced by the Ammonia-7 facility as Blue Ammonia, with the involvement of leading industry experts and relevant independent bodies; and (iv) be the sole off-taker and marketer of all Blue Ammonia produced by Ammonia-7.

Blue Ammonia is produced when the CO2 generated during conventional Ammonia production is captured and stored. Blue Ammonia, which can be transported using conventional ships, can then be used in power stations to produce low-carbon electricity.

About QatarEnergy Renewable Solutions

QatarEnergy Renewable Solutions is a wholly owned affiliate of QatarEnergy entrusted with investing in and marketing of renewable energy and sustainability products & solutions within the State of Qatar and across the globe.

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About Industries Qatar (IQ)

Industries Qatar Q.P.S.C. was incorporated as a Qatari joint stock company on April 19, 2003. The business operations of the company comprise the direct holding of shares in the following subsidiary and joint venture companies: (i) Qatar Steel Company Q.P.S.C. ("QS"), a wholly-owned subsidiary, engaged in the manufacture and sale of steel billets and reinforcing bars; (ii) Qatar Petrochemical Company Limited QSC ("QAPCO"), a joint venture owned 80% by IQ, engaged in the production of ethylene, low-density polyethylene ("LDPE"), linear low-density polyethylene ("LLDPE") and sulphur; (iii) Qatar Fertiliser Company SAQ ("QAFCO"), a subsidiary 100% owned by IQ, engaged in the manufacture of ammonia and urea; and (iv) Qatar Fuel Additives Company Limited QSC ("QAFAC"), a joint venture owned 50% by IQ, engaged in the production of methanol and methyl-tertiary-butyl-ether ("MTBE").

The operations of the subsidiary and joint ventures remain independently managed by their respective management teams.

For more information about the announcement, email [e-mail] visit www.iq.com.qa

DISCLAIMER

The companies in which Industries Qatar Q.P.S.C. directly and indirectly owns investments are separate entities. In this press release, "IQ" and "the Group" are sometimes used for convenience in reference to Industries Qatar Q.P.S.C.

This press release may contain forward-looking statements concerning the financial condition, results of operations and businesses of Industries Qatar Q.P.S.C. All statements other than statements of historical fact are deemed to be forward-looking statements, being statements of future expectations that are based on current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements.

There are a number of factors that could affect the realization of these forward-looking statements such as: (a) price fluctuations in crude oil and natural gas, (b) changes in demand or market conditions for the group's products, (c) loss of market share and industry competition, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks. As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein. All forward-looking statements contained in this report are made as of the date of this document.

Industries Qatar Q.P.S.C., it's Directors, officers, advisors, contractors and agents shall not be liable in any way for any costs, losses or other detrimental effects resulting or arising from the use of or reliance by any party on any forward-looking statement and / or other material contained herein. Industries Qatar Q.P.S.C., its subsidiary, joint ventures and associated companies are further in no way obliged to update or publish revisions to any forward-looking statement or any other material contained herein which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever. Industries Qatar Q.P.S.C. does not guarantee the accuracy of the historical statements contained herein.