Qatar Petroleum has entered into a binding agreement to acquire Yara’s 25% stake in Qatar Fertiliser Company (Qafco).
The transaction will mark the conclusion of a successful, long standing partnership.
The transaction, in which the parties agreed on a purchase price of $1bn for Yara’s 25% share in Qafco, is “conditional upon and customary regulatory and closing conditions.”
Since its establishment as a joint venture company in 1969, Qafco has become the world’s largest single-site urea producer, representing a significant percentage of the world’s traded urea volumes.
Prior to this transaction, Qafco was owned by Industries Qatar with a 75% share and Yara of Norway with a 25% share.
Commenting on this acquisition, HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, also president and CEO of QP said, “We are delighted to have signed this agreement with Yara which will increase our effective share in Qafco. This is another example of Qatar Petroleum’s successful implementation of its strategy of capacity and capability building and contributing to the robustness and development of the nation’s oil and gas industry.
“I would like to thank Yara for their partnership and sincere efforts in supporting Qafco over the past half century.”
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Covid-19 hampers key flight data that enhances weather forecasts
Here’s why most airlines will not social-distance passengers
Air cargo demand plummets, but capacity disappears even faster
S Korean govt plans $29bn virus stimulus
Australia confirms end to longest boom as fires, pandemic destroy growth
Recovery hope fires fresh rally in Asian equities
Dollar is in a funk and that’s a good sign for the economy
WEF bills Davos 2021 as the ‘Great Reset’
QFC hosting series of digital events to widen digital reach to clients, businesses