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Tribune news network
DOHA
Qatar Petroleum (QP) has entered into a binding agreement to acquire Yara’s 25 percent stake in Qatar Fertiliser Company (QAFCO). The transaction will mark the conclusion of a successful, long standing partnership, the company announced in a statement on Sunday.
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 percent share and Yara of Norway with a 25 percent share.
Commenting on the acquisition, HE Saad Sherida al Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum 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.”
The transaction, in which the parties agreed on a purchase price of $1 billion for Yara’s 25 percent share in QAFCO, is conditional upon and customary regulatory and closing conditions, QP said.
DOHA
Qatar Petroleum (QP) has entered into a binding agreement to acquire Yara’s 25 percent stake in Qatar Fertiliser Company (QAFCO). The transaction will mark the conclusion of a successful, long standing partnership, the company announced in a statement on Sunday.
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 percent share and Yara of Norway with a 25 percent share.
Commenting on the acquisition, HE Saad Sherida al Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum 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.”
The transaction, in which the parties agreed on a purchase price of $1 billion for Yara’s 25 percent share in QAFCO, is conditional upon and customary regulatory and closing conditions, QP said.
