Qatar Petroleum said that it has entered into an agreement to acquire Norway-based mineral fertiliser giant Yara’s 25 per cent stake in Qatar Fertiliser Company (Qafco) for $1 billion, marking the conclusion of a long-standing partnership.
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, a Qatar Petroleum statement said.
Prior to this transaction, Qafco was owned by Industries Qatar with a 75 per cent share and Yara of Norway with a 25 per cent share.
Commenting on this acquisition, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs and 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.”