- Qatar Petroleum announced that it has entered into a binding agreement to acquire Yaras 25% stake in Qatar Fertiliser Company (QAFCO). The transaction will mark the conclusion of a successful, long standing partnership.
- Since its establishment as a joint venture company in 1969, QAFCO has become the worlds largest single-site urea producer, representing a significant percentage of the worlds 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, His Excellency Mr. 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 Petroleums successful implementation of its strategy of capacity and capability building and contributing to the robustness and development of the nations 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 USD 1 billion for Yaras 25% share in QAFCO, is conditional upon and customary regulatory and closing conditions.
The world rarely faced challenges like COVID-19 and it poised the growth momentum of the world’s economy and financial systems. Within few weeks, economic growths of countries grounded to a halt and gone into reverse. The virus knows no borders, nor can economic actions be seen in splendid isolation.
Middle East countries, especially Qatar, have been heavily affected by this outbreak. The Qatar has taken several measures to mitigate the impact of COVID-19.
- As part of the precautionary measures taken by the State of Qatar to limit the spread of Coronavirus (COVID-19), and suspending travel from designated countries.
- Suspend visa on arrival from a number of European countries
- The decision includes suspending entry for citizens of Italy, France, Germany and Spain, as well as all others traveling from these countries.
- Temporarily suspend entry to the State of Qatar from the Republic of Sudan.
- The State of Qatar continues to urge citizens and residents to avoid all but essential travel at this time.