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Qatar’s oil and gas company Qatar Petroleum agreed to acquire Yara’s 25% stake in Qatar Fertiliser Company (“QAFCO”) for approximately $1 billion. QAFCO was founded in 1969 and is now the world’s largest single-site urea producer, representing a significant percentage of the world’s traded urea volumes. Before this transaction QAFCO was owned by Industries Qatar with a 75% share and Yara of Norway with a 25% share.

The major deals and expansions by Qatar Petroleum are mentioned below:

February 2020: Qatar Petroleum and Total, announced an important gas discovery in the Brulpadda prospects, located in Block 11B/12B in the Outeniqua Basin, 175 kilometers off the southern coast of South Africa.

November 2019: Qatar Petroleum announced a successful start of the Egyptian Refining Company (ERC) Refinery project located in Mostorod, north of the Egyptian capital Cairo. Qatar Petroleum owns around 38% in the Arabian Refinery Company, which in turn owns 66.6% in ERC.

November 2019: Qatar Petroleum has announced the 10-year LPG supply agreement with China’s Wanhua Chemicals Group for the sale of approximately 800,000 metric tons per year of Liquefied Petroleum Gas (LPG).

About Qatar Petroleum

Qatar Petroleum (QP), headquartered in Doha, Qatar, is a state owned oil and gas company. The company is responsible for all phases of the oil and gas industry in the State of Qatar. The principal activities of the company and its subsidiaries are the exploration, production, local and international sale of crude oil, natural gas and gas liquids, petrochemicals, refined products, synthetic fuels, fuel additives, fertilizers, liquefied natural gas (LNG), steel and aluminium.

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