Qatar Petroleum (QP) said on Sunday it had signed an agreement with Yara international to acquire its 25 percent stake in Qatar Fertiliser Company (QAFCO) for $1 billion, according to statements by both companies.
The transaction will mark a conclusion of a partnership that started with establishing QAFCO, a joint venture, in which Yara owned a 25% share with the remaining 75% owned by Industries Qatar (IQ), which in turn is owned 51% by QP.
QAFCO since then has become the world’s largest single-site urea producer, representing a significant percentage of the world’s traded urea volume, according to a QP statement.
The deal is still pending necessary local regulatory approvals and customary closing conditions.
Yara, one of the world’s leading fertilizer companies, said it will evaluate potential extraordinary dividends and/or share buy-backs, in line with its policy of maintaining a mid- to long-term net debt/EBITDA range of 1.5-2.0, after the closing of the transaction.
By Maher Chmaytelli
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Britain’s Oxford University has received a donation of £100 million (112 million euros, $136 million) to research growing resistance to antibiotics, the university announced on Tuesday. The sum, from British chemicals multinational Ineos, is one of the largest donations given to Oxford University in its long history.