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
Source: Reuters
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.