DOHA, Qatar :– Qatar Petroleum announced that it will be offering 49% of its shares in Qatalum for public offering, following the directives of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
This is an important step in implementing Qatar National Vision 2030's goals in developing a diverse and competitive national economy capable of securing a high standard of living as part of the State's plan to increase the participation of the private sector in economic activity and supporting an investment climate capable of attracting capital; all of which are the most important economic objectives of Qatar National Vision.
It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Exchange during the last quarter of this year. Qatar Petroleum will also establish a holding company that will acquire Qatar Petroleum's stake in Qatalum.
Qatalum, a jointly owned by the Norwegian company Hydro, is one of the most successful joint ventures of Qatar Petroleum, with a total revenue of 5.1 billion Qatari Riyals and a net profit of 660 million Qatari Riyals in 2017.
The company produces about 645,000 tons per year of high quality aluminum to its customers in Asia, Europe and the United States. Its facilities include a carbon plant, port and storage facilities and as well as a gas-fired power plant.
Qatalum’s state-of-the-art cast house products are value-added extrusion ingots and foundry alloys that meet the stringent quality standards of its global customer base. Used in a variety of industries including the automotive, construction, engineering and in the manufacturing of consumer goods, by the end of its journey, Qatalum’s aluminum reaches the entire global community. Qatalum uses the HAL275 system, an environmentally friendly, energy-efficient technology.
About Qatar Petroleum
Qatar Petroleum is an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond.
Qatar Petroleum’s activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today’s economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development.
For more information, please visit www.qp.com.qa
© Press Release 2018