Commodities

Industries Qatar buys Qatar Fertilizer stake from QP in $1 bln deal

Credit: REUTERS/NASEEM ZEITOON

Industries Qatar (IQ) has bought Qatar Petroleum's 25% stake in Qatar Fertiliser Co (QAFCO) for $1 billion, the company said, transforming IQ into a 100% owner of the world’s largest single site urea producer.

DUBAI, Aug 24 (Reuters) - Industries Qatar (IQ) IQCD.QA has bought Qatar Petroleum's 25% stake in Qatar Fertiliser Co (QAFCO) for $1 billion, the company said, transforming IQ into a 100% owner of the world’s largest single site urea producer.

The purchase of the stake in QAFCO is consistent with a strategy to build its presence and create value across the downstream sector, Industries Qatar said late on Sunday.

(Reporting by Saeed Azhar; Editing by Kim Coghill)

((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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