QP transfers 19% stake from IQ to pension fund
ZAWYA DOW JONES
QATAR Petroleum (QP), the national energy company, has lowered its stake in conglomerate Industries Qatar (IQ) to 51 percent from 70 percent, transferring the shares to another state-owned entity.
Qatar Petroleum will transfer 104.5 million shares to the General Retirement and Social Insurance Authority, according to an Industries Qatar trading statement over the weekend.
The share transfer was completed last month, IQ said, adding the deal won’t affect QP’s rights as the majority shareholder in the steel-to-metals conglomerate which include appointing its chairman and the board of directors.
By increasing the share holding of the pension fund, IQ will now be fulfiling its wealth distribution mandate, the statement added.
IQ, which is Qatar’s second largest company by market value, posted last week a slight rise in second quarter net profit to QR2.14 billion, broadly meeting analyst expectations.
The General Retirement and Social Insurance Authority, fully owned by the Qatari government, provides retirement benefits for the public and private sectors, according to Zawya.com.
Qatar Petroleum, a stateowned corporation established in 1974, is responsible for all phases of the oil and gas industry in Qatar.
The principal activities of Qatar Petroleum and its subsidiaries and joint ventures cover exploration, drilling and production operations, transport, storage, marketing and sale of crude oil, natural gas liquids, liquefied natural gas, gasto- liquids, refined products, petrochemicals and fertilisers, and helicopter and financial services.
Qatar Petroleum’s strategy of conducting hydrocarbon exploration and new projects is through Exploration and Production Sharing Agreements (EPSA) and Development and Production Sharing Agreements (DPSA) concluded with major international oil and gas companies.
Thriving on a spirit of enterprise, each of our joint ventures is underpinned by transparency, innovation and determination to achieve unparalleled standards of both quality and service.
The operations and activities of Qatar Petroleum are conducted on various onshore locations, which include Doha, Dukhan, Mesaieed and Ras Laffan industrial cities, as well as offshore areas including Halul Island, offshore production stations, drilling platforms and the North Gas Field.
Qatar Petroleum is committed to its part as both a concerned partner and affilliate to the protection, preservation and conservation of the natural environment, while ensuring that the company’s employees and the general public live in a clean, safer world.