Yara to sell share in Qafco

09.03.2020

Yara is selling its 25% share in the world’s largest single-site urea producer Qatar Fertiliser Company (QAFCO).

In its announcement 8 March, Yara said it has signed a Share Purchase Agreement with Qatar Petroleum (QP) to sell its 25% share in QAFCO for USD $1 billion.


Yara has owned a 25% share in QAFCO, since the formation of the JV in 1969, with the remaining 75% share owned by Industries Qatar (IQ), which in turn is owned 51% by QP. The deal is subject to regulatory approval.


“We are very proud of our partnership with Qatar Petroleum and Industries Qatar over the past half century, where we have succeeded in delivering a top quartile venture in every respect,” said Svein Tore Holsether, President and Chief Executive Officer of Yara.


Following the closure of the transaction, Yara says 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.

More information:
www.yara.com

 

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