Qatar Petroleum announced that it will be offering 49% of its shares in Qatar Aluminium (Qatalum) for public offering, to give investors a stake in a state-sponsored company that enjoys lucrative return.
Qatalum (profile), a joint venture with Norwegian company Norsk Hydro, achieved total revenue of QAR 5.1 billion and net profit of QAR 660 million in 2017.
The company produces about 645,000 tons per year of aluminum that it sells to customers in Asia, Europe and the United States.
It is expected that regulatory approval for listing the shares on the Qatar Exchange will be secured during the last quarter of this year.
Qatar Petroleum (profile) said it will establish a holding company that will acquire its stake in Qatalum.
Qatalum’s facilities include a carbon plant, port and storage facilities and a gas-fired power plant. Their state-of-the-art cast house produces extrusion ingots and foundry alloys that meet the stringent quality standards of its global customer base in the automotive, construction, engineering and consumer goods sectors.
Qatalum uses the HAL275 system, an environmentally friendly, energy-efficient technology.
“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,” Qatar Petroleum said in a statement.
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.
For more information, visit http://www.qp.com.qa/.