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Qatar Petroleum to sell 49% of its shares in its Qatalum joint venture

The move is regarded as an important step in implementing Qatar National Vision 200’s goals in developing the national economy.

Qatar Petroleum to sell 49% of its shares in its Qatalum joint venture

Doha, May 8 - Neftegaz.RU. Qatar Petroleum said that it will list 49 % of its shares in the country's aluminium smelter plant Qatalum in a public offering.

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.

Source : Neftegaz.RU

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