Qatar Petroleum Raises Foreign Ownership in Its Subsidiaries to 49 Percent

Published April 1st, 2018 - 11:09 GMT
Saad Sherida al Kaabi, president and CEO of Qatar Petroleum. (File photo)
Saad Sherida al Kaabi, president and CEO of Qatar Petroleum. (File photo)

To consolidate Qatar's status on energy market indices, Qatar Petroleum has raised the non-Qatari ownership limits in its various Qatar-listed subsidiaries to 49 percent.

Qatar Petroleum (QP) has directed the companies concerned to initiate the necessary steps to implement this decision, while also increasing the shareholder ownership limits in these companies up to no more than 2 percent.

As a result, Qatar Electricity and Water Company, WOQOD, Gulf International Services Company and Mesaieed Petrochemical Holding Company will take appropriate measures in the next few weeks to approve the increase in foreign ownership limits to 49 percent in accordance with the applicable regulations and procedures.

WOQOD will increase the shareholder ownership limit to 1 percent, while Gulf International Services and Mesaieed Petrochemical Holding Company will increase this limit to 2 percent.

Saad Sherida al Kaabi, the president and CEO of Qatar Petroleum, said,"The decision to raise the non-Qatari ownership limit in the energy sector companies and in its subsidiaries listed on the Qatar Stock Exchange comes amid the growing strength of the national economy, in which Qatar's energy industry plays a major role.

"We believe this decision will give more strength to Qatar Stock Exchange, and will contribute to its development as a leading regional financial centre and an attractive destination for local and global investments."

Industries Qatar has recently increased its foreign ownership limit to 49 percent in line with Qatar Petroleum directives.

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