DOHA: Qatar Petroleum has announced that it will be offering 49 percent of its shares in Qatalum for public offering, following the directives of the Amir H H Sheikh Tamim bin Hamad Al Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
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; all of which are the most important economic objectives of Qatar National Vision.
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 QR5.1bn and a net profit of QR660m in 2017.
The company produces about 645,000 tonnes 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.
