Industries Qatar buys #Qatar Fertiliser stake from QP in $1 billion deal - Reuters

Industries Qatar buys Qatar Fertiliser stake from QP in $1 billion deal - Reuters:

Industries Qatar (IQ) (IQCD.QA) has bought Qatar Petroleum’s 25% stake in Qatar Fertiliser Co (QAFCO) for $1 billion, the company said, making IQ the 100% owner of the world’s largest single site urea producer.

Industries Qatar shares were up 6.9% to 10.1 riyals in early trade on Monday, trimming their year-to-date loss to 2.2%.

QAFCO has entered into a new gas sales and purchase agreement (GSPA) with Qatar Petroleum (QP) with effect from August 1 until December 31, 2035, covering the gas requirements of its units.

The deal provides QP with cash to pursue investments.