Tuesday, 30 November 2021 07:24 GMT

Qatar Petroleum announces raising FOL in energy firms


(MENAFN- The Peninsula) The Peninsula

DOHA: Qatar Petroleum (QP) has announced raising the non-Qatari ownership limit in the energy sector companies and in its subsidiaries listed on the Qatar stock Exchange to 49 percent, and raising the shareholder ownership limits in these companies to no more than 2 percent.

Qatar Petroleum has also asked the concerned companies to take the necessary measures and steps to implement this decision.

Hence, Qatar Electricity and Water Company, WOQOD, Gulf International Services Company and Mesaieed Petrochemical Holding Company will take the necessary steps within the coming weeks to approve the increase in the foreign ownership limit (FOL) 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 (pictured), the President & 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 amidst the growing strength of the national economy, in which Qatar's energy industry plays a major role.

Al Kaabi added: 'We believe this decision will give more strength to Qatar Stock Exchange, and will contribute to its development to be a leading regional financial center and an attractive financial destination to 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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