Qatar Petroleum to acquire Yara's 25% stake in local fertilizer company for $1 bil

Dubai — State-owned Qatar Petroleum plans to acquire a 25% stake in Qatar Fertilizer Co. from Norway's Yara International for $1 billion as it seeks to lock in more traded urea volumes.

Industries Qatar, which is publicly-listed, will continue to hold the remaining 75%, Qatar Petroleum said in a statement Sunday.

The transaction is conditional upon regulatory and closing conditions, it added.

The joint venture company Qatar Fertilizer was established in 1969, and produces a "significant percentage of the world's traded supply," Yara said on its website. Following closing, Yara said it will look at an extraordinary dividend and/or share buyback.