Qatar buys stake in Shell

Qatar buys stake in Shell

Qatar is ploughing more of its commodity wealth back into the sector with the purchase of a major stake in Royal Dutch Shell, while also reportedly eyeing a chunk of Italian oil major ENI.
A Shell spokeswoman confirmed the purchase while declining to detail its size but the Middle East Economic Survey (MEES) reported earlier that Qatar’s sovereign wealth fund (QIA) was looking at a 3-5 percent stake.
If Qatar did buy 5 percent, it would be just ahead of Blackrock, which is currently Shell’s biggest investor with 4.97 percent, according to Reuters data.
But British stock market rules require any party to disclose a holding of over 3 percent in a listed company so the absence of a statement from Qatar suggests its interest is below this level.
“We are delighted to welcome the Qatar Investment Authority as a long term and major shareholder in Shell, and particularly given our excellent strategic relationship with the Qatari state,” the spokeswoman said in an emailed statement.
Shell operates multi-billion dollar natural gas projects in Qatar.
Source: Reuters

#FOLLOW US ON INSTAGRAM