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Shell shares up after Qatar wealth fund buys stake | Shell shares up after Qatar wealth fund buys stake |
(about 4 hours later) | |
A sovereign wealth fund from the oil-rich Gulf state of Qatar has added Shell to its growing roster of western investments by buying a holding in the company. | |
Shares in Shell were up by nearly 1% amid further speculation that the Middle East state was in "very advanced talks" to buy an even bigger stake – as much as 3%-5%. | Shares in Shell were up by nearly 1% amid further speculation that the Middle East state was in "very advanced talks" to buy an even bigger stake – as much as 3%-5%. |
"We are delighted to welcome the Qatar Investment Authority (QIA) as a long-term and major shareholder in Shell, particularly given our excellent strategic relationship with the Qatari state," said a Shell spokeswoman. | |
The Anglo-Dutch company declined to say what the size of the QIA holding was but stock exchange rules meant any stake over 3% would automatically trigger a public statement to the stock exchange. | |
The Middle East Economic Survey reported that Qatar's sovereign wealth fund was in very advanced talks to buy a holding of up to a 5%, which would make it the biggest single investor. | |
It also reported the Qataris were negotiating to buy a stake in Italy's major oil company, ENI, while the Gulf state recently took a 3% holding in French energy group, Total. | |
Qatar with its small population and huge hydrocarbon reserves is benefiting enormously from the historically high global oil price. | Qatar with its small population and huge hydrocarbon reserves is benefiting enormously from the historically high global oil price. |
The Qatar Investment Authority has also been active recently buying into London-listed miner, Xstrata, as well as Barclays Bank. | The Qatar Investment Authority has also been active recently buying into London-listed miner, Xstrata, as well as Barclays Bank. |
Shell already has a close working relationship with the Gulf state because it operates the enormous Pearl liquefied natural gas project in that country. | Shell already has a close working relationship with the Gulf state because it operates the enormous Pearl liquefied natural gas project in that country. |
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