Industries Qatar, a Qatari conglomerate, agreed to acquire the remaining 25% stake in Qatar Fertiliser Company, a fertilizer producer, from Qatar Petroleum, a state-owned petroleum company, for $1bn. As part of the deal, QAFCO will acquire Qatar Petroleum's 40% stake in Qatar Melamine Company, a private company operating within the materials sector focusing on commodity chemicals. The purchase of QP’s stake in QAFCO is consistent with IQ’s strategy to build its presence and create value across the downstream sector. This transaction specifically enhances the shareholder value by transforming IQ into a 100% owner of the world’s largest single-site urea producer and expanding its footprints in a well-established fertilizer business, with a proven track record of operational excellence and market positioning, along with resilient cash flow generation capabilities, spurred by synergistic opportunities.