Qatar to sell 65.8% of oil services firm

Dubai: State-owned Qatar Petroleum said yesterday it would sell a 65.8 per cent stake in a new holding firm grouping three services firms in a 14-day initial public offering starting on February 28.

Qatar Petroleum, which will retain a 30 per cent stake in Gulf International Services, will sell shares to nationals at 21 riyals ($5.77) each, plus a 0.6-riyal offering cost, it said. Another 4.2 per cent stake will be reserved for selected institutions, it said.

Qatar Petroleum sold a 30 per cent stake in Industries Qatar in 2003.