Dec. 22 (Bloomberg) -- Qatar Petroleum, the state-run oil and gas company, is planning to raise 3.2 billion riyals ($879 million) in the initial public offering of a new petrochemicals subsidiary, Finance Minister Ali Al Emadi said today.
QP, as the energy company is also known, expects to sell a 26 percent stake in Mesaieed Petrochemical Holding Co. on the Qatar Exchange on Dec. 31, Al Emadi told reporters in Doha. The sale is only be open to Qatari citizens and closes Jan. 21.
Qatar, which has the world’s third largest reserves of gas, is planning to stimulate its domestic stock exchange after MSCI Inc. upgraded the stock market to emerging market status in June. The IPO of Mesaieed Petrochemical will be the largest offering in Qatar since Vodafone Qatar QSC raised about $1 billion in 2009, according to data compiled by Bloomberg.
Mesaieed Petrochemical owns shares in three petrochemicals companies, Qatar Chemical, Qatar Chemical II and Qatar Vinyl.
QP hired Qatar National Bank SAQ to manage the share sale and Deutsche Bank AG as financial adviser on the IPO, two people familiar with the matter said in September.
--Editors: Dale Crofts, Bruce Stanley