Economy & Business Wednesday, November 13, 2019 11 ‘QAFCO’s contribution to global food security significant’

Qatar’s Minister of State for Energy Affairs and President and CEO of Petroleum HE Saad Sherida al Kaabi with Qatar’s Minister of State for Energy Affairs HE Saad Sherida al Kaabi and Crown Prince Haakon of Norway with senior Crown Prince Haakon of Norway. executives of Qatari and Norwegian companies at a banquet held in on Monday.

from Muntajat, the company that Norwegian giants Yara, Hydro, Equinor markets, sells and distributes ma- jor volumes of fertilizer out of Qa- and Kongsberg mark 50th anniversary of tar. Kuwari meets with Norwegian cooperation with QAFCO and Qatar On Monday, Yara, Hassad Food and QAFCO opened the first high-tech greenhouse in Al Sha- crown prince, trade minister Tribune News Network resources were found in Qatar haniya to support efforts to in- Doha in the sixties, YARA, back then crease food production in Qatar. a part of , signed a The partnership seeks to in- Tribune News Network Half of the world’s population joint-venture agreement with Qa- crease agricultural yields, in line Doha depends on fertilizer to have food tar to build a production plant to with Qatar’s aim to achieve self- on the table, Svein Tore Holsether, produce ammonia and urea in Me- sufficiency in a reliable and sus- Minister of Commerce and the President and CEO of Norwe- saieed, just south of Doha. tainable manner, with a focus on Industry HE Ali bin Ahmad al Kuwari gian chemical company Yara Inter- This led to the truly pioneering vegetables. on Monday held separate meet- national, has said in Doha. establishment of QAFCO. was divest- ings with Crown Prince of Norway Qatar Fertilizer Company’s Progressive to both nations, ed from Hydro in 2004, making it Haakon Magnus and Norwegian contribution (QAFCO) to global the formation of QAFCO was one a sheer fertilizer business. Minister of Trade and Industry Torb- food security has been very impor- of the first large-scale ventures Hence Hydro’s ownership in jørn Røe Isaksen. tant, he added. into the petrochemical sector and QAFCO was passed on to Yara. In Discussions touched on the Holsether was addressing a was also the first major investment 1997 Hydro became part-owner promotion of bilateral relations and banquet hosted to celebrate 50 a Norwegian company had con- in Qatar Vinyl Company (QVC), the development of joint coop- years of partnership between Qa- tracted abroad. a petrochemicals company. Ten eration, particularly in the fields of tar and Norway. Today, QAFCO is a joint ven- years later Hydro spun off its pet- trade, investment and industry in The gala dinner was attended ture owned 25 percent by YARA rochemical activities and today light of the friendly ties between the by Crown Prince Haakon of Nor- and 75 percent by Industries Qatar Hydro no longer has any owner- two countries. way, Qatar’s Minister of State for (IQ). ship stakes in QVC. The meetings focused on the Energy Affairs and President and QAFCO is operating six inte- In 2004, Hydro was invited latest developments the Qatari CEO of HE Saad grated ammonia-urea plants. With to participate in a joint venture, economy witnessed over the past Sherida al Kaabi, Norwegian Min- an annual capacity of 3.8 Qatar Aluminum Company (Qata- years, the investment opportunities ister of Trade and Industry Torb- million MT of ammo- lum) together with Qatar Petro- the country offers across various jørn Røe Isaksen and QAFCO CEO nia and 5.6 million leum, to produce aluminum sectors and the legislation it has Minister of Commerce and Industry HE Ali bin Ahmad al Kuwari with Abdulrahman M al Suwaidi. MT of urea, QAFCO metal. enacted as well as initiatives aimed Norwegian Minister of Trade and Industry Torbjørn Røe Isaksen Crown Prince Haakon of Nor- is a key player in A final agreement was at supporting the private sector. way said, “We celebrate 50 years the global fertilizer signed in 2007 and the plant Discussions also touched on innovative investment projects in Qatari-Norwegian bilateral trade of successful business coopera- market and one of came into operation in 2010. mechanisms to support joint invest- key sectors that would serve the reached around QR160.1 million tion between Qatar and Norway. the largest export- Qatalum was developed as a ments and incentives extended economic aspirations of the two in 2018, the equivalent of $43.86 Although our two countries are far ers of urea. 50/50 partnership between to the private sector to establish countries. million. apart geographically, it is great to Yara is a major Hydro and Qatar Petroleum. In see the extent to which our coop- off taker of high- 2018, the Qatar Petroleum own- eration has expanded over the past quality ership in Qatalum was listed 600,000 tonnes of value-add and resources in engineering, con- tion. 50 years. urea on the Qatar stock ex- products, became the largest pri- struction, operation and commer- Geir Håøy, President and CEO It was also attended heads of change as Qatar mary aluminium plant ever built in cial activities.” of Kongsberg said, “Together with Norwegian giants Norsk Hydro, Aluminum Man- one phase. A fully integrated plant, Kongsberg is a global technol- other Norwegian high-tech indus- Kongsberg and Equinor, besides ufacturing Com- it consists of a smelter, cast house ogy power house determined to try, KONGSBERG has for decades Yara. pany (QAMCO). and carbon plant as well as a dedi- create innovative solutions and built up world-leading competence “We are committed to work- Qatar Petrole- cated gas-fired power plant. Qata- technologies to make a difference on system integration, decision ing towards sustainable mineral um holds a 51 lum joined the four Norwegian for their partners and customers. support tools and digitalization so- fertilizer production. Yara has percent stake companies to host the gala dinner. In 2017, together with Barzan lutions. taken the lead in developing digital in QAMCO. Hydro’s CEO Hilde Merete Holdings, Kongsberg established Equinor President and CEO farming tools for precision farming Qatalum, Aasheim said, “Over the 50-year a new company for technology de- Eldar Saetre said, “ We have been and we work closely with partners with an an- history in Qatar, Hydro has been velopment programmes. present in the Middle Eat for sev- throughout the whole food value nual produc- the enabler of several world-class The company, BK Systems, has eral decades. And now, Equinor is chain to develop more climate- tion of over industrial projects and the first its main office in Qatar Science & also establishing a local presence friendly crop nutrition solu- industrial partner to Qatar offer- Technology Park, a leading inter- in Qatar, building on the long-last- tions,” Holsether said. Crown Prince Haakon of Norway ing access to leading technologies national innovation hub, where ing collaboration between Norwe- After an abundance of gas as well as world-class competence KONGSBERG holds the CEO posi- gian and Qatari industry.” Investments by Norwegian firms in Qatar cross $10 billion: Minister future,” he said. said, “We welcome any Qatari Huge potential cooperation in sectors such as The minister said that Nor- investor who wishes to invest in marine technology and defense industries way sees a lot of potential in our country. We are working to Qatar and the two countries are attract Qatari investment in our expected to sign agreements to country.” Satyendra Pathak trade relations between the two Trade ties increase trade volume. Asked it there was any plan Doha countries. The minister said that Nor- to set up a joint investment While Norway will continue There is a free trade agreement way has long term plans for Qa- fund with Qatar, the minister Investments made by Nor- to increase its participation in between Qatar and Norway. tar. “Our companies are active said there was no such plan wegian companies in Qatar Qatar’s food sector, the min- Both countries have good in Qatar for the last 50 years at the moment. “Norway and have crossed $10 billion and ister said, there is huge scope framework to boost bilateral and we have plans for another Qatar invest in different ways. there are plans by Norwe- for cooperation between the trade. The two sides have also 50 years to come.” However, we always look for gian private firms to increase two countries in sectors such as so many similarities. All these For Isaksen, who has been co-investment and just buy- investment in the country, marine technology and defense factors will help us grow in the serving as minister of trade and ing each other’s properties,” he Norway’s Minister of Trade and industries. future industry for nearly two years, it said. Industry Torbjorn Roe Isaksen “The success of Norwegian is his first visit to Qatar and the Norway’s sovereign wealth has said. companies in Qatar over the region. fund, the world’s biggest, has Talking to Qatar Tribune last 50 years has encouraged “There is a free trade agree- Expressing admiration for been focusing on responsible on the sidelines of an event to many other companies to enter ment between Qatar and Nor- the development taking place investing. The Norwegian par- celebrate the golden jubilee Qatari market,” he said. way. Both countries have good in Qatar, he said Norway is al- liament decided that the fund of Qatar Fertilizer Company Given the potential of the framework to boost bilateral ways open to share knowledge would divest from firms that (Qafco) in Doha, Isaksen said two countries, he said, the bi- trade. The two sides have also and technology with Qatar. derived more than 30 percent that many initiatives are be- lateral trade between the two so many similarities. All these Highlighting Norway as an of their turnover or activity Norway’s Minister of Trade and Industry Torbjorn ing taken to further improve countries is very insignificant. factors will help us grow in the ideal place for investment, he from coal. Roe Isaksen