Qatar Petroleum plans $10bn bond sale for gas expansion

27 April, 2021 12:00 AM printer

DOHA: Qatar Petroleum plans to issue up to US$10 billion of bonds as soon as this quarter to fund a massive natural-gas project, according to a person with knowledge of the matter.

The state producer is inviting banks to arrange what would be its first dollar bonds, the person said, asking not to be identified because the information is private. The company is seeking between US$7 billion and US$10 billion of five, 10- and 30-year notes, the person said. That would make it one of the largest corporate deals this year and one of the biggest of any kind from emerging markets, report agencies.

A spokesperson for QP didn’t immediately respond to a request for comment.

The money would go toward the North Field expansion, the person said. Through that US$29 billion project, Qatar will cement its status as the biggest exporter of liquefied natural gas. It aims to raise its annual output capacity more than 50 per cent by 2027 to 126 million tons.