FINANCIAL NEWS

Qatar eyes to become top investor in Shell: MEES

08 Sep 2012

(MENAFN) Qatar Investment Authority (QIA) is eyeing to increase its stake in Royal Dutch Shell to 7 percent to invest its wealth in more European assets, according to a report by the Middle East Economic Survey (MEES).

MEES said that the gulf sovereign wealth fund was looking to raise its stake from below 3 percent, which would make it the biggest shareholder, above Blackrock’s 5 percent.

Shell declined to comment on the report.

In May, MEES reported that Qatar was looking to buy 3-5 percent of Shell.

QIA has been is an aggressive buyout drive in recent years, deploying profit from its natural gas riches into assets ranging from German sportscar maker Porsche to UK’s department luxury store Harods.

QIA has bought stakes in French oil major Total and European utilities Energias de Portugal and Iberdrola.

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