Qatar Petroleum plans $10bn bond sale for gas expansion
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Qatar Petroleum plans $10bn bond sale for gas expansion

Qatar Petroleum plans $10bn bond sale for gas expansion

The company is seeking between $7bn and $10bn of five, 10- and 30-year notes

Qatar Petroleum plans to issue up to $10bn 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 $7bn and $10bn 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.

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 $29bn 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.

The North Field, situated in the Gulf, is the world’s largest gas deposit and shared between Qatar and Iran.

Qatar’s government issued a $10bn bond in April last year and attracted nearly $45bn of orders. Like the sovereign, QP is rated AA- or its equivalent by Moody’s Investors Service and S&P Global Ratings.

Reuters earlier reported that QP was planning a bond.

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