World Bulletin/News Desk
Qatar wants to become the biggest shareholder in Royal Dutch Shell by raising its stake to 7 percent to strengthen its ties with the oil company and further invest its wealth in western assets, a report said on Friday.
The Middle East Economic Survey (MEES) said Qatar's sovereign wealth fund, the Qatar Investment Authority, 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. Shell confirmed at the time that Qatar had bought a large stake.
British stock market rules require any party to disclose a holding of over 3 percent in a listed company. Qatar has not made such a disclosure.
QIA has been the most active of the region's sovereign wealth funds in recent years, deploying profit from its natural gas riches into assets ranging from German sportscar maker Porsche to British bank Barclays.
A senior executive of the Qatari fund said in April the financial crisis had restricted investment in commodities and he expected a supply-demand gap to emerge by 2016 or 2017.
Apart from Shell, QIA has bought stakes in French oil major Total and European utilities Energias de Portugal and Iberdrola.
The fund has also been buying into Xstrata, amassing a stake of 12.3 percent and blocking the London-listed miner's merger with trader Glencore.
Shell operates multi-billion dollar natural gas projects in Qatar.
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44
The International Energy Agency also said production by the OPEC cartel and its allies fell in August and compliance with their pact to cut supply to the markets increased.