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.
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows
OPEC exporters as well as other non-OPEC producers, including Russia, fail to agree on oil output freeze
Moody's has upgraded Argentina's credit rating after a US appeals court ruling this week cleared the way for Buenos Aires to proceed with the biggest debt issue by an emerging market country in 20 years.
Ahead of Doha meeting, OPEC says 'hurdles prevail as oversupply persists and inventories remain high'
Kuwaiti OPEC head says Russia and OPEC are likely to agree on oil output freeze
'The good news is that the recovery continues; we have growth; we are not in crisis,' Christine Lagarde says
The meeting is a 'follow-up' to last month's talks between Qatar, Russia, Saudi Arabia and Venezuela when they proposed an accord to freeze oil output at January levels
'They are not trimming output, only keeping it at the same levels...this is the same unchanged policy,' one expert says
Iran joining Venezuela, Saudi Arabia, Qatar and Russia in freezing oil output levels
According to the ratings agency Moody’s, Iran is fiscally and structurally well placed to come back into the global economic scene
PM Davutoglu meets the heads of the world's largest companies as he promotes Turkish economic interests at World Economic Forum
Fund cuts global growth forecasts for both 2016 and 2017 by 0.2 percentage points
'Runaway inequality has created a world where 62 people own as much wealth as the poorest half of the world’s population'