Qatar Petroleum plans to issue up to $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 $7 billion and $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. A spokesperson for QP didn’t immediately respond to a request for comment.

Qatar Leads

The Middle Eastern state supplied 23% of the world’s LNG in 2020

Source: Tanker-tracking data compiled by Bloomberg

The money would go toward the North Field expansion, the person said. Through that $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% by 2027 to 126 million tons. The North Field, situated in the Persian Gulf, is the world’s largest gas deposit and shared between Qatar and Iran.