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Qatar creates Energy City and region’s first energy trading platform

Qatar: Thursday, March 23 - 2006 @ 12:14

Energy City Qatar is a pioneering development that will be the Gulf’s first hydrocarbon industry business centre. ECQ will be a single point of access to markets and expertise, the Middle East home for global players in the hydrocarbon value chain.

Envisioned by Gulf Energy, ECQ aims to attract the industry leaders in Oil and Gas production, International Oil Companies, National Oil Companies, support services, infrastructure and downstream activities, shipping and trading, market and resource data, intellectual property and energy trading.

ECQ forms part of the major new city development, Lusail, which in addition to major business and entertainment districts, will be home to up to 200,000 residents. ECQ’s financial advisor is Gulf Finance House, and PFC Energy, the global energy consultant, is the strategic advisor. Its strategic partners are Abu Dhabi Investment House and Kuwait Investment Company.

IMEX trading platform

Meanwhile, the new regional energy trading platform IMEX will be located in Energy City Qatar, and be newly formed Gulf Energy’s maiden project. IMEX will feature some of the most technologically advanced trading platforms in the world and be regulated by the QFCRA.

Mr. Esam Janahi, Chairman of Gulf Energy said:

‘Although the Middle East accounts for over 60% of the world’s proven oil reserves and over 40% of the world’s natural gas reserves, the region does not yet have a single energy trading platform. IMEX was conceived to bridge this gap by offering a transparent and technologically advanced energy trading platform under a well respected regulatory authority.

‘IMEX is a natural fit into the region’s first energy business centre, Energy City Qatar. We are also exploring the possibility of collaborating with other similar exchanges in Asia and Europe to enhance the overall product service offering from IMEX.’

Gulf Energy is a global consortium of energy experts that works to generate high value-adding business ideas and see them implemented to the benefit energy stakeholders worldwide. Hess Energy Company and PFC Energy will be engaged by Gulf Energy as principal consultants to advise on the creation and design of the IMEX operating mechanisms.

LNG synergy

His Excellency Sheikh Mohammed bin Ahmed bin Jassem Al Thani, Minister of Economy and Commerce in Qatar and the Chairman of Qatar Financial Centre said:

‘With Qatar being on track to be the leading exporter of LNG by 2010 and an important exporter of oil, the introduction of IMEX fits well in the country’s dedication to the energy sector and world-class finance.’

Phillip Thorpe, Chairman and CEO of the QFCRA added: ‘The QFC Regulatory Authority is a modern, fully integrated financial services regulator, operating to the highest international standards, and ideally placed to regulate the Middle East’s first energy trading platform’.

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Thursday, March 23- 2006 @ 12:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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