DOHA BANK and POWERGLOBE announce ‘’strategic alliance’’ for LNG supply in Europe

DOHA BANK and POWERGLOBE EUROPE (Marketing LNG) have announced a ‘’strategic alliance’’ to cooperate through the LNG supply to Europe by signing cooperation agreement ‘’Strategic Partnership across the LNG Supply Value-Chain’’. POWERGLOBE and DOHA BANK hold a strong business relation across the gas to power industry with the range of projects in Qatar, GCC and India, including the Siraj project. POWERGLOBE has started its operation, along with His Highness the Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al-Thani mission and Qatar National Vision 2030, for a sustainable economic, social and cultural development across the country. His Excellency, Sheikh Mohammad Al-Thani, Chairman of POWERGLOBE and Vice Chairman of AL FAISAL Holding has a vision to build a leading Energy Company for delivering Qatari LNG across Mediterranean region and Africa. POWERGLOBE EUROPE (LNG Marketing) signs the LNG ex-ship (DES) MSA’s & MSP’s with global producers and LNG players, DB facilitates the LNG trade finance, logistics and LNG insurance requirements, preferably in import facilities and terminals in which POWEGLOBE EUROPE (LNG Marketing) holds storage and regasification capacity and related licenses by the European (EU) Energy Regulatory Authorities.

Dr. R. Seetharaman (CEO of Doha Bank Group) with Dr. Theodore Theodoropoulos (MD for Europe & Africa, POWERGLOBE) with Executive Directors (PHOTO: QGN copy rights)

The natural gas in Qatar covers a large portion of the world supply. Reserves of natural gas in Qatar were measured at approximately 896 trillion cubic feet (25.4 trillion cubic meters); this measurement means that the state contains 14% of all known natural-gas reserves, as the world’s third-largest reserves. The majority of Qatar’s natural gas is located in the massive offshore North Field, which spans an area roughly equivalent to Qatar itself. A part of the world’s largest non-associated, natural-gas field, the North Field, is a geological extension of Iran’s South Pars / North Dome Gas-Condensate field, which holds an additional 450 trillion cubic feet (13 trillion cubic meters) of recoverable natural-gas reserves. This makes Qatar, one of the most secure and reliable LNG producer and partner, able to provide stable LNG delivery to Europe based on a long-term collaboration.

DOHA BANK is one of the largest commercial banks in the State of Qatar and has been consistently registering a strong growth during the last decade with participative leadership philosophy. Inaugurated in 1979, it provides domestic and international banking services for individuals, commercial, corporate and institutional clients through four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments. Doha Bank has established overseas branches in Kuwait, Dubai (UAE),  Sharjah (UAE), Abu Dhabi (UAE), Mumbai, Kochi (India), Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, United Kingdom, Canada, Germany, Bangladesh and three more next year (including Greece). Doha Bank has received numerous awards in recognition of its achievements. It was adjudged as the ‘Best Regional Commercial Bank’ – The Banker Middle East for the 4th straight year.

Sources and photo-credits: QGN, Bloomberg, GTQ, QNA, Gulf Agency, Gulf Times.