Memorandum of understanding was signed between Doha Bank and QCIP

Memorandum of understanding was signed between Dr. R. Seetharaman, CEO of Doha Bank and Dr. Theodore Theodoropoulos, CEO of QCIP. The two parties will be engaged in the Liquefied Natural Gas (LNG)Value-Chain business and intends to set up offices in the State of Qatar. Dr. Theodore and Doha Bank Group have come together to collaborate and herein desire to enter into a Memorandum of Understanding promoting mutual interest through cooperation inter alia in the fields of oil and natural gas (upstream – downstream, incl. petroleum by products), LNG value-chain (incl. marketing, storage, supply and distribution), power and electricity (incl. CCGT power and RES wind farms and solar plants)and any business case, that the Parties shall consider as valuable, on the basis of equality and mutual benefit; recognizing that such cooperation shall promote collaboration and support the fruitful business relationships between the two Parties.

Dr. Seetharaman, CEO of Doha Bank Group and Dr. Theodore, CEO of QCIP Energy
Dr. Seetharaman, CEO of Doha Bank Group and Dr. Theodore, CEO of QCIP Energy

The Parties will support cooperation in the areas of business of mutual benefit including but not limited to the following. Referrals of business from regional offices where the two Parties shall on best effort basis and for selective transactions introduce transactions and/or refer clients to each other in the fields of – but not limited to- financing, refinancing, acquisition financing, capital increase, restructuring, project finance, corporate finance and project finance advisory, budget and capital expenditure consultancy, energy commodity market advisory. Parties shall agree to enter into a referral agreement at a later stage when such cases emerge; Joint or cooperative programs and projects of mutual benefit; and other forms of cooperation as agreed by the Parties, including visits and meetings between the two Parties on a regular basis for the purpose of discussing relevant areas of mutual interest.

QCIP focus on the supply chain (import, marketing and distribution) of Liquefied Natural Gas (LNG) and Natural Gas (NG), transported via special vessels from the extraction gas source and liquefaction plants up to the LNG regasification (import) terminals across Mediterranean, Europe, Northeast Africa and South Asia. The company will supply LNG under both short market and medium/long supply contract from the world largest LNG producers as well as on supplies from the market by major traders and middle stream gas companies operating in Europe and in international Markets. Its international division is trading and diversifying into energy products and commodities, equity S&P Global oil index and Forex, power and electricity.

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
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 (Photo: Dr. Seetharaman, Dr. Theodore and Doha Bank Executive Team)

Doha Bank Inaugurated in 1979, and 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), Abu Dhabi (UAE), Mumbai and Kochi (India) as well as representative offices in Japan, China, Singapore, Hong Kong, South Africa, South Korea, Australia, Turkey, the United Kingdom, Canada, Germany, Bangladesh and Sharjah (UAE).

Doha Bank has received numerous awards in recognition of its achievements. Doha Bank was adjudged as the ‘Best Regional Commercial Bank’ – The Banker Middle East for the 4th straight year. Doha Bank was recently awarded as ‘Bank of the Year – Qatar Domestic Trade Finance’ by Asian Banking & Finance. Additionally, Doha Bank has in the past claimed various other awards such as, ‘Bank of the Year’ – The Banker, ‘Best Commercial Bank in the Middle East’ – Global Banking & Finance, ‘Bank of the Year’ – ITP Group, , ‘Best Bank in Qatar’ – IAIR Award and ‘Best Bank in Qatar’ – EMEA Finance. In recognition of being one of the most active advocates of Corporate Social Responsibility (CSR) through initiatives such as ‘ECO-School Programme’, ‘Al Dana Green Run’, beach cleaning, tree planting etc., Doha Bank has won the ‘Environmental Award’ from The Arab Organization for Social Responsibility as well as ‘Golden Peacock – Global Award for Sustainability’ from the Institute of Directors. Doha Bank is rated A+ by Fitch, A2 by Moody’s and A- by Standard & Poor’s for its long-term local and foreign currency.

Sources: QGN, Gulf Agent, Times News.