POWERGLOBE and DOHA BANK partners for Qatar LNG supply

POWERGLOBE QATAR and DOHA BANK have agreed to cooperate through the LNG supply to Europe by signing cooperation agreement. 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, has a vision to build a leading Energy Company for delivering Qatari LNG across Mediterranean region and Africa. Doha Bank will provide all the credit facilities and guarantees needed. POWERGLOBE will support the electricity generation of Crete Island with 225MW powerboat (starting from mid-May 2019).

In 2017 the Minister of Environment and Energy, HE Panos Skourletis, met with Managing Director of DOHA BANK GROUP HE Dr. Raghavan Seetharaman and the CEO of POWERGLOBE Dr. Theodore Theodoropoulos in order to discuss energy investments in Greece with emphasis on natural gas, Liquefied Natural Gas (LNG) and renewable energy. At the same meeting QP expressed its interest to invest in RES energy in Greece and expend its current portfolio from 125MW (the acquisition of a power plant – thermal power in 2014) to 700MW CCGT and 300MW wind farms. Both Dr. Seetharaman and Dr. Theodore agreed that it is the right time to prepare the ground for a successful cooperation between Qatar and Greece with respect on the highest principles of credibility and trust on solidarity perspective across LNG supply, power generation and RES industry.


Dr. R. Seetharaman (CEO of Doha Bank Group), Dr. Theodore Theodoropoulos (CEO of POWERGLOBE) with Executive Directors (PHOTO: QGN)

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), 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. 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