Qatar: LNG cargo to Thailand

Thailand’s state-owned PTT Pcl, Southeast Asia’s only importer of liquefied natural gas, will receive a spot cargo from Qatar at the Map Ta Phut terminal in central Thailand, according to ship-tracking data.

The Al Gharrafa, with a capacity of 216,200 cubic metres, was to arrive yesterday, according to ship transmissions captured by IHS Inc on Bloomberg. The vessel loaded its cargo at the Qatargas’ terminal at Ras Laffan and departed on February 26.

Terdkiat Prommo, PTT’s vice-president of LNG supply in Bangkok, didn’t respond to a call  or e-mail. “We don’t have this kind of information,” Christopher Evans, a Qatargas spokesman said.

PTT owns and operates the 5mn tonne-a-year Map Ta Phut terminal in Rayong that began operating in the third quarter of 2011. It signed its first long-term contract with Qatargas in December 2012 for 2mn tonnes of LNG annually for 20 years starting in 2015, according to data compiled by Bloomberg.

Mega Islamic bank to start operations soon under QFC

Al Koot, an insurance subsidiary of Qatar Exchange-listed Gulf International Services, is all set to be converted into a reinsurance entity, in a move that could strengthen the domestic reinsurance underwriting since a majority of the underwriting is currently undertaken overseas.

These were announced by Finance Minister HE Yousef Hussein Kamal at the 7th MultaQa conference, which got underway yesterday.

Without revealing the name of the new bank, he said “it will be established soon” and authorised and regulated within the QFC.

Last year, the Islamic Development Bank (IDB), the Qatari government and Saudi Arabia’s Dallah Albaraka Group had entered into a memorandum of understanding to set up the bank in Doha for funding infrastructure projects such as roads, ports and power plants.

Qatar “intends to establish the largest Islamic international bank in order to promote the Islamic finance industry in the region and provide different financial products for investors”, Kamal said, adding the country will have a 30% holding.

“The main objective of this bank is to invest in big projects and to help Islamic banks manage their liquidity,” IDB president Ahmad Mohamed Ali had earlier said.

On Al Koot, which was once a captive insurer for Qatar Petroleum and then diversified by providing risk covers to other entities such Qatar Telecom; Kamal said it will be converted into re-insurance company and all the insurance companies will be partners/stakeholders in the new structure.

Although the government will be a catalyst with its stake in the initial stages, non-Qatari insurance companies could also pick up stakes in the company.

Terming the move as “massively positive”; QFC Authority CEO Shashank Srivastava said it would develop and strengthen the domestic re-insurance capacity since a majority of the underwriting was done abroad.

Source: Caye Global News, Gulf Times

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