Koreans to buy more Qatar gas in 20-year deal

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HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada, also RasGas Chairman, and Young Sung Park, Kogas Executive Vice President and Chief Operating Officer, signing the long-term SPA for the supply of another 2mn tonnes of liquefied natural gas annually to South Korea for 20 years

Qatar will supply another 2mn tonnes of liquefied natural gas annually to South Korea for 20 years, boosting supplies to the South East Asian country, which is among Qatar’s first LNG customers.
RasGas yesterday signed a long-term sale and purchase agreement (SPA) with Kogas under which Ras Laffan Liquefied Natural Gas Company Limited (3) -RL 3 would deliver 2mn tonnes per year (tpy) of Qatari LNG for 20 years starting in 2013, in addition to incremental medium-term volumes from 2012 to 2016. Continue reading

GCC states ‘to invest $100bn in water sector within five years’

Minister of Energy and Industry HE Dr Mohamed Saleh al-Sada inaugurates the Power-Gen Middle East Conference at QNCC yesterday as Kahramaa president Issa Hilal al-Kuwari, QEWC general manager Fahd al-Mohannadi and others look on. PICTURE: Shemeer Rasheed

Minister of Energy and Industry HE Dr Mohamed Saleh al-Sada inaugurates the Power-Gen Middle East Conference at QNCC yesterday as Kahramaa president Issa Hilal al-Kuwari, QEWC general manager Fahd al-Mohannadi and others look on. PICTURE: Shemeer Rasheed

GCC states would invest close to $100bn for infrastructure development and explore new ways to ensure uninterrupted supply of drinking water to its residents in the next five years, Qatar’s Minister of Energy and Industry HE Dr Mohamed Saleh al-Sada said yesterday.
The Qatar minister said this while delivering the keynote address at the opening of the Power-Gen Middle East Conference at the Qatar National Convention Centre. The exhibition and conference is being held in Qatar for the second time. Continue reading

Milaha arm buys Maersk stake in two LNG carriers

Milaha (formerly Qatar Navigation) has said its fully-owned subsidiary, Qatar Shipping Company, will purchase additional stakes from Maersk in two LNG carriers.
Qatar Shipping has entered into an agreement to buy Maersk LNG’s 15% stake (out of their total holding of 26%) in two LNG Carriers, Maersk Ras Laffan and Maersk Qatar. With this, the stake of Milaha subsidiary in these two carriers will increase to 40%.
However, Milaha, which accounts for 5% of Qatar Exchange’s 20-stock index, did not disclose the size of the deal.
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UN experts begin review of Japan’s nuclear stress tests

The IAEA has begun a review of tests conducted by Japan to prove the safety of its nuclear reactors after Fukushima.

A team of UN nuclear experts on Monday began a review of tests conducted by Japan to prove the safety of its nuclear reactors in the wake of the Fukushimaradiation crisis.The Vienna-based International Atomic Agency’s (IAEA) team of 10 experts will be in Japan until 31 January.

“We are conducting a review that they [the Japanese government] requested of their methodology and approach for conducting comprehensive safety assessments or stress tests,” James Lyons, the leader of the IAEA team, told reporters. Continue reading

Chevron appeals $8.6 billion ruling

Chevron filed an appeal with Ecuador’s National Court to review a ruling that it must pay billions of dollars in damages for oil pollution in the Amazon rain forest.

Donald Moncayo, Ecuadorean activist of the Amazonia Defense Front, shows oil waste near La Primavera in February 2011.

Donald Moncayo, Ecuadorean activist of the Amazonia Defense Front, shows oil waste near La Primavera in February 2011.

In addition to the $8.6 billion ruling, the court said that Chevron must publicly apologize to Ecuador, and if it fails to do so, the fine will be doubled to nearly $18 billion. Continue reading

Iran: EU oil sanctions ‘unfair’ and ‘doomed to fail’

Iran has said an oil embargo adopted by European Union foreign ministers over the country’s nuclear programme is “unfair” and “doomed to fail”.

The measures would not prevent Iran’s “progress for achieving its basic rights”, foreign ministry spokesman Ramin Mehmanparast said.

Catherine Ashton: "There is no question that if Iran responds positively the sanctions can eventually be lifted"

Catherine Ashton: "There is no question that if Iran responds positively the sanctions can eventually be lifted"

The sanctions ban all new oil contracts with Iran and freeze the assets of Iran’s central bank in the EU. Continue reading

Clean Energy Investment Hits Record In 2011 As U.S. Reclaims Lead From China

solarGDespite a tumultuous year for the renewable energy industry, global investment reached a record $260 billion in 2011 while the United States reclaimed the top spot from China, according to a report released Thursday.

That’s a 5% jump over the previous year and five times the investment made in 2004, said Bloomberg New Energy Finance, a market research firm based in London.

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QP has launched the energy and industry sector’s first-ever “Sustainable Development Industry (SDI)’’ report

Dr Al-Sada with top executives of the stakeholders who were honoured at an appreciation ceremony following the launch of the energy and industry sector’s “Sustainable Development Industry (SDI) Report” for Qatar

Dr Al-Sada with top executives of the stakeholders who were honoured at an appreciation ceremony following the launch of the energy and industry sector’s “Sustainable Development Industry (SDI) Report” for Qatar

QP has launched the energy and industry sector’s first-ever “Sustainable Development Industry (SDI) report” for Qatar, which covers the various sustainability initiatives and projects undertaken by stakeholders operating in the country. Continue reading

Qatar and Saudi lead in GCC building BOOM

A panoramic view of the rapidly changing Doha skyline photographed yesterday morning with a section of Souq Waqif in the foreground.

A panoramic view of the rapidly changing Doha skyline photographed yesterday morning with a section of Souq Waqif in the foreground.

Qatar and Saudi Arabia have been tipped to consume some 50% of the GCC region’s building materials over the next decade or so, according to analyst Frost & Sullivan.
Both countries have “ramped up” construction activities due to the growth in economic activities in Saudi Arabia and the run-up towards the FIFA World Cup 2022 in Qatar.