BUSINESSWednesday 17 October 2018

PAGE | 25PAGE | 22QIB wins six

Global Finance awards

Italy reaches budget accord

QP announces 5-year LPG supply deal with China’s Oriental EnergyTHE PENINSULA

DOHA: Qatar Petroleum has announced the signing of a sale and purchase agreement to directly supply China with 600,000 metric tons of Liquefied Petroleum Gas (LPG) per year for a period of five years.

The long-term agreement was signed by Qatar Petroleum for Sale of Petroleum Products Company Ltd. (“QPSPP”) and Oriental Energy (Singapore), with the contract starting in January 2019.

Saad Sherida Al Kaabi, Pres-ident & CEO of Qatar Petroleum, welcomed the signing, and said “This agreement reflects our marketing strategy for pro-moting direct engagement with end-users, especially in China. I would like to thank Oriental Energy for concluding this important agreement.

We hope this deal will further enhance our energy rela-tionship with China, as we place greater importance to meeting the needs of the world’s largest growing LPG market.” Yan Jia Sheng, Vice-President of Ori-ental Energy Group and Man-aging Director of Oriental Energy (Singapore) International Trading Pte Ltd, signaled similar sentiments stating, “Through this

first step, we hope to build a strong and sustainable rela-tionship with Qatar Petroleum and to continue exploring other areas in which Qatar Petroleum and Oriental Energy can further collaborate on.” Oriental Energy (Singapore) is a subsidiary of Ori-ental Energy, responsible for the procurement, trading and logistics of Oriental Energy.

Oriental Energy, China’s largest LPG player, has the largest LPG distribution network and LPG storage facilities in China. In addition, it has five major LPG importing terminals along with several petro-chemical facilities.

Saad Sherida Al Kaabi, President & CEO of Qatar Petroleum.

QDB disburses QR1.5bn loans to SMEs in last 10 monthsMOHAMMAD SHOEB THE PENINSULA

DOHA: Qatar Development Bank (QDB) has revealed that it has disbursed over QR1.5bn loans to small and medium enterprises (SMEs), including micro busi-nesses, over the last 10 months of this year, which is already above the target set for 2018, said a senior official of the state-backed agency.

The QDB, which is mainly responsible for developing and supporting SMEs in the non-hydrocarbons sector, with an aim to achieve economic diversifi-cation in the country, offers all kinds of possible support under a wide range of products and services, to establish and promote such businesses, which include providing easy access to financing.

The financing is done through different ways, including its Al Dhameen programme- a popular credit guarantee scheme by QDB.

“We have achieved above the target for this year in terms of SME-financing. Till date we have disbursed about QR1.5bn.

As we still have more than two months to go, this number is expected to increase further, which is going to be much above the initial target of about QR1.4bn. And for 2019, QDB is

expected to increase the funding by 15- 20 percent,” Khalid Abdulla Al Mana, QDB’s Exec-utive Director of Business Finance, told The Peninsula.

Al Mana added: “The

beneficiaries of these funding went to SMEs from almost all sectors, but the food and food processing firms witnessed a remarkable growth.

However, a significant portion of that was disbursed to industrial financing and also for projects in the education, healthcare, tourism and other important sectors.”

He said that achieving indus-trial diversification through SME development continues to be the core of QDB’s strategy as it is going to be the engine of eco-nomic growth in future, but we are also giving special focus to companies which are contrib-uting to achieve food security in the country.

The concerted efforts on the part of various government agencies, including QDB, and the private sector to achieve eco-nomic diversification to allay the country’s dependence on volatile revenues from hydrocarbons sector, have started bearing fruitful results.

For instance, Qatar’s non-oil exports registered a strong growth during August 2018 with the combined value reaching at QR2.26bn, recording an increase of 26.1 percent (year-on-year) compared to QR1.79bn for the corresponding month last year.

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Khalid Abdulla Al Mana, QDB’s Executive Director of Business Finance Pic: SALIM MATRAMKOT / THE PENINSULA

Qatar needs strategy shift to maintain global LNG titleSATISH KANADY THE PENINSULA

DOHA: With major changes happening in the global LNG space, both on the supply and demand sides, Qatar needs to readjust its strategy in order to maintain its leading position as global LNG supplier.

Delivering Carnegie Mellon University-Qatar Dean’s Lecture Series here yesterday, Dr Ibrahim Ibrahim, Economic Advisor at Amiri Diwan said on the supply side major challenges are coming from the devel-opment of shale Gas in the US and tremendous expansion of LNG supply from Australia. The expected ascendance of LNG positions of Russia and countries in Africa are another major challenge.

Speaking on the demand side, Dr Ibrahim said the real change is coming from the expected expansion of gas con-sumption in giant economies such as China, India, and Brazil; and from a many smaller and

less developed economies. These changes would have impact not only on the level of LNG price; but also on the conditions of sales such as fixed destination, price indexation, the duration and the prevalence of fixed contracts, and the role of the spot market.

In future, Qatar should adhere to the pillars of its already developed LNG strategy which are: fully integrated model, Cost optimisation, Brand name based

on reliability, flexibility, loyalty, and strict compliance to its con-tractual obligations.

Dr Ibrahim wanted Qatar to further intensify the devel-opment of its Gas resource. Qatar has recently lifted the mora-torium on expanding the pro-duction from the North Field, and

announced its intention to increase its LNG production capacity by 32million tons. This decision was based on detailed technical assessment of the Field reserve during which a long-term moratorium on expansion w a s i m p o s e d . T h i s announcement is expected to

affect future projects from mar-ginal suppliers, and the resulting capacity would allow Qatar to maintain its position as a leading world LNG exporter for years to come.

He said Qatar has to take advantage of the development of shale Gas. While this devel-opment would have negative impact on the price level of LNG in the short-term, the impact in the long-term could be positive especially on large Gas suppliers such as Qatar. This development would contribute to lengthening the duration of Gas as viable source of energy.

“Qatar is investing in explo-ration development and pro-duction of foreign oil and gas fields in cooperation with its LNG partners and should intensify its investment in this direction. Such investment, besides its expected direct return would have spill over effects especially on LNG marketing by offering opportu-nities to transportation swap between the US and Qatar and flexibility in price indexation of

LNG.” As a strategy to continue to remain as the LNG global leader, Qatar should not relin-quish its advantage as a low cost LNG supplier to its economic and social obligations. Qatar should not repeat the mistake that major oil exporters made by expanding dramatically their fiscal budgets. Such expansion lowered signif-icantly their pricing power, a position that places them on equal ground with high cost exporters.

Qatar needs to invest to support small developing coun-tries to import LNG in the needed infrastructure such as floating terminal (FSRU) and pipelines Gas. It should also concentrate on strengthening relations with the rising LNG importers in Asia and Latin America.

Qatar also needs to intensify investment and participation in research to push the LNG demand into a new high, through the transformation of shipping fuel from heavy oil products to LNG, and enhance the use of LNG in land transportation.

Dr Ibrahim Ibrahim, Economic Advisor at Amiri Diwan, addressing Carnegie Mellon University-Qatar Dean’s Lecture Series, yesterday. Pic: SALIM MATRAMKOT/THE PENINSULA

Qatar is investing in exploration development and production of foreign oil and gas fields in cooperation with its LNG partners and should intensify its investment in this direction.

The concerted efforts on the part of various government agencies, including QDB, and the private sector to achieve economic diversification to allay the country’s dependence on volatile revenues from hydrocarbons sector, have started bearing fruitful results.

London’s Citigroup tower is readied for $1.6bn saleBLOOMBERG

LONDON: The owner of the Canary Wharf skyscraper that’s leased to Citigroup Inc. is weighing a sale of the building for more than £1.2bn pounds ($1.6bn), as investors continue to pour into London’s trophy buildings, people with knowledge of the plan said.

Broker CBRE Group Inc. is working with AGC Equity Partners Ltd. to advise on the potential disposal of one of the UK capital’s largest office towers, the people said, asking not to be identified as the plan is private. The Middle Eastern-backed private equity group completed a refinancing of the building this summer that has paved the way for the sale, the people said.

London’s office market has remained buoyant as buyers shrug off Brexit fears in their search for long-term invest-ments that offer secure rental income, with the new head-quarters of Goldman Sachs Group Inc. and UBS Group AG. among billion-dollar-plus deals this year. City of London office deals will total about 12 billion pounds this year, just shy of the record 12.6bn pounds sold in 2017, according to a forecast published by broker Savills Plc last week.

22 WEDNESDAY 17 OCTOBER 2018BUSINESS

10,031.59 +197.47 PTS2.01%

QSE FTSE100 DOW BRENT7,059.40 +30.18 PTS0.43%

25,798.42 +547.87 PTS1.17% Dow & Brent before going to press

$71.82 +0.04

MarketWatchQIB wins 6 Global Finance awardsTHE PENINSULA

DOHA: Qatar Islamic Bank (QIB) continues to win prestigious awards that confirm its leading position in Qatar’s and the region’s financial markets. QIB took center stage at the annual Global Finance Magazine Awards, where it won six major awards, including Best Islamic Financial Institution in Qatar and the Middle East.

The awards were received by Bassel Gamal, Group CEO of QIB, at an awards ceremony during the recently concluded annual meetings of the IMF and the World Bank held in Bali, Indonesia.

QIB was recognised by Global Finance after a detailed assessment from international bankers, corporate finance exec-utives, financial analysts, and consultants. Criteria include cor-porate governance, new business development, innovation in products , and cl ient satisfaction.

QIB winning six awards from Global Finance reaffirm the Bank’s progress during the past few years in establishing itself as a leading banking institution in the Middle East while contrib-uting to the stability and strengthening of Qatar’s economy, despite regional and global economic challenging times.

After the extensive evalu-ation process, Global Finance found QIB entitled to the fol-lowing six awards: Best Islamic Financial Institution in the Middle East 2018 award, Best Islamic Financial Institution in

Qatar 2018 award, Best Global Islamic Financial Institution for Large Corporate 2018 award, Best Global Islamic Project Finance Provider 2018 award, Best Global Real Estate Deal of the Year 2018 award, and Best Global Sukuk Deal of the Year 2018 award.

Commenting on the awards, Bassel Gamal Group CEO of QIB said: “It’s a great honor for QIB receiving these awards from Global Finance, most of them for a second consecutive year. This recognition mirrors QIB’s signif-icant progress in so many dif-ferent fronts. The common denominator in all these awards is our constant commitment to serve the best interest of our

shareholders and our customers, which in turn inspires QIB employees on producing inno-vative sharia-compliment products and services. “ “QIB’s success derives from the strategic vision of our Board of Directors, and the focused implementation

of our business strategy. Another key factor contrib-

uting to our growth is the strength of the Qatar banking sector and the economy overall. Our strategy is closely tied with Qatar’s National Vision 2030 and the Government’s commitment to investment in the country’s infrastructure, the diversification of the economy, and the devel-opment of a strong private sector” Bassel Gamal added.

The Global Finance mag-azine, headquartered in New York, is a reputable source for developments in the financial industry. Focusing on global and emerging markets, every year it releases a list of the Best Islamic Finance Institutions in the World.

QIB Group CEO Bassel Gamal (centre) with officials during the awards ceremony held in Bali, Indonesia.

Total Marketing Qatar and TEC open jointly branded centerTHE PENINSULA

DOHA: Total Marketing Qatar continues to strengthen and consolidate its position in Qatari market. Following the recent agreement signed by Total Marketing Qatar with Tyres & Equipment Center (TEC), an agent for Pirelli tyres and also one of the largest importer of Tyres in Qatar, TEC will now market TOTAL lubri-cants through its network of 16 strategically located retail outlets.

During the opening cer-emony, Thibaud de Lisle – Managing Director of Total Marketing Qatar, said: “This association is aimed to enhance Total’s proximity to its cus-tomers by providing them tech-nically advanced products along with professional and consistent oil change services”. In addition Ahmed Al Tayeb, Vice Chairman and Managing Director of TEC said: “I am extremely pleased to become Total’s partner and I am looking

forward to a strong long term partnership for mutual growth”. Along with other prominent delegates from both the business houses, the function was also attended by Shakilur Rahman, Vice President Sales & Ketan Kumar, General Manager from Total Marketing Qatar and Khalid Hashem, Senior Director from TEC.

The range of TOTAL QUARTZ lubricants that extends from mineral to fully synthetic having major OEM approvals will be available at TEC retail outlets.

Specialising in lubricants and special fluids, Total Mar-keting Qatar has a prominent market share for lubricants in the Qatar. It caters to the needs of major automotive, con-struction, industrial and marine customers in Qatar. Total’s lubricants products in Qatar are widely used by many leading Japanese and European Car Manufacturers in addition to many famous Retail Service centers in the City of Doha.

Officials and staff of TEC during the opening ceremony.

Investcorp honoured by Oxford UniversityTHE PENINSULA

DOHA: Investcorp, a leading global provider and manager of alternative investment products, was honoured yesterday by Oxford University during a ceremony in recognition of the University’s benefactors.

Investcorp attended Oxford’s historic Convocation House as a member of the Chan-cellor’s Court of Benefactors (CCB) and Investcorp’s name was engraved on the slate tablets of the prestigious Clarendon Arch near the entrance of the historic Bodleian Library in rec-ognition of the support that Investcorp has provided to the University.

Investcorp’s name joins those of the University’s distin-guished past donors including Sir Thomas Bodley, Queen Eliz-abeth I, John Radcliffe, King Henry VIII, Sir Ernest Oppen-heimer, Queen Elizabeth II, and Cecil Rhodes.

Each year the University brings together a world-class league of benefactors to introduce new members and provide an exclusive in-depth look at some of the vital work being supported by donations.

Investcorp’s Executive Chairman, Mohammed Alardhi (pictured), said: “It is a pro-foundhonour to have seen

Investcorp’s name inscribed on the Clarendon Arch. Our suc-cessful collaboration with the University- an intersection of the worlds of academia and business- demonstrates the legacy that we can pass on to benefit the next generation of leaders.

We remain committed to supporting higher education, increasing cross-cultural understanding and open debate and look forward to supporting

the University on future initia-tives.” Investcorp has been a long-term supporter of the Uni-versity. In 2015, it donated The Investcorp Building to the Middle East Centre at St Anthony’s College, aworld-renowned centre for research and teaching in global and regional issues.

The Investcorp Building was integral toon-going expansion plans to meet the Middle East Centre’s increasing demand for research and activities. The number of students attending has grown dramatically in recent years, and the Investcorp Building has enabled the centreto grow its popular program of lec-tures, seminars and debates, some of which are also open to the public. The building provides 1,127 square metres of additional floor space, has a 117-seat lecture theatre, and has doubled space available for the centre’s growing library and archive.

Designed by Dame Zaha Hadid DBE RA, the building has received multiple architecture and design awards, including; the Lux Award (for lighting), the 2015 Oxford Preservation Trust New Building Award, the 2016 RIBA South Award, the 2016 RIBA National Award, and the 2016 Award in Higher Education and Research Category at the World Architecture Festival.

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Asked about the contribution of QDB-funded projects to the national income, Al Mana said that the exact numbers were not readily available, however, he noted that concerted efforts to diversifying the economy from the oil & gas sector, which is a very big industry, has been accelerated.

But given the huge size of

Qatar’s hydrocarbons sector, industrial diversification con-tinues to be a challenging task.

“We at QDB maintain a target for each sector, and have dedi-cated resources and managers who monitor the diversification target,” said Al Mana.

On QDB’s funding for the agriculture sector, especially the fisheries, he said that the agency has already achieved above targets in all fronts in this sector.

Commenting about the impact of government’s ‘single window’ initiative, which allows investors quick access to all the needful facilities to own a factory within 72 hours, Al Mana said: “Of course it played a significant role as the potential investors receive the licenses and other facilities such as land plots and financing though QDB very quickly. In addition, the efforts under ‘Jahez’ initiatives, which offered

plots of land for new and existing SMEs, and Manateq, also played significant role.”

According to latest reports the Coordinating Committee for the Single Window System Man-agement has managed to establish over 5,000 local com-panies and 80 international firms till date and has reduced the time spent on the process of issuing licenses from one year and half to 72 hours only.

QSE index jumps 2% to 10,032 points

REUTERS

DUBAI/LONDON: Qatar’s index jumped 2.0 percent to 10,032 points, its highest since May 2017, testing technical resistance just above 10,000 points, where it peaked in August and September this year.

Blue chip Industries Qatar climbed 3.3 percent while several banks also fuelled the market’s gains after they reported rising earnings.

Masraf Al Rayan was up 1.9 percent after reporting a 4.4 percent increase in its net profit for the first nine months of the year, and Qatar International Islamic Bank added 2.5 percent after posting higher profits.

Saudi Arabian stocks plunged early on Tuesday on worries that the furore over the disappearance of dissident Jamal Khashoggi could damage foreign investment, but the market ended up after state-linked funds appeared to mount an operation to support it.

The Saudi index tumbled as much as 4.0 percent in early trade as local retail investors, who account for the vast majority of trading activity, dumped shares.

But the index closed 1.3 percent higher as state-linked funds came in to buy towards the close. Several regional fund man-agers said the buying was a deliberate effort to prop up the

market, in the same way that funds supported stocks during a panic over a Saudi corruption investigation late last year.

Most other major Gulf markets rose.

The Dubai index rose 0.6 percent as real estate firms gained. Deyaar Development leapt nearly 10 percent in its highest volume since January, while Emaar Properties rose 1.9 percent.

The US dollar index dropped to more than two-week lows on Tuesday while emerging market currencies outperformed, as rising stock markets reflected improving risk appetite. US stocks opened higher, led by technology stocks, as upbeat earnings from blue-chip com-panies helped ease jitters over the impact of an ongoing US-China trade war and other global issues on corporate profits. “It seems as if we have a ‘risk on’ tone.

Equity prices seem to be rising globally again and reversing a little bit of the panic that we saw last week,” said Mark McCormick, North American head of FX strategy at TD Secu-rities in Toronto. The greenback was supported last week as benchmark 10-year Treasury yields surged to a seven-year high of 3.26 percent, while stocks tumbled. Yields are now consol-idating at around 3.16 percent, reducing demand for the dollar.

QDB disburses QR1.5bn loans to SMEs in last 10 months

We remain committed to supporting higher education, increasing cross-cultural understanding and open debate and look forward to supporting the University on future initiatives.

QIB winning six awards from Global Finance reaffirms the Bank’s progress during the past few years in establishing itself as a leading banking institution in the Middle East.

Uber eyes valuation at $100bn in share offeringAFP

NEW YORK: Uber is eyeing a valuation above $100bn for its much-anticipated share offering due in 2019, which would be the biggest-ever in the tech sector, sources familiar with the plan said Tuesday.

The sources told the global ridesharing giant is considering speeding up its plans for an initial public offering (IPO) to the first half of 2019, rather than the second half of the year.

uber, which operates in over 60 countries, is already the largest of the venture-backed “unicorns” valued at more than $1 billion, which until recently was considered rare without tapping stock markets.

I ts most recent investment — a $500m injection from Japanese auto giant Toyota — was made at a reported valuation of $72bn.

The Wall Street Journal reported that bankers were proposing a valuation as high as $120bn for uber, which has been a disruptive force in many cities where regulators and taxi operators have chal-lenged its business model.

Uuber had no immediate comment on the IPO plans.

23WEDNESDAY 17 OCTOBER 2018 BUSINESS

HSBC and Credit Suisse CEOs join Dimon to pull out of Saudi conferenceBLOOMBERG

LONDON: The chief executive officers of HSBC Holdings Plc and Credit Suisse Group AG became the latest top bankers to abandon an investment conference in Saudi Arabia as pressure grows on the kingdom amid allegations it killed a dissident journalist.

HSBC CEO John Flint will not be attending the Future Investment Initiative event in Riyadh next week, spokeswoman Heidi Ashley said, and nor will Credit Suisse’s Tidjane Thiam, according to a person familiar with the matter. Both banks, among the biggest in Europe, are strategic partners of the con-ference and have close ties to Saudi Arabia. Standard Chartered Plc chief Bill Winters has also pulled out, a spokesman wrote in an email.

The withdrawals deal a severe blow to Saudi Arabia’s efforts to draw international fin-anciers after JPMorgan Chase & Co. CEO Jamie Dimon pulled out along with Blackstone Group LP’s Steve Schwarzman and BlackRock Inc.’s Laurence Fink. The fiasco around the conference shows how the kingdom is coming under mounting pressure to explain what happened

to journalist Jamal Khashoggi, a government critic who disap-peared two weeks ago.

Relations with Saudi Arabia are of key importance for London-based HSBC, which gets most of its revenue from Asia. The bank is one of the most active international banks in the kingdom and has been a top adviser for initial public offerings since 2010, according to data compiled by Bloomberg.

Earlier this year, Saudi Ara-bia’s Crown Prince Mohammed bin Salman asked Flint and other British bank chiefs for an impromptu meeting in London, people with knowledge of the matter said. Flint canceled his appearance at another event so

he could attend, the people said at that time.

Credit Suisse, based in Zurich, has also been trying to expand its business in Saudi Arabia by seeking a license to open branches and hiring more rela-tionship managers for wealthy clients. The kingdom’s Olayan family are also one of the largest shareholders in the bank.

Khashoggi’s disappearance is the latest in a series of develop-ments that have undercut Prince Mohammed’s self-styled image as a moderniser, including his jailing of hundreds of busi-nessmen, royals and activists over the past year in an alleged crackdown on corruption and national security threats.

Credit Suisse’s CEO Tidjane Thiam (left); and HSBC CEO John Flint

Venezuela is $7bn late on debtBLOOMBERG

NEW YORK: Venezuela’s next bond payment coming due may be one that it actually makes.

That would be an unusual occurrence for the beleaguered country, where the government and state oil company are behind on almost $7bn owed to debt investors.

What makes this one different, though, is that the $949m payment coming due October 27 is tied to a bond that’s backed by a majority stake in Citgo Holdings Inc. That means that if holders get stiffed, they can lay claim to the crown jewel of Venezuela’s US assets.

Venezuela is desperate to keep that from hap-pening, so investors seem to be betting that they’ll get their money. The $2.5bn of notes due in 2020 are trading at a record near 91 cents on the dollar, far higher than most Venezuelan bonds, which hover around 25 cents.

Even if Venezuela makes the payment, the ultimate fate of Citgo is up in the air. Investors are in the middle of a race to lay claim to assets among increasingly restless creditors.

A small Canadian mining company was awarded the right to collect on an arbitration ruling by taking shares of the owner of Citgo Petroleum Corp., a verdict Venezuela is appealing. Separately, an $8bn bondholder group advised by Millstein

& Co. has said it’s “exploring options” to ensure that Venezuela’s overseas assets are available to satisfy its claims.

JPMorgan Chase & Co. expects Petroleos de Venezuela SA, known as PDVSA, to make the bond payment because of the government’s strong desire to hold onto Citgo.

“We would expect PDVSA to make every effort to pay,” analysts Javier Zorrilla, Ben Ramsey and Trang Nguyen wrote in a note dated October 10. “PDVSA has demonstrated via its legal efforts a strong preference to maintain ownership of Citgo.”

In the meantime, there is no resolution in sight to Venezuela’s economic malaise, and tensions in the socialist nation are brewing. Despite oil prices rising to a four-year high, output is now half what is was in early 2016.

State employees have protested against a 3,000 percent increase to the minimum wage — calling it inadequate amid hyperinflation. The US is also stepping up sanctions against the regime and its allies, with President Nicolas Maduro’s wife and several of his close associates receiving pen-alties last month.

That increased pressure gave a lift to bond prices in recent weeks, according to Siobhan Morden, the head of Latin American fixed-income strategy at Nomura.

Dr Ibrahim unravels history of Qatar’s gas story at CMU-QatarSATISH KANADY THE PENINSULA

DOHA: The rise of Qatar as world’s top LNG supplier was not driven by sheer resources. Behind Qatar’s success are visionary lead-ership with strong conviction, competent and forward looking management. The energy leaders were capable of precise execution and willing to take calculated risk, partnership with highly reputable international companies, and the desire from distant gas import markets to reduce dependence on few exporters, said Dr Ibrahim Ibrahim, Economic Adviser at Amiri Diwan.

Recalling how Qatar was able to reach the leading position in global gas industry, Dr Ibrahim, said in the seventies Gas was not considered by the GCC countries as being a valuable resource since, they were flaring most of it. During this period an oil mentality prevailed in these countries and Gas was looked at as a subservient to oil.

The establishment in 1984 of Qatargas by Emiri Decree to export LNG signaled the end of this uncertainty. Qatar leadership had decided to exploit the field for both purposes: domestic require-ments and export, he said.

Qatar’s North Field which is the largest non associated Gas filed in the world was discovered in 1971. Its reserve was estimated in 2009 to be over 900 trillion cubic feet (TCF) representing about 14 percent of the world proven conventional Gas reserves at that time.

Despite its enormous reserve, serious efforts to develop the field did not take place till the mid-eighties. Its actual development started in 1987, and its first pro-duction started in 1991. Thus, it took Qatar 20 years from the dis-covery of this giant field to start its first production.

The establishment of Qatargas was the beginning. It took the company eight years to sign its first Sale and Purchase Agreement (SPA) for the delivery of 4 million tonnes of LNG annually to Japan, and 12 years to deliver its first shipment.

To build a new port, the Father Amir H H Sheikh Hamad bin Khalifa Al Thani, the then Heir Apparent, gave the approval for the creation of a giant Gas hub at Ras Laffan with a world class port even before signing the first SPA with Japan. The cost of the hub at its completion reached $2bn. This is at a time when Qatar was in a tight financial position and had to

finance partially the development of the North Field from forward sales of its crude oil, Dr Ibrahim recalled.

To attract a new partner with strong LNG experience to replace British Petroleum which withdrew from the Joint Venture in early 1992. Qatargas worked hard to find such a partner. Luckily Mobil Oil at that time (now ExxonMobil) was looking to strengthen its LNG and Natural Gas reserves holdings, agreed to join Qatargas.

Qatar felt that becoming a global supplier requires a strategy that targets three main objectives:

fully integrated project, cost opti-misation, and brand name. Qatar developed a unique model of delivering LNG to the market through which it controls pro-duction, liquefaction, transpor-tation and in some instances receiving and regasification ter-minals. Qatar also executed plans to reduce cost in every phase of the LNG delivery chain.

In the Upstream, Qatar increased the size of bore wells to maximise the production from each offshore platforms. The cost of liquefaction in the nineties was extremely high. The capacity of

LNG plants was around 2 million tonnes dictated by the high costs of the plant and the size of the Sale and Purchase Agreements pre-vailing then. Qatar, through aggressive financing and mar-keting policies, led the industry into expanding the capacities of the LNG plants Within 10 years from 1997 to 2007.

Qatar new plants capacities gradually increased from 2.2 million tonnes to 3.3 million tonnes in 1999, to 4.7 in 2004, and to 7.8 in 2007. The result is a significant decrease in lique-faction cost unmatched by other

LNG suppliers.Qatar’s cost of LNG transpor-

tation by the conventional LNG ships especially to the Far East was extremely high. The pre-vailing size of these ships in the nineties was around 140 thousand Cubic Meter. Again, Qatar led the industry in increasing the size of LNG tankers to reduce the cost of transportation through economies of scale. Both by increasing the size of the LNG tankers and the re-liquefaction plant on board led to a significant reduction in the cost of transportation. Thus, diminishing the negative impact of being far from the market.

In 2017 Qatar exported 75.5 million Tonnes of Liquefied Natural Gas (LNG). This volume represents the largest LNG exports by any country in the world and around 27 percent of the total world LNG exports.

This is despite the tremendous increase of LNG production this year mainly by Australia and the US. Qatar exports LNG to major countries in Asia, Europe, North and South America. Also, it exports LNG or Natural Gas to other Arab countries. In addition, Qatar is the second largest exporter of Natural Gas in the world and the largest producer of GTL with about 65 percent of world GTL capacities.

Michael Trick, Dean of CMU-Qatar (fourth left, front row) and other distinguished guests during the Dean’s Lecture Series at the Carnegie Mellon University in Qatar, yesterday. Pic: SALIM MATRAMKOT/THE PENINSULA

US industrial output risesREUTERS

WASHINGTON: US industrial production increased for a fourth straight month in September, boosted by gains in manufac-turing and mining output, but momentum slowed sharply in the third quarter.

Other data showed job openings hit a record high in August, far outpacing a rise in hiring, suggesting that com-panies were increasingly being starved of workers. There are

concerns that the worker shortage, especially in manufac-turing and construction indus-tries, could hinder economic growth.

“Companies need more workers than the economy has to give and this is going to lead to a slowdown in economic growth somewhere down the road,” said Chris Rupkey, chief economist at MUFG in New York.

The Federal Reserve said industrial production rose 0.3 percent last month after

increasing 0.4 percent in August. Economists polled by Reuters had forecast industrial output rising 0.2 percent in September.

Industrial production grew at a 3.3 percent annualised rate in the third quarter, decelerating from the 5.3 percent pace logged in the second quarter. The Fed reported a minimal impact to production from Hurricane Florence, which drenched South and North Carolina in mid-September.

24 WEDNESDAY 17 OCTOBER 2018BUSINESS

Goldman Sachs profit beats on higher equity tradingREUTERS

BENGALURU: Goldman Sachs reported a better-than-expected quarterly profit yesterday, driven by its equities trading and investment banking busi-nesses that offset weakness in bond trading.

This is Goldman’s last quarterly results under Lloyd Blankfein, who led the company as chief executive for 12 years before handing over the reins to David Solomon in October.

The bank said fixed income, currency and com-modity trading revenue fell 10 percent to $1.31bn.

Goldman is typically more sensitive to swings in market volatility than its peers because its large trading business overshadows its other banking units.

Revenue from equities trading rose 8 percent to $1.79bn. At Morgan Stanley, Goldman’s traditional rival, revenue from equity trading rose 6 percent, while bond trading rose marginally.

Revenue from Goldman’s investment banking business rose 10.2 percent, while its overall net revenue rose 3.8 percent to $8.65bn.

Strong sterling weighs on FTSE 100 as earnings flow inREUTERS

LONDON: Britain’s top stock index tumbled yesterday, lagging European peers as sterling’s climb dragged multinational exporters’ shares down, while weak results weighed on Legoland owner Merlin.

The FTSE 100 was down 0.3 percent by 0835 GMT, extending early losses after strong employment figures sent sterling higher. The currency had strengthened ahead of Wednesday’s EU summit at which some traders re-main hopeful of a breakthrough in Brexit negotiations.

Workers in Britain are seeing the fastest pay growth in nearly a decade, figures from the Office for

National Statistics showed, boosting the currency further and weighing on the FTSE 100 dominated by dollar-earning international stocks.

Diageo and Unilever were among the top weights on the FTSE

100. British American Tobacco, the second-biggest international tobacco company by revenue, fell 1.4 percent after it cut its full-year revenue target for cigarette alterna-tives to £900m from £1bn. The fall, although small, weighed heavily on the FTSE 100 as BAT is among its biggest constituents by market cap.

BAT’s statement again sparked uncertainties around a shift to heated tobacco products and e-cig-arettes as companies try to maintain revenue growth as cigarette con-sumption falls. Heavyweight oil majors Shell and BP were the biggest drag on the FTSE, down 1 percent each, as crude prices dipped amid expectations of an increase in US

Traders look at financial information on computer screens on the IG Index trading floor in London.

Global investors gloomy on world growth outlookREUTERS

LONDON: Global investors have the most pessimistic outlook on the world economy since the 2008 financial crisis, according to Bank of America Merrill Lynch’s monthly survey, which also showed a sharp fall in US equity allocations.

The survey, released

yesterday was conducted October 5 to 11 and canvassed investors managing $646bn. It showed investors remained overweight equities overall, though the 22 percent over-weight was just marginally off the recent record low of 19 percent.

But in a sign of caution, they held cash at 5.1 percent—a net

36 percent overweight—and well above than the 4.5 percent 10-year average.

The poll showed that a net 38 percent of respondents expected the global economy to slow, the worst outlook on global growth since November 2008. A net 35 percent of participants identified trade war as the biggest risk.

Investors were also gloomy on corporate earnings, with a fifth of respondents expecting global profits to deteriorate in the coming year, BAML said, noting that in January a net 39 percent of investors had pre-dicted an improvement.

Focusing investors’ minds is the rise in US, Treasury yields — 10-year yields hit seven-year

highs recently—expectations of more policy tightening and signs the US economy and company earnings could slow from the sugar-rush provided by tax cuts.

All those fears were among factors which triggered a sudden selloff on Wall Street last week, putting the S&P500 on track for its biggest monthly loss since mid-2015.

inventories. Online grocer Ocado shares topped the FTSE 100 with a 3.2 percent gain after BAML analysts double upgraded the stock to “buy” from “underperform”.

Shares in rival supermarket Tesco, meanwhile, fell 3.3 percent after Kantar

Worldpanel data showed it lost market share in the 12 weeks to October 7 as consumers shopped at discount super-markets Aldi and Lidl instead. Overall analysts were sharply downgrading FTSE 100 earnings estimates as the results season began in earnest.

Workers in Britain are seeing the fastest pay growth in nearly a decade, figures from the Office for National Statistics showed, boosting the currency further and weighing on the FTSE 100 dominated by dollar-earning international stocks.

QATAR STOCK EXCHANGE

QE Index 10,031.59 2.01 %QE Total Return Index 17,674.55 2.01 %QE Al Rayan Islamic Index - Price 2,379.59 1.42 %QE Al Rayan Islamic Index 3,860.93 1.42 %QE All Share Index 2,948.79 1.97 %QE All Share Banks & Financial Services 3,554.39 1.83 %QE All Share Industrials 3,353.50 1.85 %QE All Share Transportation 2,115.13 3.04 %QE All Share Real Estate 1,876.52 3.19 %QE All Share Insurance 3,104.95 0.52 %QE All Share Telecoms 968.30 2.13 %QE All Share Consumer Goods & Services 6,962.86 1.03 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

16-10-2018Index 10,031.59 Change 197.47 % 2.01 YTD% 17.69 Volume 8,880,381 Value (QAR) 241,448,181.23 Trades 4,688 Up 35 | Down 09 | Unchanged 0115-10-2018Index 9,834.12Change 9.92% 0.10YTD% 15.38Volume 7,542,026Value (QAR) 188,329,649.68Trades 4,413

EXCHANGE RATE

GOLD QR144.3546 per grammeSILVER QR1.7344 per gramme

Index Day’s Close Pt Chg % Chg Year High Year Low

All Ordinaries 5977.8 29.8 0.5 6481.3 5834

Cac 40 Index/D 5117.34 22.27 0.44 5657.44 5038.12

Dj Indu Average 25250.55 -89.44 -0.35 26951.81 22887.12

Hang Seng Inde/D 25462.26 17.2 0.07 33484.08 25125.22

Iseq Overall/D 6191.1 77.26 1.26 7257.41 6018.81

Kse 100 Inx/D 36663.38 -104.19 -0.28 47144.12 36274.25

S&P 500 Index/D 0 0 0 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500UK QR 4.7838 QR 4.8506Euro QR 4.1920 QR 4.2517CA$ QR 2.7844 QR 2.8393Swiss Fr QR 3.6655 QR 3.7168Yen QR 0.03222 QR 0.03284Aus$ QR 2.5721 QR 2.6238Ind Re QR 0.0491 QR 0.0501Pak Re QR 0.0273 QR 0.0282Peso QR 0.0670 QR 0.0684SL Re QR 0.0211 QR 0.0216Taka QR 0.0422 QR 0.0436Nep Re QR 0.0307 QR 0.0313SA Rand QR 0.2529 QR 0.258

25WEDNESDAY 17 OCTOBER 2018 BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Kayamkulam Kochunni (2D/Malayalam) 2:00, 8:15 & 11:15pm Smallfoot (Animation) 2:00pm Arvindha Sametha (2D/Telugu) 2:00 & 5:15pm My Giraffe (2D/Family) 3:45pm Jalebi (2D/Hindi) 4:45 & 11:30pm Venom (2D/Action) 4:45pm A Star Is Born (2D/Malayalam) 6:45pm Helicopter Eela (2D/Hindi) 9:00pm

Arvindha Sametha (2D/Telugu) 2:15 & 11:00pm Kayamkulam Kochunni (2D/Malayalam) 2:30 & 10:45pm My Giraffe (2D/Family) 2:30 & 5:30pm Smallfoot (Animation) 4:00pm Helicopter Eela (2D/Hindi) 6:00 & 8:45pm A Star Is Born (2D/Malayalam) 8:30pmBekiya (2D/Arabic) 7:00pm Venom (2D/Action) 7:00pm Ghost Stories (2D/Horror) 9:00pm

Arvindha Sametha (2D/Telugu) 2:30pm Smallfoot (Animation) 2:30pm Jalebi (2D/Hindi) 4:15pm My Giraffe (2D/Family) 5:15pm Dead Trigger (2D/Action) 6:45pmKayamkulam Kochunni (2D/Malayalam) 6:15pm A Star Is Born (2D/Malayalam) 8:30pmBad Times At The El Royale 9:00pmThe Last Witness (2D/Thriller) 11:30pm

Kochunni (Malayalam) 7:00, 9:00, 10:00, 11:45pm & 12:00midnight96 (2D/Tamil) 9:00pm Varathan (Malayalam) 6:00pm Aravinda Samedha (Telugu) 6:00 & 9:00pm

Venom (Action) 10:30am, 1:00 & 3:30pm A Star Is Born (Drama) 12:30, 6:00 & 11:30pm Bad Times At El Royale 11:00pmKayamkulam (Malayalam) 6:00, 9:00pm & 12:00midnightHelicopter Eela (Hindi) 3:15 & 8:45pm Aravinda Samedha (Telugu) 2:00, 5:00 & 8:00pm

A Star Is Born (Drama) 10:30am, 12:50, 1:15, 4:00, 6:45, 9:30pm & 12:15am Aravinda Samedha (Telugu) 10:30am, 4:00 & 7:10pmHelicopter Eela (Hindi) 8:00 & 10:45pm Kayamkulam Kochunni (Malayalam) 10:30am, 1:45, 5:00, 8:15 & 11:30pm Smallfoot (Animation) 5:50pm The Princes And The Dragon 10:30am, 12:20 & 10:10pm Venom (2D/Action) 10:30am, 1:40, 3:35, 8:45 & 10:00pm

Eela, an aspiring playback singer and single mother has given up all her dreams to raise her only son who backlashes her for invading his privacy.

HELICOPTER EELA

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab AL KHOR

ROXY

ASIAN TOWN

A Star Is Born 10:40am, 1:20, 2:45, 4:00, 5:55, 6:40, 8:35, 9:20, 11:15pm & 12:00midnight Bad Times At The El Royale 12:25, 3:10, 6:05, 8:50 &11:35pm Exes Baggage 11:30am, 1:35, 5:40 & 7:45pm Johnny English Strikes Again 11:15am & 9:50pm Kochunni 3:40, 7:00, 10:20 & 11:00pmMy Giraffe 11:15am, 1:00, 6:35 & 7:40pmSmall Foot 12:20, 3:25 & 5:25pmThe House With A Clock In Its Walls 1:15 & 11:50pmVenom 2D 11:50am, 12:30, 2:05, 2:50, 4:20, 8:25, 9:25, 11:40pm & 12:20am 3D 12:10, 7:30 & 10:10pm

Italy reaches budget accordBLOOMBERG

PARIS: Italy’s fractured coalition government cobbled together a last-minute budget accord that starts delivering on costly election promises but risks a confrontation with Brussels over European Union fiscal rules.

The European Commission, which already warned Italy about earlier budget projections that had caused a selloff in Italian bonds, has a week to make an initial assessment of the draft 2019 budget that Italy sub-mitted overnight. The EU’s exec-utive branch has to balance enforcing the rules without further stoking populist resentment.

“If we accepted a slippage” away from EU rules “some of the other countries would cover us with insults and invective accusing us of being too flexible with Italy,” European Com-mission President Jean-Claude Juncker told Italian journalists yesterday in Brussels.

The agreement reached after meetings throughout Monday afternoon and then an evening gathering of the full cabinet had been held up by the conflicting electoral promises of Matteo Sal-vini’s League and the Five Star Movement of fellow deputy premier and coalition partner Luigi Di Maio.

“This budget doesn’t accom-plish miracles, it doesn’t multiply fish and bread, but it opens opportunities to work for hun-dreds of thousands of youths,” Salvini said in Monday evening news conference flanked by Prime Minister Giuseppe Conte, Di Maio, and Finance Minister Giovanni Tria. “After 137 days of governing, I think we can be sat-isfied with what we’ve done.”

In early trading yesterday,

the yield difference between Italian and German 10-year bonds narrowed 4 basis points to about 300 basis points.

Tria said he expects “con-tinued dialogue” with the com-mission over Italy’s plans to increase next year’s budget deficit to 2.4 percent, which he said was needed to lift Italy’s slowing economy. While the shortfall is much wider than the 0.8 percent targeted by the center-left gov-ernment swept out of power in the March elections, Tria said the deficit was already trending toward 2 percent because of slowing growth.

“Our deficit would be con-sidered normal in all Western democracies, not explosive,” Tria said at the news conference. He also denied reports that he’d quit once the budget was approved by parliament. Di Maio, who has clashed with Tria over spending, said Monday evening “you don’t change a winning team.”

According to the draft sub-mitted to Brussels, growth next year will rebound to 1.5 percent from 1.2 percent this year; growth next year would have been just 0.9 percent without the expansionary effect of the budget. The unemployment rate is seen falling to 9.8 percent from 10.6 percent, which if confirmed

would be the first time since 2012 it’s below 10 percent.

Italy’s Parliamentary Budget Office refused to endorse the economic forecasts saying they weren’t acceptable on the basis of the information available.

After jumping to 2.4 percent of GDP next year, the budget deficit will decline to 2.1 percent in 2020 and 1.8 percent in 2021. The draft also sees a continued decline in the debt ratio, falling to 128.1 percent in 2020 from 130 percent in 2019 and 130.9 percent this year.

Di Maio said the “citizen’s income” for the poor that was the basis of his campaign will be introduced in the first three months of next year. In addition, the budget bill allows people who have worked 38 years to retire next year if they’ve reached 62 years of age, reversing increases in the retirement age pushed through by previous governments. Both measures have led to rebukes

from Italy’s partners in the euro zone and the European Commission.

Salvini said the early retirement will allow 400,000 youths to find work.

Tria said the extra spending is entirely covered by other measures. The budget cuts the most generous pensions, which the government says will yield ¤1bn ($1.16bn) over three years, and shifts spending on migrants to family support measures. It also will eliminate some tax breaks on banks’ interest pay-ments. “We are eliminating priv-ileges to fund your rights,” Di Maio said at the news conference.

Di Maio’s promise of a basic income is seen as a risky giveaway to jobless southerners by many League supporters in the north. Five Star politicians, meanwhile, have sought to limit tax breaks championed by Salvini on behalf of businesses in the north.

European Commission President Jean-Claude Juncker (left) and European Council President Donald Tusk at the European Council Headquarters in Brussels.

Morgan Stanley profit beats on strength in equity tradingREUTERS

BENGALURU: Morgan Stanley reported a better-than-expected quarterly profit, driven by higher revenue in its stock trading and equity underwriting businesses.

Equity trading revenue rose 7 percent in a quarter marked by uncertainties in global financial markets stemming from an ongoing tariff war between the United States and China.

Morgan Stanley’s bond trading revenue rose 1 percent, outperforming traditional com-petitor Goldman Sachs Group Inc, which reported a 10 percent fall in revenue at the business.

Bond trading at Wall Street’s top bank - JPMorgan - declined 10 percent in the third-quarter.

Morgan Stanley’s overall revenue rose a better-than-expected 7.3 percent, also helped by a 62 percent jump in equity underwriting revenue.

Chief Executive Officer James Gorman has restored Morgan Stanley to health since

taking over in 2010, when the bank was still reeling from the financial crisis.

His tenure has been defined by reducing risk, exiting prob-lematic businesses and focusing on steadier ones that can gen-erate reliable revenue.

However, some analysts now question the bank’s future growth strategy. Its shares have fallen 17 percent this year, underperforming the S&P Financial index, with lacklustre trading also weighing on the stock. The shares were up 2.4 percent before the opening bell.

The bank’s sales and trading revenue, its biggest contributor to total revenue, rose 7.5 percent and came in better than that of JPMorgan Chase & Co and Citi-group Inc.

Net income attributable to Morgan Stanley rose to $2.11bn, or $1.17 per share, in the third quarter ended September 30, from $1.78 bn, or 93 cents per share, a year ago.

Analysts were expecting $1.01 per share, according to I/B/E/S data from Refinitiv.

A logo is displayed on the Morgan Stanley building in New York.

The European Commission, which already warned Italy about earlier budget projections that had caused a selloff in Italian bonds, has a week to make an initial assessment of the draft 2019 budget that Italy submitted.

26 WEDNESDAY 17 OCTOBER 2018CLASSIFIEDS

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