Doha, June 8, 2004 – H.E. Abdullah Bin Hamad Al-Attiyah, Second Deputy Premier, Minister of Energy and Industry, Chairman and Managing Director of Qatar Petroleum, Chairman of Woqod, this evening signed the Memorandum and Articles of Association for gas transport company Q-Gas at the Ritz Carlton hotel.
Other signatories to the memorandum were H. E. Sheikh Hamad Bin Suhaim Al-Thani, Chairman of Qatar National Navigation and Transport Company, H.E. Yousef Hussain Kamal, Minister of Finance, H. E. Abdullah Bin Khaled Al-Attiyah the Governor of Qatar Central Bank and Chairman of the General Pension and Retirement Authority, Mr. Salem Bin Batti Al-Nuaimi Chairman of Qatar Shipping Company, and Mr. Mohammed Al-Henzab acting General Director of the Qatar Foundation for Education, Science and Community Development. Present at the signing ceremony were Mr. Faisal M Al-Suwaidi, Managing Director of Qatargas and chairman of the company’s founding committee, and other senior officials.
H.E. Al-Attiyah said that the establishment of Q-Gas is in line with the directives of H.H. Sheikh Hamad Bin Khalifa Al-Thani, the Emir, for the optimal utilization of oil and gas projects for the benefit of Qatari citizens and the State of Qatar.
H.E. also stated that this company, which is expected to be the largest LNG shipping company in the world, will realize a good long term and risk free return for shareholders as stated in the feasibility study prepared by Deloitte and Touche as Qatargas and RasGas, who have contracts to supply LNG to Europe and the USA for 25 years, will lease the LNG tankers from Q-Gas for the duration of those agreements.
H.E. said that the initial capital of Q-Gas is QR4.6 billion. The founding companies will subscribe to half of the shares and the remainder will be offered for subscription to nationals and companies wholly owned by Qataris on January 16, 2005, for one month.
Half of the shares’ value will be paid upon subscription in addition to the establishment fee which is 5 dirhams for each share and the balance of the shares’ value will be paid in 2007 and 2009.
H.E. Al-Attiyah also stated that Q-Gas will conduct a study to build a dry dock in addition to other investments to achieve maximum benefit for the company and its shareholders.
The listing of Q-Gas will have a positive impact on the market in addition to enhancing the status of the Doha Securities Market with the listing of companies of such size, H.E. Al-Attiyah said.
The signing ceremony was also attended by legal and financial consultants.