Qatar to build “Energy City”

Apr 05, 2005 02:00 AM

Qatar-based Al Addiyar Real Estate Investment Company has signed an agreement with Gulf Energy to develop an "Energy City" in Qatar that will "reshape the dynamics of its oil and gas business."
Al Addiyar is a government-owned company with a capital of $ 1 bn. Gulf Energy, a global consortium of leading energy consultants, researchers and academics, will develop the marketing as well as technical strategy in co-operation with Al Addiyar Real Estate to develop the project.

Positioned as the first integrated energy hub in the region, the multi-billion dollar Energy City, will significantly enhance the region's ability to capture critical revenue streams from hydrocarbons, the new project's promoters said.
"According to the master plan, the Energy City will function as a nerve centre of global oil and gas business in the Middle East, by attracting the biggest players in the hydrocarbon value chain. It will consolidate markets, research, technology, education, training and finance under one roof, promoting co-operation at both commercial and technical levels," Al Addiyar CEO Nasser Hassan Al Ansari said.

The development will also offer opportunities for real estate investment in hotels, exhibition halls and malls. Under the terms of the MoU, the construction of the project will begin in the third quarter of this year, Ansari said.
Energy City is aimed to place Qatar on the world energy map, joining the league of other key energy centres like Calgary, Singapore, Houston, Stavangar and Aberdeen.
"The multi-billion dollar Energy City will revolutionise the oil and gas sector in the Gulf. It will house an integrated complex where international and state-owned oil companies and service providers will base their operations," Ansari said.

He said the Energy City will also have a Shipping and Trading component which can be housed anywhere in the Gulf and still be part of Energy City. It will host the Gulf Mercantile Exchange (GMEX), trading rooms, brokerage offices and base for shipping and logistics.
The intellectual and technology cluster will form the heart of Energy City. Its Core Research Lab and Data Centre will form a crucial area comprising a main research laboratory linked to geology & geophysical analysis facility.

Ansari said the Energy City will also offer research centre a Research Satellite for environment, renewable energy and regulatory policy.
The Service Industry Satellite will serve as a base for the oil field services industry comprising drilling, service, EPC contractors, offshore suppliers and seismic companies. The Infrastructure and Downstream Satellite will house downstream companies.

Source: Emirates News Agency
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