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July 05, 2021 Business 13 MONDAY 5 JULY 2021 TotalEnergies Refining and Chemicals appoints new Managing Director in Qatar In addition to contributing to safe, reliable, and profitable operations, I look forward to solidifying our joint vision through initiatives for Qatar National Vision 2030. Ghazi Shahin — Managing Director of the Refining & Business | 15 Chemicals branch within the TotalEnergies Qatar QSE 10,828.08 +20.74 (0.19%) FTSE 100 7,114.34 −10.30 (0.14%) DOW 34,690.11 +56.58 (0.16%) BRENT $76.02 (+0.19) QP enters into three offshore exploration blocks in South Africa with TotalEnergies THE PENINSULA — DOHA Qatar Petroleum (QP) entered into agreements with TotalEnergies to acquire working interests in three offshore exploration blocks in South Africa. Under the terms of the agreements, which are subject to customary approvals by the gov- ernment of South Africa, Qatar Petroleum will hold a 25 percent participating interest in the South Outeniqua block, a 30 percent participating interest in the DWOB block, and a 29.17 percent participating interest in the OBD block. Commenting on this occasion, the Minister Minister of Commerce & Industry and Acting Minister of Finance, H E Ali bin Ahmed Al Kuwari, of State for Energy Affairs, the President and CEO meeting with Malaysian Senior Minister for Finance & Economy and Minister of International Trade of Qatar Petroleum, H E Saad Sherida Al Kaabi, and Industry, H E Dato’ Seri Mohamed Azmin Ali, yesterday. said, “These acquisitions represent an excellent addition to our South African regional upstream portfolio, and build upon the positive progress We are delighted to have the opportunity to work following the recent drilling success in the 11B/12B Qatar, Malaysia discuss ways block.” with our strategic partner TotalEnergies to Minister Al Kaabi added, “We are delighted explore these promising and prospective blocks, to have the opportunity to work with our stra- and to further develop our relationship with the to boost trade relations tegic partner TotalEnergies to explore these South African Government and other joint venture promising and prospective blocks, and to further partners, whilst also pushing forward with Qatar develop our relationship with the South African THE PENINSULA — DOHA currently visiting the country. by both sides to confront the Government and other joint venture partners, Petroleum’s ambitious growth strategy. During the meeting, offi- COVID-19 coronavirus whilst also pushing forward with Qatar Petro- H E Saad Sherida Al Kaabi Minister of Commerce & cials reviewed the bilateral pandemic. leum’s ambitious growth strategy. I would like Industry and Acting Minister of relations between Qatar and During the meeting, Min- to take this opportunity to thank the South African Minister of State for Energy Affairs, the Finance, H E Ali bin Ahmed Al Malaysia and discussed aspects ister Al Kuwari highlighted the authorities and partners for their valuable support President and CEO of Qatar Petroleum Kuwari, met yesterday with the of cooperation, especially in economic policies that Qatar and cooperation.” Malaysian Senior Minister for the trade, investment and had adopted and its contri- The South Outeniqua block covers an area of Finance & Economy and industrial fields, as well as bution to abolishing restrictions approximately 49,000 square kilometers in water where TotalEnergies, Qatar Petroleum, Canadian Minister of International Trade ways to enhance and develop on foreign investment and cre- depths ranging between 200 and 5,000 meters. Natural Resources Limited and Main Street and Industry, H E Dato’ Seri them. Officials also discussed ating more opportunities for TotalEnergies is the Operator and holds the Limited have announced significant gas con- Mohamed Azmin Ali, and the trade policies between the two companies looking to invest in remaining participating interest in the block. It densate discoveries in the Brulpadda and Luiperd accompanying delegation nations and the efforts exerted Qatar. is located directly south of the 11B/12B block prospects. `P14 Masraf Al Rayan, al Qatar Financial Centre signs MoU with ICAI khaliji announce Group THE PENINSULA — DOHA The agreement will pave the way for Qatar Financial Centre (QFC), a leading closer collaboration between QFC and onshore financial and business centre in the ICAI on mutually beneficial initiatives. CEO of merged bank region, has signed a Memorandum of Under- standing (MoU) with the Institute of Char- SACHIN KUMAR banker with over 25 years of tered Accountants of India (ICAI) to create THE PENINSULA experience. He started his more opportunities for accountants, promote Through this partnership, both career in 1994 with Qatar entrepreneurship, and facilitate the setup of organisations will extend support to Masraf Al Rayan QPSC (‘Al Central Bank (QCB) then he Indian firms in Qatar through collaborative Indian businesses looking to setup Rayan’) and Al Khalij moved to Qatar National Bank initiatives. in Qatar and explore the available Commercial Bank (al khaliji) (QNB) Treasury group, where The MoU was recently signed by Yousuf PQSC (Al Khaliji) yesterday he consistently moved up the Mohamed Al Jaida, Chief Executive Officer, opportunities through joint announced appointment of ranks to become the Group QFC, and CA Nihar N Jambusaria, President, roundtables, networking events, Fahad Al Khalifa as the ‘Group Treasurer and GM Group Cor- ICAI. The agreement will pave the way for and other exchange programmes. CEO’ of the merged bank. Last porate & Institution Banking, closer collaboration between QFC and ICAI month, the Qatar Financial before joining AK as GCEO in on mutually beneficial initiatives, including Markets Authority (QFMA) September 2014. Al Khalifa increasing opportunities for ICAI members approved the merger of Masraf holds a BSc in Finance from in the areas of assurance and auditing, Through this partnership, QFC and Al Rayan and Al Khalij Seattle University in the United advisory, taxation, financial services, and ICAI will work together to nurture Commercial Bank. The merger States of America. other allied areas. Through this partnership, and develop local Qatari of the two banks would create The merger will lead to the both organisations will extend support to one of the Middle East’s largest formation of a larger and Indian businesses looking to setup in Qatar professionals, entrepreneurs, and Shariah-compliant groups. stronger bank with a strong and explore the available opportunities students via specialised trainings. “Following the merger financial position and high through joint roundtables, networking events, announcement on January 7, liquidity with a variety of and other exchange programmes. India to use our platform and set up their ven- drawing synergies from the professional 2021, Masraf Al Rayan QPSC banking activities, customer Yousuf Mohamed Al Jaida, said: “The tures in Qatar to become part of Qatar’s robust expertise available at either end especially in and Al Khalij Commercial Bank portfolios, distinctive products, signing of the agreement with one of India’s market. Supported by Qatar’s dynamic areas of auditing, assurance, financial (al khaliji) PQSC (‘Al Khaliji’) and a stronger base for most respected institutions marks yet another business ecosystem and our strategic location, services, taxation, and alike. Signing of this have announced the financing development important step in our efforts to strengthen this agreement will further enhance the state MoU between ICAI and QFC has opened many appointment of Fahad Al initiatives. human capital and promote entrepreneurship of Qatar’s financial services sectors in years windows of opportunities for Indian Char- Khalifa as the ‘Group CEO’ of The merger is also in Qatar. Through this partnership, both QFC to come.” tered Accountants and would in turn be an the merged bank from the date expected to contribute posi- and ICAI will work toward enabling entre- CA Nihar N Jambusaria, said: “This is a impetus for the growth of economies at both the shareholders of both banks tively to the economic devel- preneurs, investors, and innovators from stride forward to work closely with each other ends.” `P14 Al Rayan and Al Khaliji approve opment in Qatar by sup- the merger and obtaining Qatar porting corporate businesses Central Bank final approval on and small and medium sized the merger, subject to all nec- entities, and will also create New vehicle registrations increase 150% in May essary approvals on the a strategic partner for the appointment,” said Masraf Al public sector. Additionally, THE PENINSULA — DOHA changes in this issue is the Value of sold properties The demographic statistics Rayan and Al Khalij Com- the merger will combine the increase in total cash issued at increased by 34.3 percent in revealed that the total popu- mercial Bank in a statement key strengths of the two The total number of registered a monthly rate of 1.5 percent May 2021 compared to April lation of Qatar has decreased posted on Qatar Stock banks in the areas of retail new vehicles during May this compared to April 2021, offset 2021; with annual increase of from 2.81 million during May Exchange website. and private banking services, year has reached 4695 new by an increase in total deposits 254 percent (Compared to May 2020 to 2.63 million at end of Following the merger, Al corporate and government vehicles showing an annual and credit facilities of com- 2020). May 2021. Khaliji’s business will be institutions, capital markets, increase of 150 percent
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