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GULF TIMES New Rating, Accreditation Programme to Benefit Qatar Smes WORLD ENERGY | Page 3 LARGEST DEAL | Page 15 Nearing peak Microsoft to fossil fuels for buy LinkedIn electricity for $26.2bn Tuesday, June 14, 2016 Ramadan 9, 1437 AH MOTC REPORT: Page 16 GULF TIMES High ICT penetration in Qatar indicates BUSINESS growth potential QP seen keeping robust New rating, accreditation financial profile despite lower crude oil prices By Santhosh V Perumal For the Barzan gas project, a programme to benefi t Business Reporter $10.4bn financing (including equity) was secured in December 2011. LNG (liquefied natural gas) Qatar Petroleum (QP), whose projects were developed via breakeven prices on most of its the RasGas and Qatargas joint projects are considerably lower ventures, with a combined annual than in most other hydrocarbon production capacity of 77mn Qatar SMEs: QDB offi cial producing countries, is expected to tonnes. show “robust” financial profile as Additional projects aimed at By Peter Alagos its depth and quality of cash flows diversifying Qatar’s customer base Business Reporter enable financial flexibility even in from the North Field included the case of low sustained oil price Dolphin Energy; the Pearl GTL levels, according to Moody’s, a (gas-to-liquids) project; Al Khaleej atar Development Bank global credit rating agency. gas project, the second phase of (QDB) has launched a new Despite the negative impact of which was inaugurated in May Qprogramme that exempts the plunge in oil and gas prices 2010; a second condensate refinery small and medium-sized enterprises since the second half of 2014 on its at Ras Laffan as well as other (SMEs) from tender bond fees, and revenue and cash flow generation, large industrial ventures operated provides local companies access to QP continues to have a very solid under the 51%-owned Industries government projects and contracts. financial profile supported by a net Qatar and 74%-owned Mesaieed QDB’s new “SME Rating & Ac- cash position as of year-end 2014 Petrochemical Holding Company creditation Programme” (SRA), which and the delay in capex (capital that utilises ethane, ethylene and was launched yesterday, is “a holistic expenditure) and the reduction of natural gas as feedstock. analysis” that aims to help entrepre- operating expenses over the past Finding that QP has the most neurs and SMEs “capitalise on con- 18 months to increase operational central role in developing Qatar’s tracting opportunities and improve efficiencies, the rating agency said economy, which is largely planned business processes,” according to ex- in a report. around gas and liquid exports from ecutive director of advisory services “We expect QP to continue to show offshore North Field, Moody’s said Hamad Khamis al-Kubaisi. robust financial profile and we as the hydrocarbon behemoth The SRA, al-Kubaisi said, “reinforc- note that the depth and quality of channels investments into its large- es the performance” of SMEs through QP’s cash flows enable financial scale oil and gas development, evaluation and analysis “to give com- flexibility even in the case of low downstream projects and other panies an edge when availing an SME sustained oil price levels in line industrial ventures, its share of Tender Bond Exemption Service.” with our assumptions (Brent at overall gross domestic product is He explained that the exemption $33 for a barrel in 2016 and $38 in likely to remain “substantial”, going service off ers three benefi ts to SMEs: 2017),” it said. forward. Tender bid bond exemption, per- QP holds a cash call account QP’s fundamental creditworthiness formance bond exemption, and ad- Al-Kubaisi (right) and QDB business localisation support manager Badar Shaheen al-Kuwari addressing a press with the Ministry of Finance, is supported by the significant vance payment guarantee exemption. conference yesterday. PICTURE: Jayan Orma which enables it to both obtain scale associated to the company’s “As per new tender law, SMEs can from and provide liquidity to the oil and gas reserves (world’s third be waived-off from producing these knowledge-based economy to achieve ing to al-Kubaisi, include probabil- and market potential. The rating government, Moody’s noted. largest gas reserves at December three types of bonds and guarantee the Qatar National Vision 2030.” ity of higher tolerance advantage for process would include submission of Finding that capex is supported by 31, 2014); its low re-investment documents. To avail of this benefi t, The SRA, which will be valid for pricing bids, automatic pre-quali- data by the applicant followed by the QP’s “extremely” resilient financial risk thus constitutes an important it is mandatory for all SMEs to pass only one year, will be conducted by fi cation registration within buyer’s site visit and detailed interaction with profile; the rating agency said QP driver of QP’s ratings; and the low- through the rating and accreditation an independent third party certifi - vendor lists, signifi cant weight at- management. The cost of ratings will is nearing the completion of an cost nature of its operations and programme,” al-Kubaisi further said. cation issued by QDB, and is open to tached (20% to 25%) within the buy- be subsidised for active Qatari-man- ambitious expansion programme strong operating efficiency. Citing Law No 24 of 2015 (a law approximately 600 SMEs registered er’s bidding evaluation framework to aged businesses. to exploit the vast North Field while Although the ratings are regulating tenders and auctions), al- in the QDB database, al-Kubaisi said. the rating/accreditation score, and “We look forward to enhancing optimising crude production from constrained by commodity price Kubaisi said QDB “has taken the ini- “Through the rating process, SMEs reduce processing time of loan ap- local SMEs business capabilities to largely mature fields. risks inherent with the oil and tiative to localise the supply chain to will also be able to understand in- provals, among others. secure more contracts with local pro- The North Field programme gas industry and to which QP’s support local SMEs through the SRA ternal gaps and challenges related to “Using our ‘One-Stop Shop’ or curers. These services will assist in- completed with the commissioning revenues are highly exposed, and Tender Bond Exemption Service their business and institute required through the QDB website, SMEs ap- dustries to fi ll business and fi nancial of the Barzan gas project in 2016, Moody’s, however, said, “We believe to reduce Qatar’s ‘value leakage’ and improvements and interventions to plying for the SRA will undergo a gaps, and increase ability to compete after which a moratorium on that QP’s breakeven prices on most progress towards sustainable indus- enhance their business performance, comprehensive assessment on all with key market players in the long further development of new fields of its projects are considerably trial development approach, which which is supported by QDB through a aspects of the business, including fi - run. To avail these benefi ts SMEs can or new projects is in place (first lower than in most other oil and will enable SMEs to enhance their suite of programmes,” he said. nancial performance, quality of man- contact Business Localisation De- announced in 2005). gas producing countries.” capabilities and assist in building a Other benefi ts of the SRA, accord- agement, business model effi ciency, partment of QDB,” al-Kubaisi said. Opec points to oil demand exceeding its production for first time in 3 years Qatar hydrocarbon growth to Reuters “Nevertheless, London there is still a massive be ‘relatively elevated’ in 2016 global supply Opec forecast yesterday that the world oil overhang.” market will be more balanced in the second In Monday’s By Pratap John erate acceleration in economic half of 2016 as outages in Nigeria and Canada report, Opec Chief Business Reporter expansion from 2017, as global help to speed up the erosion of a supply glut. said its oil hydrocarbon prices edge up. In a monthly report, the Organisation of the Opec said its current output fell “We forecast Brent to average Petroleum Exporting Countries said its current output is lower than the 100,000 bpd atar’s hydrocarbon $46.5/b in 2016, $57/b in 2017 production is lower than the average forecast average forecast demand to 32.36mn growth will be “rela- and $68/b in 2018, compared to demand for its crude in the second half of 2016. for its crude in the bpd in May. Qtively elevated” in 2016 $55.17/b in 2015. The country’s The last full quarter when Opec pumped second half of 2016 That is compared to the next fi ve years, growth trajectory will follow a less than demand for its crude was in 2013, 500,000 bpd as phases one and two of the similar pattern, and we forecast according to past Opec reports. less than Opec’s forecast of the demand for its $10.3bn Barzan gas projects are real GDP growth of 4.4% in 2016 Oil has risen to $50 a barrel from a 12-year low crude in the third quarter, and 160,000 bpd being fi nalised, BMI Research has and 4.8% in 2017, compared to of $27 in January as the outages curb excess below the average of expected demand for said in a new report. an estimated 5.5% in 2015,” BMI supply. Opec crude in the second half. The Fitch Group company said. It believes that Qatar’s These, say Opec, are accelerating a tightening That points to a tighter market than in the first forecasts Qatar’s hydrocarbon massive infrastructure projects in the market it expected to happen anyway, as quarter of this year, when Opec said its output production growth to “remain in preparation for the FIFA 2022 lower prices finally take their toll on higher-cost exceeded the demand for its crude by 2.59mn fl at” over the coming years.
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