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QP Acquires 30% Stake in Exxonmobil Affiliates

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QP Acquires 30% Stake in Exxonmobil Affiliates BUSINESS | Page 1 SPORT | Page 1 Neymar back with a bang as More products in Brazil star market by year-end: Qatar Chamber chief sinks Croatia published in QATAR since 1978 MONDAY Vol. XXXIX No. 10839 June 4, 2018 Ramadan 19, 1439 AH GULF TIMES www. gulf-times.com 2 Riyals Amir sends message to Kuwaiti leader QP acquires 30% stake in ExxonMobil affi liates By Peter Alagos ExxonMobil to leverage our combined His Highness the Amir Sheikh Tamim bin Hamad al-Thani has sent a written message to the Amir of Kuwait Sheikh Sabah Business Reporter world-class capabilities to unlock the al-Ahmad al-Jaber al-Sabah, pertaining to the brotherly relations between the two countries and peoples, as well as the latest potential of these assets for the benefi t Stickers distributed developments on the regional and international arenas. HE the Deputy Prime Minister and Minister of Foreign Aff airs Sheikh of all stakeholders.” Mohamed bin Abdulrahman al-Thani handed over the message when the Amir of Kuwait met him in Kuwait City yesterday. atar Petroleum (QP) has signed Swiger said the agreement builds on today by Gulf Times an agreement with ExxonMobil ExxonMobil’s “longstanding and suc- Qto become a 30% equity holder cessful” partnership with QP, “and tickers carrying the image of in two ExxonMobil affi liates in Argen- underscores our commitment to de- His Highness the Amir Sheikh tina that hold diff erent interests in hy- velop Argentina’s resources to further STamim bin Hamad al-Thani are drocarbon licences for seven blocks in support domestic production of oil and being distributed by Gulf Times and the world-class Vaca Muerta play in natural gas.” Arrayah newspapers today. ‘Qatar is stronger than ever’ the onshore Neuquén basin. The Vaca Muerta shale in the Neu- QP president and CEO Saad Sher- quén province in western Argentina ida al-Kaabi and ExxonMobil Cor- is considered among the most pro- More than 50 migrants QNA and a fl agrant violation of international poration senior vice president and spective unconventional shale oil/gas Singapore norms. He added that Qatar was able to principal financial officer Andrew P plays outside North America. Activ- die in Mediterranean survive it, thanks to new alliances. Swiger signed agreements yesterday ity in the basin has picked up recently, More than 50 migrants drowned in the On terrorism, he said: “The cancer of in Doha. mainly due to governmental incentives Mediterranean yesterday, the majority atar has become stronger than terrorism will spread and destroy every The agreements will give QP a 30% and rising domestic energy demand. off the coasts of Tunisia and Turkey. ever, after a year of the siege healthy cell on its way,” adding that the shareholding in ExxonMobil Explora- A number of international operators Tunisian authorities said 48 bodies Qimposed by some neighbouring Middle East has suff ered from this ma- tion Argentina SRL and Mobil Argen- have established presence in the basin were recovered off the country’s countries, HE the Deputy Prime Min- lignant phenomenon for decades. tina SA, which hold rights with other and announced ambitious investment southern coast, close to the city of Sfax, ister and Minister of State for Defence He stressed the importance of work- partners for seven blocks under uncon- plans. while 68 people were rescued. Page 10 Aff airs Dr Khalid bin Mohamed al-At- ing to support and uphold the rule of ventional exploration licenses with ExxonMobil’s wholly-owned sub- tiyah has said. law and maintain the values of human active drilling plans, as well as exploi- sidiary, XTO Energy, which is among Speaking at the Shangri-La Security rights and freedom, noting that “these tation licences with pilot drilling and the world leaders in unconventional oil Blackout grounds fl ights Conference in Singapore, HE Dr al-At- fundamental values unite us against production. and gas operations, is providing opera- at Hamburg Airport tiyah said the siege was aimed at weak- HE Dr Khalid al-Attiyah speaking at our enemies”. Al-Kaabi said: “We are pleased to tional support to the two ExxonMobil A sudden power failure crippled Hamburg ening Qatar’s economy and status in a session of the Shangri-La Security With regard to the tensions between enter into an agreement with our long- affi liates concerned in Argentina, in- Airport yesterday, forcing the cancellation the world but it has failed, adding that Conference in Singapore. the United States and Iran, the minis- time partner ExxonMobil, and to par- cluding developing detailed appraisal of scores of flights and stranding the Qatari economy was booming and ter said the US is too wise to engage in ticipate in the further development of and development plans for these assets thousands of travellers. Operations ceased national products, including medicines came out of them stronger than ever.” military intervention in Iran, stressing the Vaca Muerta unconventional re- based on recently-drilled wells and pi- when the blackout hit the airport in the and food, had signifi cantly grown. “We The minister described the siege im- that it is much better to solve the prob- source in Argentina. lot production testing. northern German port city around 10am were able to weather the storm and we posed on Qatar as unjust, illegitimate lems at the negotiating table. “This is an important milestone as it In addition, the implementation of (0800 GMT). The airport later announced marks Qatar Petroleum’s fi rst invest- leading technologies will be a priority that all arrivals and departures would be ment in Argentina, as well as its fi rst for the partners in order to maximise scrubbed for the day. signifi cant international investment the value to all stakeholders, while pre- in unconventional oil and gas resourc- serving the highest safety standards RAMADAN THOUGHT es. We look forward to working with and reducing operating costs. Page 2 Invoke your Lord with humility and ‘Siege countries lost credibility’ in secret. He likes not the aggressors. And do not do mischief on the earth, QP eyes oil production growth in next 10 years after it has been set in order, and paper that Qatar carried out major eco- She said the council is currently Qatar Petroleum is planning to expand the road to expanding our international invoke Him with fear and hope. Surely, QNA Doha nomic reforms over the past two years working with several entities, such as its production capacity from its current footprint, which is an important part of Allah’s Mercy is (ever) near unto the that would encourage the US business the Ministry of Economy and Com- 4.8mn barrels per day equivalent of oil to Qatar Petroleum’s growth strategy.” good-doers. (Qur’an 7:55-56) community to enter the Qatari market. merce (MEC), Qatar Chamber (QC) and 6.5mbpd in the next eight to 10 years, said He added: “It goes hand-in-hand with the Prayer times he blockading countries have Ambassador Patterson stressed that the Qatari Businessmen Association president and CEO Saad Sherida al-Kaabi. planned expansion of our local production lost their credibility before the the council has played a role in the Gulf (QBA), to issue a business guide that Al-Kaabi, who made the announcement from the North Field, which will further Fajr....3.15 Zuhr....11.32 Asr....2.56 TAmerican business community, crisis in terms of conveying the truth would explain how to operate in Qatar, during a signing ceremony with Exxon- boost Qatar’s leading global position by Maghrib.....6.24 Isha.....7.54 US-Qatar Business Council (USQBC) about the claims of siege countries, investment laws, laws of companies Mobil in Doha yesterday, said the planned raising its LNG production from 77mn president ambassador Anne Patterson adding that these countries have lost and institutions providing services, growth in production capacity is part of to 100mn tonnes per year; and with the Fasting times has said. their credibility before the US business investment stimulation laws, Qatar QP’s long-term strategy. recently announced Petrochemicals Com- While reaffi rming that the Qatar-US community. She also noted that the Financial Centre laws, private and free Similarly, al-Kaabi said the agreement plex project, which includes the largest Iftar today ............................6.24pm ties were strategic, as refl ected in invest- USQBC does not play a political role zones, logistics zones and other laws signed between QP and ExxonMobil ethane cracker in the Middle East, and one Imsak tomorrow............... 3.05am ments and strong trade exchange, she but rather strengthens economic ties that US investors need to know about yesterday “is an important milestone on of the largest in the world.” said in an interview with Lusail news- that last for decades. to enter the Qatari market. To Page 2 Qatar could export vegetables in future: horticulture expert By Joseph Varghese ers, warehouses or such enclosed areas. According to Behrman, most types of Staff Reporter “We can recreate nature. If the plants vegetables can be grown using the tech- want rain, there will be rain, if there is no nology. “The normal space between the need of wind, there will be no wind and rows in a shipping container is about 18- atar could become an exporter of can even provide the best light for the 20 inches. You can grow anything with several agricultural products at plant. It is fully controlled through com- shallow roots. Lettuce, tomatoes, rad- Qsome point in the future, an ex- puters. Some crops grow 18-20 hours a ish, herbs, spices and leafy vegetables pert from the US told Gulf Times. day and the yield is dramatically higher,” are some of them,” he explained.
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