Home / Energy exchange launched in Qatar

Energy exchange launched in Qatar

The International Mercantile Exchange becomes the region’s first energy trading platform

A global consortium of energy experts has agreed a deal to launch the Middle East’s first dedicated energy trading platform in Qatar.

Gulf Energy signed a Memorandum of Understanding (MOU) with the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) to establish the International Mercantile Exchange (IMEX).

Regulated by the QFCRA, the exchange will offer a transparent and technologically advanced trading platform as part of Energy City Qatar, the region’s first energy business centre.

Esam Janahi, chairman of Gulf Energy, said: “Although the Middle East accounts for over 60% of the world’s proven oil reserves and over 40% of the world’s natural gas reserves, the region does not yet have a single energy
trading platform.

“We are exploring the possibility of collaborating with other similar exchanges in Asia and Europe to enhance the overall product service offering from IMEX.”

HE Sheikh Mohammed bin Ahmed bin Jassem Al Thani, minister of economy and commerce in Qatar and chairman of the Qatar Financial Centre (QFC) said: “With Qatar being on track to be the leading exporter of liquified natural gas by 2010, and an important exporter of oil, the introduction of IMEX fits in well in the country’s dedication to the energy sector and world-class finance.”

Gulf Energy, which works to generate high value-added business ideas to assist energy stakeholders internationally, will be consulted by Hess Energy Company (HECO) and PFC Energy, in designing and creating IMEX’s operating mechanisms.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018