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
“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.