It has also announced the appointment of the Bahrain-based Islamic investment bank, Gulf Finance House B.S.C (GFH) as the lead financial advisor for the project.
The phase one development is positioned as the first-ever integrated energy hub in the Gulf and Mena region. The project aims at significantly enhancing the Gulf region's ability to capture critical revenue streams from hydrocarbons, and act as a nucleus for the core elements of the Middle East's oil and gas industry.
Esam Janahi, CEO and Board Member of GFH, said: "As a leading Islamic investment bank that has been associated with some of the most prestigious projects in the region, we are confident that GFH will be able to create a viable, innovative and strong financial blue-print for the Energy City — Qatar project.
He said: "The proposed clusters that will comprise the first phase development of the project will include an intellectual and technology centre; education and training centre; shipping and trading centre; oil and gas producers centre; service industry centre; infrastructure and downstream centre; and an Information, Press and Associations centre.
He said: "The global energy markets are passing through a phase of unprecedented change. The year 2004 was the second consecutive period of high growth in global energy markets — a trend that has well continued into the current year and the pace of growth is likely to sustain for at least the next couple of years."
"The year also saw the energy sector registering the strongest global primary energy consumption since 1984 against the backdrop of a buoyant world economy. The surge in consumption of all fuels has recorded growth rates above 10-year averages, in turn pushing prices of oil, natural gas and coal to record levels," he added.
Quoting energy consumption statistics, he said that last year, primary energy consumption increased by 4.3 per cent with the strongest growth recorded from Asia Pacific, up by 8.9 per cent and the weakest from North America at 1.6 per cent. Coal remained the fastest growing fuel, with a 6.3 per cent increase in global consumption, followed by hydroelectric and nuclear energy at 5 per cent and 4.4 per cent respectively.
"Given this phenomenal consumption growth in the energy sector, the AGCC has gained immensely as it accounts for 74.9 per cent of total proven oil reserves and approximately 41.1 per cent of world oil production. The region can further add value to these gains by tapping into above ground resources in the sector, an area so far not explored by OPEC and one that forms the key focus of Energy City — Qatar," Janahi said.
Qatar is a natural location for a project of such magnitude. It is making sizeable new investments in the oil and gas industry. In addition, it is home to the world's third largest natural gas reserves — 'North Field'; the largest-ever gas-to-liquids (GTL) complex and ethane cracker; and, of course, Qatar is the world's leading exporter of liquefied natural gas (LNG)," he added.
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