QATAR US Report on the
Middle EastICCS wins a $15 million contract to provide, install furniture, furnishings, and equipment at al Udeid Air Base, Qatar Monday, 2 October 2006
International Consulting and Contracting Services Ltd. (ICCS), Lansing, Michigan, was awarded on 28 September 2006, a $14,511,659 firm-fixed-price contract to provide and install furniture, furnishings, and equipment for various buildings and facilities. Work will be performed at Al Udeid Air Base, Qatar, and is expected to be completed by 30 December 2007.
The U.S. Army Corps of Engineers, Winchester, Virginia, is the contracting activity.Ex-Im Bank approves a $403 million loan guarantee for Qatargas 3 natural gas liquefaction plant
Thursday, 15 December 2005
The Export-Import Bank of the United States (Ex-Im Bank) has approved today a loan guarantee of up to $403.5 million to support the export of U.S. equipment and services to Qatar Liquefied Gas Company 3 Ltd. (Qatargas 3) to build a natural gas liquefaction plant and related facilities in Qatar.
Qatargas 3 is owned by project sponsors Qatar Petroleum, the state oil and gas company of Qatar, and ConocoPhillips Company. U.S. exporters participating in the project include Air Products and Chemicals, Allentown, Pennsylvania; General Electric Co. Inc., Fairfield, Connecticut; and ConocoPhillips Company, Houston, Tex.
The Qatargas 3 project involves the production of natural gas offshore from Qatar's North Field and transport of the gas by sub-sea pipeline onshore to Ras Laffan Industrial City in Qatar, where it will be processed into 7.8 million metric tons per year of LNG for export to the United States.
BNP Paribas, Paris, is the guaranteed lender. Ex-Im Bank support covers a portion of the project with a total cost of approximately $5 billion.Qatar Petroleum, ExxonMobil Ras Laffan announce the launch of $14 billion Ras Laffan Liquefied Natural Gas Company Limited
Tuesday, 15 November 2005
Qatar Petroleum and ExxonMobil Ras Laffan (III) Limited, have announced the launch of $14 billion Ras Laffan Liquefied Natural Gas Company Limited (RL3), in a joint statement issued at the conclusion of an inauguration ceremony held today in Doha, Qatar.
RL3 is a further expansion of the existing LNG production facilities operated by RasGas Company Limited (Qatar Petroleum 70 percent, ExxonMobil 30 percent) at Ras Laffan Industrial city in North Eastern Qatar. This project is planned to bring the total number of trains operated by RasGas to seven (Trains 1 and 2 in RL, 3 through 5 in RL II and 6 and 7 in RL3) and is expected to increase RasGas LNG production capacity by more than 70 percent.
Full-chain investment in RL 3 includes the design, construction and operation of two 7.8 million-ton-per-year (MTA) LNG Trains 6 and 7, and all other facilities associated with the development, production, transportation, processing, treatment, liquefaction, regasification, storage, delivery and sales of approximately 15.6 million tons a year (MTA) of LNG along with associated by-products such as liquefied petroleum gas, condensates, helium and sulfur.
The new LNG project, one of the largest ever announced, will be developed in two consecutive phases with Train 6 scheduled to begin production in the second half of 2008, and Train 7 anticipated to come on stream approximately one year later. Twenty-eight wells are planned to be drilled to supply the two trains with natural gas, sourced from Qatar's giant North Field, which is estimated to contain natural gas resources in excess of 900 trillion cubic feet. LNG from the project will be delivered to targeted markets, principally the United States.
Today's ceremony was attended by Qatar's Second Deputy Premier Minister of Energy and Industry Abdullah Bin Hamad al Attiyah; Minister of Finance Yousef Hussein Kamal; Chairman of RasGas Board of Directors, U.S. Secretary of Energy Samuel Wright Bodman, and President of Exxon Mobil Corporation Rex Tillerson.Moody's upgrades the foreign currency deposit ratings to A1/Prime for Qatar National Bank, Commercial Bank of Qatar
Tuesday, 11 October 2005
Moody's rating agency has upgraded the foreign currency deposit ratings to A1/Prime-1 from A3/Prime-2 for Qatar National Bank (QNB) and Commercial Bank of Qatar (CBQ). At the same time, Moody's confirms the foreign currency deposit ratings for Doha Bank at A3/Prime-2. The outlook for the ratings of all three banks is stable. Moody's had upgraded Qatar's foreign currency country ceiling for bonds and bank deposits to A1/P-1 from A3/P-2.
The long-term foreign currency deposit ratings for all three Qatari banks incorporate the strong likelihood of support from the Qatari authorities, should the need arise. The deposit ratings for the two higher-rated banks, QNB and CBQ (C-FSR), are set at the country ceiling for Qatar. In the case of Doha Bank, while the rating agency believes that support from the authorities in the event of need is highly likely, the bank's deposit ratings are placed below the A1/P-1 country ceiling for foreign currency deposits to reflect its private sector ownership, as well as its D Financial Strength Rating. Nonetheless, its A3/P-2 ratings are still notched significantly higher than would have been the case on a stand-alone basis.
The investors service also affirms CBQ's C-FSR rating and its stable outlook following the acquisition of a 34.85% stake in National Bank of Oman (NBO). According to Moody's, NBO's asset quality problems and the size and complexity of the transaction are unlikely to negatively affect Commercial Bank of Qatar's franchise or ratings, as the acquisition makes good strategic sense, while the expected success of an upcoming rights issue will increase CBQ's shareholders' funds by around 70% -- or almost two times the consideration paid to acquire the stake in NBO.Ex-Im Bank guarantees a $30 million loan to construct a 120-villa compound for expatriates working for western oil, gas companies in Doha
Friday, 5 August 2005
Impex Associates, Inc., Coral Gables, Florida, and U.S. suppliers from Piscataway, New Jersey, to Vancouver, Washington, will export equipment and services to build a housing community in Doha, Qatar, backed by a $30 million long-term loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank). The financing agreement was signed today at Ex-Im Bank headquarters in Washington, D.C.
The Ex-Im Bank-guaranteed loan by M&T Bank, headquartered in Buffalo, New York, will support construction of a 120-villa compound for the expatriate community working for various western oil and gas development companies with operations in Doha.Cubic assists Qatar in assessing its crisis management plan before hosting the Asian Games in 2006
Tuesday, 14 June 2005
Cubic Corporation has supported Eagle Resolve 05, a U.S. Central Command/Government of Qatar exercise sponsored by U.S. Defense Threat Reduction Agency (DTRA) and held during May 1-9 in Doha, Qatar.
Eagle Resolve assisted the Government of Qatar in assessing its crisis management plan before hosting the Asian Games in 2006. During the exercise, Qatari military and civil ministries responded to a simulated explosives attack on a sports arena. The response included requesting assistance from U.S. forces. Participating in Eagle Resolve were the 26th Marine Expeditionary Unit and more than 600 civilians from the host nation, the Gulf Cooperation Council and U.S. government.
Cubic Corporation defense segment has recently assisted DTRA in planning and executing two major simultaneous multinational exercises involving Weapons of Mass Destruction (WMD) scenarios in Qatar and Germany. Cubic conducted the two exercises under its contract to support DTRA’s Chemical, Biological, Radiological, Nuclear and Explosives (CBRNE) exercise program. Cubic’s Threat Technologies Division, based in Kingstowne, Virginia, helped DTRA plan and execute the live and computer-based simulation training exercises.
Cubic is in the first year of a five-year, $43 million contract for the CBRNE exercise program, with options to renew for up to another five years. The program’s purpose is to improve U.S. response capabilities and evaluate national, federal, state and local policies for responding to incidents involving WMD. The exercises also help senior military leaders in charge of the geographic combatant commands to assess the effectiveness of plans, policies and procedures for their region.Moody's upgrades Qatar's ceilings for long-term foreign currency bonds, bank deposits to A1 from A3
Wednesday, 18 May 2005
Moody's rating agency has upgraded today the country ceilings for long-term foreign currency bonds and bank deposits of Qatar to A1 from A3. Moody's also raised the short-term foreign currency country ceilings to Prime-1 from Prime-2. The government's long-term foreign currency bond rating and long-term local currency issuer rating were also raised to A1 from A3. Qatar's local currency guideline remains at Aa2. The outlook on Qatar's ratings remains stable.
The investors service says today's rating action acknowledges Qatar's continuing rapid economic expansion, improving debt ratios and ongoing political reform. Qatar's real GDP growth is estimated to have averaged 10% per annum during the past ten years, driven primarily by rapid growth in the country's gas exports. This has transformed Qatar into one of the most prosperous countries in the world, with an average GDP per capita approaching $40,000 in 2004.
The fast pace of economic growth is set to continue over the medium term, with gas exports planned to quadruple during the next 6 to 8 years. Moody's also observes that, as the fiscal and external current accounts have strengthened owing to rising hydrocarbon export volumes and prices, Qatar's gross public and external debt ratios have continued to improve. It is estimated that the government's combined stock of direct and guaranteed debt eased to around 38% of GDP at the end of 2004 from a peak of 93% of GDP at the end of 1999. Meanwhile, the country's external debt burden, the bulk of which is associated with hydrocarbon export projects, is estimated to have declined to around 50% of GDP at the end of 2004, from 130% of GDP at the end of 1998.Moody's upgrades to C Commercial Bank of Qatar's financial strength rating stable outlook
Tuesday, 7 December 2004
Moody's has upgraded to C Commercial Bank of Qatar's financial strength rating (FRS) stable outlook.
On 22 August 2002, Moody's upgraded the long-term foreign currency deposit ratings to A3 from Baa2 for three Qatari banks including Commercial Bank of Qatar.Ex-Im Bank approves a $930 million loan guarantee to build a liquefied natural gas project in Qatar
Thursday, 18 November 2004
The Export-Import Bank of the United States (Ex-Im Bank) has approved today a loan guarantee of up to $930 million to support the export of U.S. goods and services to Qatar Liquefied Gas Co. Ltd. II (Qatargas II) to build a liquefied natural gas (LNG) project and related offshore and onshore facilities in Qatar.
U.S. exporters participating in the sale include Air Products & Chemicals, Allentown, Pennsylvania; and ExxonMobil Development, KBR, and J. Ray McDermott, all in Houston, Tex.
The transaction is structured as a limited recourse project financing, a type of private financing where repayment is based on project revenues. Barclays Bank, Plc, New York, N.Y., is the guaranteed lender. Qatargas II is a special purpose company owned 70% by Qatar Petroleum, the state oil and gas company of Qatar, and 30% by Exxon Mobil Corp.
Ex-Im Bank support covers a portion of the 15.6 million metric tons-per-annum LNG project, which overall is expected to cost over $7 billion. The project involves production of natural gas offshore from Qatar's North Field, two gas liquefaction units, offtake infrastructure at the Ras Laffan Industrial City, LNG ships, and an LNG regasification terminal at Milford Haven in the UK.Bechtel wins a $2,5 billion contract to develop New Doha International Airport
Saturday, 24 January 2004
Bechtel Ltd. has been awarded a $2.5 billion contract to develop the New Doha International Airport (NDIA) by the Government of Qatar. Bechtel’s contract will include the design, construction management, and project management of the new facilities covering a site of approximately 2,200 hectares.
The new green-field airport will be situated four kilometers east of the existing airport. It will comprise two runways partially constructed on reclaimed land, a 24-gate passenger terminal complex capable of handling 12 million passengers a year, a new Amiri Terminal with additional hardstands, a cargo terminal building, aircraft hangars, and associated airline and airport ancillary features, including 25,000 square meters devoted to retail space.
Scheduled for full completion in 2015, construction of the new state-of-the-art airport will be in three phases. Phase one, due to commence next year, will cost more than $2 billion and will include reclaiming nearly half of the site from the sea with 50 million cubic meters of fill, a 140,000-square-meter, three-storey terminal with 24 contact gates, and three road interchanges to access the new airport.
The final phase of development will bring the final total of contact gates to 80 and extend the terminal building to 416,00 square meters and capable of handling 50 million passengers per year.
NDIA will be the world’s first airport to be designed and built specifically for the Airbus A380-800--the world’s largest passenger aircraft. On completion of phase one during 2008, the airport will be able to accommodate two A380-800s at any one time and six by the time the airport is fully developed.Qatar Petroleum, ConocoPhillips sign a Statement of Intent to construct a gas-to-liquids plant in Ras Laffan
Monday, 8 December 2003
Qatar Petroleum and ConocoPhillips have signed today a Statement of Intent (SOI) to construct a gas-to-liquids (GTL) plant in Ras Laffan, Qatar.
The agreement was signed by Second Deputy Prime Minister and Minister of Energy and Industry of Qatar Abdulla Ben Hamad al-Attiya and by ConocoPhillips President and Chief Executive Officer Jim Mulva.
The SOI initiates detailed technical and commercial pre-FEED (front-end engineering and design) studies and establishes principles for negotiating a Heads of Agreement for an integrated reservoir-to-market GTL project.
Minister al-Attiyah, said, "I welcome ConocoPhillips' participation in this project and its support for establishing Ras Laffan as the GTL capital of the world."Moody's changes to positive from stable the outlook for the D+ financial strength rating assigned to Qatar National Bank
Monday, 8 December 2003
Moody's rating agency has changed to positive from stable the outlook for the D+ financial strength rating (FSR) assigned to Qatar National Bank (QNB). The outlook for the bank's A3/Prime-2 foreign currency deposit ratings remains unchanged, at stable.
According to Moody's, this rating action recognises the bank's good financial fundamentals and the improving operating conditions in Qatar. A strong interrelationship with the State of Qatar -- including a 50% ownership -- endows the bank with the lion's share of state-related business, turning QNB into the largest financial institution in Qatar with a market share of about 50% of total banking assets.
Headquartered in Doha, Qatar, with consolidated assets of $8.5 billion in December 2002, Qatar National Bank enjoys a satisfactory earning power, reflecting a very low cost base, says Moody's. In terms of interest margins, QNB compares unfavorably with its peers that tend to report wider interest spreads. The bank's FSR is also supported by its ample capital and its good asset quality, with a low level of problematic loans.ExxonMobil, Qatar Petroleum Sign Heads of Agreement for LNG Supply to the U.S. for 25 years
Thursday, 16 October 2003
Exxon Mobil Corporation and Qatar Petroleum have announced today they have signed a Heads of Agreement (HOA) to supply Liquefied Natural Gas (LNG) from Qatar to the United States for an expected period of 25 years. The announcement was made by Qatari Second Deputy Prime Minister and Minister of Energy and Industry Abdullah bin Hamad al-Attiyah, and by Exxon Mobil Corporation Director and Executive Vice President Harry Longwell, at a signing ceremony this morning in Doha.
The HOA covers the development of two large LNG trains with combined capacity of 15.6 million tons per annum (mta) of LNG, or about 2 billion cubic feet per day, by Ras Laffan Liquefied Natural Gas Company Limited II (RasGas II). The feed gas for these trains will be sourced from Qatar's giant North Field, that has proven natural gas reserves in excess of 900 trillion cubic feet (tcf). More than 26 tcf of the reserve will be dedicated to this project. Downstream of the plants the parties will be working to acquire necessary transportation capacity and developing regasification capacity in the United States. Total estimated investment including ships is about $12 billion.
The project is the largest LNG import project that has been announced for supplying natural gas to the United States. Delivery of LNG to the United States is projected to begin in 2008/2009, and will likely extend for more than 25 years. Several locations are currently under evaluation for developing a receiving terminal, and the permitting process is expected to be initiated in the fourth quarter of 2003.
The LNG trains will be built at Ras Laffan Industrial City in Qatar by RasGas II, a joint venture between Qatar Petroleum and ExxonMobil, that has been operating since 2001. Two existing trains currently produce more than 6 mta of LNG, and two additional trains of 4.8 mta each are under construction. Qatar Petroleum will have a 70 percent equity interest in the project, and ExxonMobil 30 percent.Morganti/AICI wins a $70 million contract for design, construction of the Millennium Village facilities at the al Udeid Air Base, Qatar
Wednesday, 1 October 2003
Morganti/AICI (Joint Venture), Danbury, Connecticut, was awarded on 29 September 2003, a $70,281,138 firm-fixed-price contract for design and construction of the Millennium Village facilities.
Work will be performed at the al Udeid Air Base, Qatar, and is expected to be completed by Sept. 15, 2005. The U.S. Army Corps of Engineers, Winchester, Virginia, is the contracting activity.
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