Middle East’s first energy trading platform to be in Qatar
Posted: 23 March 2006
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Qatar is to set up the International Mercantile Exchange (IMEX), the Middle East ’s first dedicated energy trading platform.
Gulf Energy has recently signed a Memoranda of Understanding with the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) to establish the IMEX.
 Under the agreement, QFCA will see the promotion of IMEX, and QFCRA will see the design and setup of the regulatory framework for the energy trading platform.
Hess Energy Company, the energy advisory affiliate of Amerada Hess and PFC Energy will be the principal consultants to advice on the creation and design of the operating mechanisms for IMEX.
PFC Energy and Hess Energy will conduct an in-depth study of existing energy and commodities exchanges, along with identifying regional commodities, their usage, existing pricing and trading patterns. Based on this study’s findings they will advise Gulf Energy on the creation and design of optimum operating mechanisms for IMEX.
Sheikh Mohammed bin Ahmed bin Jassem Al Thani, Minister of Eco nomy and Commerce in Qatar and the Chairman of Qatar Financial Centre Authority, said: “With Qatar being on track to be the leading exporter of LNG by 2010 and an important exporter of oil, the introduction of IMEX fits well in the country’s dedication to the energy sector and world-class finance.”
Phillip Thorpe, Chairman and CEO of the QFCRA said, “The QFC Regulatory Authority is a modern, fully integrated financial services regulator, operating to the highest international standards, and ideally placed to regulate the Middle East ’s first energy trading platform. We are pleased to be working with Gulf Energy towards making IMEX a world class exchange by providing a framework which meets the QFCRA’s standards and regulatory objectives.”
IMEX will be located in Energy City Qatar , Gulf Energy’s maiden project. IMEX will feature some of the most technologically advanced trading platforms in the world and be regulated by the QFCRA.
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. IMEX was conceived to bridge this gap by offering a transparent and technologically advanced energy trading platform under a well respected regulatory authority. IMEX is a natural fit into the region’s first energy business centre, Energy City Qatar . We are also exploring the possibility of collaborating with other similar exchanges in Asia and Europe to enhance the overall product service offering from IMEX.
“The official launch of Energy City Qatar takes place on the 21 st March 2006 under the patronage of His Highness The Emir Of The State Of Qatar Sheikh Hamad Bin Kh ali fa Al Thani. Energy City Qatar ’s value proposition for global players in the hydrocarbon value chain is firm and clear, and is in harmony with the State of Qatar in this time of strong growth, high levels of FDI, excellent science and educational facilities, major residential and luxurious lifestyle developments, and a strong, visionary drive to economic diversification”.
Posted by Editor Pipeline Magazine
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