Dubai Group, the leading diversified financial services company of Dubai Holding, today announced that it has acquired a 40% stake in India’s Chiranjjeevi Wind Energy Limited (CWEL), a wind turbine manufacturer in India. The investment, which was made by Dubai Ventures, the equity investment company of Dubai Investment Group, a subsidiary of Dubai Group. Dubai Investment Group, which aims to build a diversified portfolio of assets in renewable energy, has made focused investments, through its subsidiary Dubai Ventures, over the past two years in the renewable energy sector across Asia, with exposure in direct renewable energy sources and upstream producers of raw material used in renewable energy. Abdulhakeem Kamkar, Chief Executive Officer of Dubai Investment Group, said: ‘We are pleased to partner with India’s CWEL as part of our continuous commitment to finding solutions towards a better future. The world we live in is greatly impacted by global warming and we believe endorsing a project on renewable energy alternatives is the step in the right direction for mitigating environmental degradation.’
Beijing, 13 April 2008: Qatargas, Shell and PetroChina signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from The State of Qatar to the rapidly growing Chinese market.
The agreements were signed in Beijing by His Excellency Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar, Jiang Jiemin, President of China National Petroleum Corporation and Chairman of PetroChina Company Ltd and Linda Cook, Executive Director of Royal Dutch Shell plc.
The LNG will be provided from the Qatargas 4 project in Qatar and shipped to PetroChina’s LNG receiving terminals upon the start-up of commercial operations of these facilities. The agreements are for 3 million tonnes per annum of LNG for 25 years.
Qatar, already the world’s largest LNG exporter, is set to expand production to 77 million tonnes per annum by 2010. Chinese companies have previously signed long-term LNG supply agreements with projects in Australia, Indonesia and Malaysia.
HE Minister Al-Attiyah said today: “I see China as an important customer for Qatar in the future. I am proud that under the wise guidance of His Highness The Emir, Qatar will be able to supply cleaner energy to contribute to the Chinese success story and China will be able to contribute to Qatari success as a customer for our natural resources.”
Jiang Jiemin said: “These agreements with Qatar, a world-leading LNG producer, add diversity to China’s energy supply. The cleaner energy from LNG will contribute to fuelling China’s fast and sustainable economic development. We look forward to a long and mutually-beneficial partnership with the Qataris.”
Linda Cook said: “These agreements underline the partnerships that Shell is building with both suppliers and consumers to help meet the global energy challenge. Qatar is the giant of the LNG sector and China is emerging as a very significant gas market. Linking supply and demand through long-term agreements should be of tremendous benefit to both sides.”
The Qatargas 4 LNG project, currently under construction in Qatar, is a partnership between Qatar Petroleum (70%) and Shell (30%). Shell has the largest global position in LNG amongst the major international energy companies.
