Doha: The Ministry of Commerce and Industry (MoCI) and QatarEnergy have formalized an agreement to collaborate on establishing a governance mechanism dedicated to the allocation of hydrocarbon-derived resources for industrial investment opportunities. This initiative also includes the development of a new medium industries area in Mesaieed Industrial City (MIC).
According to Qatar News Agency, the Terms of Reference signed between MoCI and QatarEnergy involve the evaluation and allocation of hydrocarbon resources, such as natural gas and power, to downstream industrial investment opportunities. The agreement aims to ensure optimal resource utilization and to enhance the industrial sector's value addition by creating a joint governance framework for resource allocation to qualified industrial investments.
The signing ceremony, held at QatarEnergy's headquarters, was attended by HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani, and HE Minister of State for Energy Affairs and the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi. The agreement was signed by Saleh Majid Al Khulaifi, Assistant Undersecretary for Industrial Affairs and Business Development at MoCI, and Ahmad Saeed Al Amoodi, Executive Vice President for Surface Development and Sustainability at QatarEnergy.
HE Minister Sheikh Faisal highlighted the strategic significance of the agreement, stating that it represents a critical move towards increasing the competitiveness of Qatar's industrial sector. The joint governance framework is designed to optimize national resource use and channel them into value-added industrial investments, thus attracting significant investments and supporting sustainable growth. The Ministry will spearhead efforts to engage investors and coordinate the industrial ecosystem, while QatarEnergy will lend its expertise in resource allocation and utilization.
HE Eng. Saad bin Sherida Al Kaabi expressed his satisfaction with the agreement, emphasizing its role in supporting MoCI's plan to expand Mesaieed Industrial City to accommodate more medium-sized industries. QatarEnergy has committed to supplying the expansion with natural gas, matching the quantities allocated for small and medium enterprises in Doha's Industrial Area.
As part of the agreement, a joint working team will be established to manage the allocation of hydrocarbon resources for qualifying industrial investments. This team will collaborate with various stakeholders, including the Ministry of Finance, Qatar General Electricity and Water Corporation (KAHRAMAA), Invest Qatar, Qatar Free Zones Authority, the Ministry of Environment and Climate Change, and Qatar Development Bank, among others.
MoCI will take the lead in investor engagement, opportunity sourcing, and ecosystem coordination, while QatarEnergy provides the necessary technical and commercial expertise for resource allocation and utilization.