As shale gas production continues to grow in North America, Qatar and the GCC are looking to strengthen their relationships with the East.
Doha Bank hosted a knowledge sharing session on “Opportunities in Qatar and the GCC” at Pudong Shangri- La on 19th July 2013. Mr. Hassan M. AL-Khater, Deputy Head of Mission, Embassy of the State of Qatar-Beijing was present in the event. Bankers, economists and key industry staff also participated in the event.
Dr. R. Seetharaman gave insights on major bilateral developments between GCC and China. He said “Aramco and Sinopec Group signed the deal to develop the 400,000-bpd refinery, known as Yasref, in January 2013.”
“China is one of the major importers of Crude oil export from Oman. In March 2010 Bank Muscat and Bank of China signed a deal to set up a China Desk at Bank Muscat. In Feb 2011, Bank Muscat signed a Yuan settlement agreement with Bank of China. GCC- China bilateral trade and development is witnessing an upward trend,” he added.
Dr. R. Seetharaman also highlighted the bilateral developments between Qatar and China. He said “Qatar China bilateral has touched $8.45bn in 2012. In Jan 2012 China National Petroleum Corp (CNPC) and its partners Qatar Petroleum and Royal Dutch Shell agreed to push ahead with plans for a $12.6 billion refinery and petrochemical complex in east China.”
In May 2012 Petro china, Asia’s largest oil and gas producer, signed an agreement to acquire 40 percent of exploration and production rights for Qatar’s Block 4 from GDF Suez Qatar.
