The 8th edition of the Doha International Oil and Gas Exhibition (DIOGE), an event that showcases the latest technologies and developments in the oil and gas industry was inaugurated in Doha yesterday by HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada.

The event, which is scheduled until October 10 at the Doha Exhibition Centre, has the participation of more than 90 exhibitors from some 20 countries, representing diverse sectors of the oil and gas industry.

Qatar Petroleum has a strong presence as the host and platinum sponsor of this year’s edition in line with its prominent role in Qatar’s vibrant oil and gas industry. The QP stand highlights its comprehensive activities which cover the full range of upstream and downstream operations.

ExxonMobil, a diamond sponsor, represented by Saleh al-Mana, said: “The Doha International Oil & Gas Exhibition is an important platform for the energy sector, providing an opportunity to showcase Qatar’s energy industry to a broad audience, represented by industry professionals from various parts of the world, all of whom have travelled to Qatar to compare products, and discuss advancements, trends and other topics of great significance to our industry. ”

RasGas chief executive officer, Hamad Rashid al-Mohannadi said: “DIOGE offers the energy sector’s professionals the opportunity to keep abreast of the developments of one of the country’s fastest growing industries. RasGas has supported DIOGE since its early days and is pleased to be a diamond sponsor for the 8th edition.”

Stephen A Kelly, president and general manager, Occidental Petroleum of Qatar, which is the Lanyard and Gold Sponsor of DIOGE, said: “Oxy Qatar has been an active investor in the Mena (Middle East and North Africa) region for more than four decades. As a sponsor of this exhibition, we are pleased to support Qatar’s role as a centre of excellence for oil and gas technology. We trust the event will prove to be a valuable collaborative opportunity for both visitors and exhibitors.”

Qatar Shell said it is proud to be a gold sponsor of the event. “We are looking forward to the event, which will showcase our latest technologies and innovations,” Qatar Shell said.

Over the course of the four-day exhibition, DIOGE will have a daily interactive workshop that is open to all school and university students facilitated by sponsors, while experts in oil and gas technologies will provide a comprehensive educational programme on the latest products, technologies and issues that face today’s oil and gas industry.

The event is open from 11am to 6pm every day until October 10.

Among the other sponsors and partners of the 8th DIOGE are Environment Energy Holding (EEH), Renaissance Hotel, Oil Review Middle East, DMS Global, The Oil and Gas Year, World Oils, Gasworld, Oil and Gas Directory, Upstream, Oil and Gas Jobsearch, Qatar Magazine, Gulf oil Gas.com, Media Network, Creative design, The Edge, Al Muftah Rent-A-Car and Airlink Qatar.

 

Nakilat’s 9-month profit edges lower to QR552.49mn

Nakilat (Qatar Gas Transport Company) has reported a 2% fall in its net profit to QR552.49mn in the first nine months of this year despite gain in the operating profit.

Total income grew marginally to QR2.56mn; while total expenses were flat at QR1.99bn, translating into a 2% rise in operating profit to QR553.15mn, according to its financial statement filed with the Qatar Exchange.

There was a loss of QR19.32mn on derivative instruments from a joint venture; which lowered the net profitability.

The loss on derivatives was due to a technical disqualification (for accounting purposes) of the applicable derivatives (carried in the books of its certain overseas joint ventures) as hedging instruments in accordance with international accounting standard, Nakilat said.

“This accounting treatment is only a non-cash accounting entry and does not affect the economics of the derivative transactions nor the cash flows or liquidity of the company,” the company said.

On the income front, revenues from its wholly-owned vessels were flat at QR2.25bn, share of profits from joint ventures rose 14% to QR228.97mn and income from marine and agency services by 22% to QR33.12mn.

However, interest income on loans to joint ventures shrank 17% to QR15.09mn; dividend and profit from Islamic banks by 26% to QR15.37mn and vessels sub-chartering and other income by 58% to QR17.87mn.

Operating expenses rose 7% to QR482.25mn and general and administrative costs by 54% to QR74.09mn; while finance charges were down 6% to QR984.14mn.

Highlighting that Nakilat and its joint ventures are exposed to high interest rate risk on borrowed funds, the spokesman, however, said the risk is managed by interest rate swap contracts, which will protect the company from increases in interest rates in the future.

Total assets were valued at QR31.20bn, comprising current assets of QR2.92bn and non-current assets of QR28.28bn.

Total equity (after hedging reserves and before non-controlling interests) stood at QR3.49bn on a capital base was QR5.54bn and earnings-per-share was QR1 at the end of September 30.