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Gulf International Services Initial Public Offering Now Open

Doha, Qatar - Qatar Petroleum today announced the opening of the Initial Public Offering of Gulf International Services Q.S.C (GIS) . The offer share price has been set at QR21 per offer share, with offering costs of QR0.6, and applications are invited from all Qatari citizens. GIS is a newly established holding company comprising Al Koot Insurance and Reinsurance Company S.A.Q (Al Koot), Gulf Drilling International Limited Q.S.C (GDI) and Gulf Helicopter Company Q.S.C (GHC).

Qatari individuals will be able to apply for shares from February 28 to March 12 2008 at all branches of Qatar National Bank (QNB) , the IPO's Lead Receiving Bank, and at the following receiving banks: Al Ahli Bank (Salwa, Merqab, Old Airport, Mansoura - Markhiya, Wakra - Al Khor, Al Rayan branches), Arab Bank (Doha, Al Sadd, C-Ring Road branches), Commercial Bank of Qatar (all branches), Doha Bank (City Centre branch), HSBC (all branches), International Bank of Qatar (Main, Markiya branches), Qatar Islamic Bank (all branches), International Islamic (Main, Kahraba, Gharafa, Wakrah, Salwa, Al Hilal, West Bay branches) and Rayan Bank (all branches).

HE Abdullah Bin Hamad Al Attiyah, Deputy Prime Minister, Minister of Energy & Industry and Chairman of GIS , commented: "We anticipate a high degree of interest in this IPO, which continues our initiatives to implement the wise directives of His Highness the Emir Sheikh Hamad Bin Khalifa Al-Thani in support of the privatization program within the energy and industry sector."

Qatar Petroleum will continue to hold approximately 30% of the available share capital of the company, with approximately 4.2% being made available to Selected Institutions and approximately 65.8% being made available to the Qatari individuals. Individual investors will be able to apply for a minimum allocation of 250 shares, with multiples of 50 shares thereafter, and for a maximum of shares of 10,000 per individual. Payment at receiving banks will be via electronic transfer only. No cheques will be accepted for this IPO from the receiving banks. Cheques will be accepted from non-receiving banks only.

Qatar National Bank has been appointed as Lead Receiving Bank. The Financial Advisor and Lead Manager for the IPO is HSBC Bank Middle East Limited, with Norton Rose and the Law Offices of Manaa Nasser Saleh acting as legal counsel.

Further information about the IPO can be found at: http://www.qp.com.qa/gis-ipo

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Gulf International Services QSC
GIS is a holding company created to maximize the potential revenue opportunity from the provision of services to the national and international oil and gas industry. Thanks to its close links to Qatar Petroleum and the QP Group, GIS is well-situated to become a leading force in this industry. Qatar Petroleum will continue to hold approximately 30% of the GIS share capital.

Currently three portfolio companies are held under GIS - Al Koot, which provides a range of insurance and reinsurance services to Qatar Petroleum and the QP Group across operations, onshore/offshore and marine sectors; GDI which provides drilling related services to the QP Group and international co-ventures and GHC; the sole provider of helicopter transportation services in Qatar.

Qatar Petroleum
Qatar Petroleum (QP), formerly Qatar General Petroleum Corporation, is a state-owned corporation established by Emiri Decree in 1974, with responsibility for all phases of the oil and gas industry in Qatar, covering exploration, drilling and production operations, transport, storage, and sale of crude oil, natural gas liquids, liquefied natural gas, gas-to-liquids, refined products, petrochemicals and fertilizers, and providing helicopter and other services.

Qatar National Bank
QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50%) and private investors through the Doha Stock Exchange (50%). QNB is the leading financial institution in the country with a market share of about 45% of banking sector assets.

QNB's regional and international expansion strategy has greatly contributed in the Bank's steady climb, thus making it one of the largest banks in the region. QNB's international presence is rapidly expanding to include new locations in Oman, Kuwait and Yemen, supplementing existing branches in London and Paris and Representative Offices in Libya, Singapore and Iran.

QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities.

For further information, please contact:
Sara Gourlay/Hanan Al-Lakkis
Hill & Knowlton Qatar
Tel: +974 418 1292/+974 553 6564
Email:hanan.al-lakkis@hillandknowlton.com

© Press Release 2008