DOHA: Opec and non-Opec oil producers have plenty of available oil, Qatar's Minister of Energy and Industry H E Mohammed bin Saleh Al Sada said yesterday, adding there was no justification for nervousness in the market.
Concern about supply disruption from Opec-member Libya, where revolt against its long-serving president has virtually halted exports, last week drove oil to a 2-1/2 year-high of nearly $120 a barrel .
"We think there is no shortage of supply. Others (inside Opec) and others outside of Opec can make up for the loss in Libya," Sada told reporters.
"As you can see there is no shortage of supply. The capacity is there and there is no reason for nervousness whatsoever."
Reporters asked whether Qatar could supply extra natural gas if requested by European customers, especially Italy, which is very heavily dependent on North African supplies.
"All the gas is sold, but we may consider some diversion in line with flexible contracts," Sada said.
QInvest plans to go public
DOHA: QInvest has plans to go public and launch an initial public offering (IPO) by the year-end or early next year, a local Arabic daily reported yesterday.
Quoting a member of the company's board, Abdul Lateef Al Meer, the daily said the company would, however, conduct studies to assess market stability and suitability of the primary offer floatation. Al Meer, however, didn't say if the primary issue would be open for subscription to the Qatari public only or to foreigners as well.
"This is the first step towards listing QInvest on the Qatari bourse," Al Meer said of the proposed IPO floatation. He said last October the company raised its capital by 50 percent to $750m.
© The Peninsula 2011
