عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Qatar Sovereign Fund Plans to Expand Activities in Asia

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
TT
TT

Qatar Sovereign Fund Plans to Expand Activities in Asia

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. (Reuters)

Head of Asia-Pacific Advisory at the Qatar Investment Authority (QIA) Abdullah Al-Kuwari announced that the country's sovereign wealth fund is currently expanding its operations in Australia, South Korea, and Southeast Asia, according to a report by Reuters.

Speaking at the Milken Institute Asia Summit in Singapore, Al-Kuwari said QIA is identifying investment opportunities, including corporate spin-offs and acquisition deals in Japan, along with prospects in the technology sector in India.

The Qatar Investment Authority, one of the largest investors globally, manages assets estimated at $526 billion, as reported by the Sovereign Wealth Fund Institute.

Al-Kuwari indicated that the fund plans to increase its workforce in Australia and South Korea and has already started building its team in Japan, with plans to further expand. He emphasized Japan as a key market for QIA’s future focus.

The fund’s expansion in Asia, where it already holds stakes in the London Stock Exchange and Spain’s Iberdrola, aligns with its strategy to diversify investments beyond its traditional European and American markets.

In June, Reuters reported that QIA had agreed to acquire a 10% stake in China Asset Management, the second-largest mutual fund company in China.

Most Viewed

 
 
Business

BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
TT
TT

BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)

Iraq and British oil giant BP are set to finalize a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

The mega-project in northern Iraq will include plans to recover flared gas to boost the country's electricity production, they said.

Gas flaring refers to the polluting practice of burning off excess gas during oil drilling. It is cheaper than capturing the associated gas.

The Iraqi government and BP signed a new memorandum of understanding in London late Tuesday, as Prime Minister Mohammed Shia al-Sudani and other senior ministers visit Britain to seal various trade and investment deals.

"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.

Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.

"The agreement commits both parties to sign a contract in the first week of February," he said.

Ghani noted the project will also target gas flaring.

Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic meters of gas in 2023, according to the World Bank.

The Iraqi government has made eliminating the practice one of its priorities, with plans to curb 80 percent of flared gas by 2026 and to eliminate releases by 2028.

"It's not just a question of investing and increasing oil production... but also gas exploitation. We can no longer tolerate gas flaring, whatever the quantity," Ghani added.

"We need this gas, which Iraq currently imports from neighboring Iran. The government is making serious efforts to put an end to these imports."

Iraq is ultra-dependent on Iranian gas, which covers almost a third of Iraq's energy needs.

However, Teheran regularly cuts off its supply, exacerbating the power shortages that punctuate the daily lives of 45 million Iraqis.

BP is one of the biggest foreign players in Iraq's oil sector, with a history of producing oil in the country dating back to the 1920s when it was still under British mandate.

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves -- among the largest in the world -- amounting to 96 years' worth of production at the current rate.