At signing of Strategic Agreement with Qatar Holding
GALÁN: AGREEMENT CREATES POWERFUL PLATFORM FOR GROWTH
Galán said today that Qatar Holding is now a strategic partner and among IBERDROLA’s principal stable shareholders
The Group, operating in Qatar since 2004, plans to reinforce its Doha office and convert it into a regional headquarters for the Middle East and Asia, with a centre for research and development
IBERDROLA Chairman Ignacio Galán said today that the strategic agreement signed with Qatar Holding creates a powerful financial platform for new capital intensive energy projects in the future.
Speaking at IBERDROLA headquarters during the signing of the Strategic Agreement, in the presence of Qatar Holding Managing Director Ahmad M. Al-Sayed, Galán said Qatar Holding has become a strategic partner and a principal shareholder with a vocation of stability and permanence.
The Chairman said also that Qatar Holding’s investment represents an important step forward in IBERDROLA’s international expansion plan, through which the Company has since 2001 grown to become a global leader in its sector with a presence in more than 40 countries.
The Group has multiplied its asset value by five since then, from €19.7 billion in 2000 to €93.7 billion, and last year achieved a record high net profit of €2.871 billion, Galán said.
He said that following the integration of ScottishPower and of Energy East, the latter now named IBERDROLA U.S.A., and a strong presence in Mexico as well as Brazil where it is acquiring distribution company Elektro, the Group has forged a leadership position in the Atlantic area.
Galán recalled that the Group has had a presence in Qatar since 2004 through an office of IBERDROLA Engineering and Construction, which managed the construction of the 2,000 MW Mesaieed combined cycle plant, one of the largest in the Middle East, at a cost of $2 billion.
The Group has an excellent relationship with major enterprises in the area including RasGas, owned by Qatar Petroleum, with which the Company signed a Master Agreement in 2005 and through which it has effected a number of significant LNG purchases.
The incorporation of this new partner, Galán added, provides new business opportunities for both IBERDROLA and Qatar Holding, who foresee cooperation in areas such as the development of energy policy in Qatar, one of the world’s largest gas producers which has an interest in diversifying into alternative energy souces such as renewables, and promoting research into electric vehicles.
The Group plans to expand its Doha office, converting it into a regional headquarters for the Middle East and Asia with the goal of examining new business opportunities, and will also create a centre for research and development.
Galán stressed that with Qatar Holding, IBERDROLA is a stronger, more stable and more international group, respecting its traditional principles and commitment to sustainable development by broadening its international scope across four continents, with the objective of continued growth, sustainability, efficiency and profitability.