Qatar says Dolphin deal not set back by Enron exit

Published May 29th, 2001 - 02:00 GMT

DOHA, (Reuters) - Qatari Oil Minister Abdullah bin Hamad al-Attiyah said momentum had not slowed on a $3.5 billion project to route Qatari gas to the United Arab Emirates after Enron Corp bowed out of Dolphin Energy Ltd (DEL). 

 

"Actually it is the opposite, for there are seven international firms each larger than Enron that are competing for its stake," Attiyah was quoted by the official Qatari news agency QNA as saying late on Sunday. 

 

Enron last week sold its 24.5 percent stake in DEL to the UAE Offsets Group (UOG) for an undisclosed amount, raising the UAE firm's stake to 75.5 percent. 

 

DEL has said several companies, including its other partner in the project, France's TotalFinaElf, were interested in acquiring Enron's stake. 

 

In March, Qatar and DEL signed a "commercial term sheet agreement" which outlined the conditions of the upstream agreement for the long-awaited project. 

 

The two sides aim to sign a production sharing agreement before the end of the third quarter 2001.  

 

 

© 2001 Mena Report (www.menareport.com)

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