Doha, July 05 (QNA) - The Ministry of Commerce and Industry (MoCI) and QatarEnergy signed the Terms of Reference (ToR) for cooperating to establish and implement a governance mechanism for the allocation of hydrocarbon-derived resources to industrial investment opportunities, and to develop a new medium industries area in Mesaieed Industrial City (MIC).

The agreed Terms of Reference stipulate the evaluation and allocation of hydrocarbon-derived resources, natural gas, power, and related natural resources to downstream derivative industrial investment opportunities. It will also ensure the optimal use of national resources and enhance the added value of the industrial sector by establishing a joint governance framework to evaluate and allocate resources required by qualified industrial investment opportunities.

The signing took place during a ceremony held today at QatarEnergy's headquarters, witnessed by HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani, and HE Minister of State for Energy Affairs and the President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi. The agreement was signed by Assistant Undersecretary for Industrial Affairs and Business Development at the Ministry of Commerce and Industry, Saleh Majid Al Khulaifi, and Executive Vice President for Surface Development and Sustainability at QatarEnergy, Ahmad Saeed Al Amoodi.

In remarks on this occasion, HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani said: "This agreement represents a strategic step towards enhancing the competitiveness of the industrial sector in the State of Qatar, by establishing a joint governance framework that ensures the optimal use of national resources and directs them towards value-added industrial investment opportunities, thus helping attract qualitative investments and supporting sustainable industrial growth. Through this agreement, the Ministry of Commerce and Industry will lead efforts to attract industrial investments, connect with investors, and coordinate the industrial ecosystem, while QatarEnergy will provide technical and commercial expertise related to resource allocation and utilization. This comes as part of the Ministry's efforts to strengthening the industrial investment environment, supporting economic diversity, and achieving sustainable development in the State of Qatar as stipulated by Qatar National Vision 2030 and the Third National Development Strategy."

On his part, HE Eng. Saad bin Sherida Al Kaabi said: "We are pleased to sign these Terms of Reference, which will support the Ministry of Commerce and Industry's effort to develop an expansion in Mesaieed Industrial City to accommodate more medium industries. In this respect, QatarEnergy has pledged to supply this expansion with natural gas quantities equal to those dedicated to the small and medium industries in Doha's Industrial Area."

Under the terms of the agreement, QatarEnergy and MoCI will establish a working team that will oversee the allocation of hydrocarbon-derived resources for qualifying industrial investment opportunities. The team will seek assistance from other relevant stakeholders as needed, including the Ministry of Finance, Qatar General Electricity and Water Corporation (KAHRAMAA), Invest Qatar, Qatar Free Zones Authority or other Special Economic Zones representatives as applicable, the Ministry of Environment and Climate Change, Qatar Development Bank, and any other stakeholder as required.

MoCI will lead on investor engagement, opportunity sourcing, and ecosystem coordination, while QatarEnergy shall provide technical and commercial evaluation expertise related to resource allocation and utilization. (QNA)