The US corporation Enron has pulled out of the Qatari Dolphin gas project, and agreed to transfer its 24.5 percent equity to the UAE Offsets Group (UOG) for an undisclosed amount, reported the Gulf News on Tuesday.
The project involves the development of gas reserves in Qatar's north field and the transportation of two billion cubic feet per day of natural gas to the UAE and Oman in its $3.5-$4 billion first phase.
UOG has begun negotiations with several energy majors to take up equity in DEL and will sell in due course, Chairman Ahmed Ali Al Sayegh said.
Enron said it bowed out because there was not much value it could add at this stage, and it did not fit into Enron's core business, said the paper.
"As the project has evolved, it has evolved into a strong upstream and gas transportation and delivery project. Enron is not an upstream company," said Richard Bergsieker, president and chief operating officer for Enron M.E.
DEL was set up last July to implement the Dolphin gas project after the signing of a project development agreement between UOG, Enron and TotalFinaElf in March 2000 – Albawaba.com
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