Bank receives accolades for its Project Finance portfolio

Mr. Ali Sherif Al Emadi, QNB's Acting Chief Executive, received the prestigious award from H.E. Abdullah Bin Hamad Al Attiyah, Qatar's Second Deputy Premier, and Minister of Energy & Industry in a ceremony held at the Doha Golf Club.

QNB received the award for being a regional institution that has successfully competed with top international banks to finance leading projects in the region. Among the notable projects the bank participated in are the $9.3 billion Qatargas-II project in which QNB was a Mandated Lead Arranger (MLA) in the $3.2 billion commercial term financing and the $530 million Islamic element; and the $2.6 billion Taweelah B Independent Water and Power project in Abu Dhabi in which QNB was an MLA in the $911 million commercial term financing.

Said Mr. Ali Sherif Al Emadi, QNB's Acting Chief Executive:

"Over the years, QNB has showcased its expertise, experience and professionalism in competing on an equal basis with the world's leading investment banks. This award acknowledges our sound performance as far as financing regional infrastructure and industrial projects go, and we are delighted to be selected for this prestigious award."

This is the first time QNB has won an Excellence in Energy Award, organized by Pipeline Magazine -the region's foremost monthly publication for the oil and gas sectors. In its 5th year running, these awards are considered the "Oscars" of the region's energy industry.

Mr. Al Emadi added: "The receipt of this prestigious award affirms our strong standing in the regional market and dominant position in project financing. Such recognition, together with our high quality loan portfolio, will go a long way in boosting our presence in the regional market. This is in line with our strategic expansion plans aimed at producing robust income growth and continued cost efficiency."

QNB currently boasts participation in more than 13 energy projects, including term financings for the $13 billion Ras Laffan Liquefied Natural Gas Company II and III, the $4.6 billion Dolphin Energy project, the $720 million Qalhat LNG project in Oman and the $870 million ship financing for OSG Nakilat, among others.

Speaking of QNB's win, Mr. Vince Cook. QNB's General Manager, Corporate Banking and Capital Markets said: "QNB won this award for its success in competing with top international investment banks and firms to finance leading projects in the region. This recognition highlights the bank's outstanding performance in expanding its products and services alongside its project finance expertise. It is a fitting endorsement to Euromoney Magazine's "Best Debt House" award received by QNB earlier this year."

The Award was presented at a glittering gala dinner at the Doha Golf Club on November 23, 2005, held under the patronage of His Excellency Abdullah Bin Hamad Al Attiyah, Qatar's Second Deputy Premier, and Minister of Energy & Industry. The event was attended by over 600 top-ranking oil and gas industry officials from throughout the Middle East, and coincided with the inaugural International Petroleum Technology Conference, which was held in Doha from November 21-23.

The awards were supported by the International Association of Drilling Contractors, Project Management Institute, Regional Clean Seas Organisation and its members and the Energy Industry Council.