DUBAI: Qatar National Bank said on Tuesday that former Qatar Finance Minister Ali Sherif Al-Emadi has been removed from the bank’s board of directors after his arrest earlier this month over embezzlement allegations.
“Qatar National Bank announced that the Qatar Investment Authority (QIA) has decided to withdraw the board membership from Mr. Ali Shareef Al-Emadi as a representative of QIA on the Board of Directors of Qatar National Bank,” the lender said in a bourse filing.
Emadi was arrested earlier this month and questioned over allegations of embezzlement, abuse of power and crimes related to the public sector. He has been stripped of his ministerial duties, now handled by the trade and industry minister, Ali bin Ahmed Al Kuwari.
Emadi has not commented publicly on the probe and has not been charged with an offense. Reuters had been unable to contact him while he is in police custody.
Emadi had been minister of finance in the wealthy Gulf Arab state since 2013 and sat on the board of its powerful $300 billion sovereign wealth fund, the Qatar Investment Authority, which owns 50 percent of Qatar National Bank.
The bank’s deputy chairman, Sheikh Fahad Bin Faisal Bin Thani Al-Thani, will perform the duties of the chairman until a new one is elected to the board, QNB — the largest lender in the Middle East and Africa — said on Tuesday.
Foreign Minister and QIA chairman Sheikh Mohammed bin Abdulrahman Al-Thani has previously said the investigation of Emadi was related to his capacity as finance minister, and not to his posts at either the sovereign fund or the bank.
Qatar National Bank removes ex finance minister from board after arrest
Qatar National Bank removes ex finance minister from board after arrest
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
