(MENAFN- The Peninsula) Italy and Qatar are working to further deepening the bilateral economic ties. Both the countries are planning to build their second LNG receiving terminal in Italy to enhance capacity, in addition to discussions on many other investment proposals in the pipeline, said Guido De Sanctis, Italian Ambassador to Qatar.
"Italy is one of the largest trading partners of Qatar in Europe. Our exports to Qatar for the first 10 months of 2014 stood at ¤900m (about QR3.7bn) while Qatar's exports to Italy was about ¤1.4bn (QR5.75bn). The trade balance was in favour of Qatar essentially due to exports of liquefied natural gas (LNG)," said De Sanctis.
De Sanctis said: "We have been trying to diversify our sources of energy since the 1950s. This is why in 2010 we started importing LNG from Qatar. The existing terminal in Italy, which has been built with financial support from Qatar, is almost running at full capacity. So we are looking forward to build another terminal to receive more LNG from Qatar."
He added: "We also need to keep in mind that a new LNG terminal will not only be useful for Italy but will also help Qatar in catering to the whole of Europe."
However, he said the proposed project has to go through many processes and challenges, including political, environmental and issues related to employment.
The existing "Adriatic LNG Terminal" in Italy, located offshore of Porto Levante, in the Northern Adriatic Sea, is the first offshore Gravity Based Structure in the world for unloading, storage and regasification of LNG.
The terminal has been designed, built and operated by Terminale GNL Adriatico (Adriatic LNG), the joint venture between Qatar Terminal Limited (45 percent), ExxonMobil Italiana Gas (45 percent) and Edison (10 percent). Qatar Terminal Limited is a 100 percent owned subsidiary of Qatar Petroleum.
According to the Italian envoy, the Qatar-Italy bilateral trade volume in 2015 is expected to surge as many Italian companies are here to explore the Qatari market.
De Sanctis was speaking to The Peninsula on the sidelines of a B2B networking event organised by Qatar Chamber (QC) and Italian Trade Agency for the visiting Italian trade mission representing seven leading electrical and electronic companies.
Present at event were Mohammed bin Ahmed bin Tawar Al Kuwari, Vice-Chairman, QC, and scores of businessmen.
"Our presence in Qatar is growing. There are more than 40 Italian companies and over 1,000 Italian professionals who are working in different sectors of the Qatari economy. We were awarded recently a contract for the construction of Doha Metro (Red Line North), and the companies involved in the project will bring more people," said De Sanctis.
On Qatar's investments in Italy, he said: "Qatar has made significant investments in Italy, and there are many new plans in the pipeline. Our visiting minister of economic development will be meeting tomorrow (today) with Qatar Investment Authority (QIA) officials. We hope to discuss some concrete projects."
Asked to provide some numbers on Qatari investments in Italy, he said: "I am not ready to quote any number because there are different types of investments, which is difficult to measure since there are investments for project development and other.
However, he added that some of Qatar's important investments in Italy include the buying of Costa Smeralda, a tourist destination, by Qatar Holding, and a hospital located in the same area.
"In addition to these two, there are investments in Porta Nuova, the main business district of Milan and many other investments in the hospitality sector in many historical cities."
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