Qatar will establish an international energy bourse, first of its kind in the Middle East region, the Qatar News Agency reported Tuesday.

Gulf Energy, a global consortium of energy consultants and investors, signed Tuesday with the Qatar Financial Center Regulatory Authority (QFCRA) a memorandum of understanding on the establishment of the bourse, said the report.

The bourse is expected to be established as part of the Energy City project in Qatar, which is the first project to be carried out by the Gulf Energy.

According to the signed document, the QFCRA will be responsible for preparing the necessary procedures for organizational activities of the bourse, which will be specialized in the energy industry trade.

Qatari Minister of Economy and Commerce Sheikh Mohammed bin Ahmad bin Jassem Al-Thani was quoted as saying that the bourse is considered an important step with the country's plan to become one of the largest liquefied gas exporter by 2010.

Qatar also seeks to be a leading producer and exporter of oil products in order to meet the demands of the energy products and provide financial services that would go in line with the high international standards, the minister added.

Gulf Energy said the project would "raise the global stakes of Middle East's energy sector, reshape the dynamics of its oil and gas business and expand its role in the management of resources."

Source: Xinhua