TOKYO: The global oil market is well supplied and oil stock levels are healthy, Qatar’s Minister of  Energy and Industry H E Dr Mohammed bin Saleh Al Sada said yesterday.

“The market is well supplied worldwide and the stock level of oil is in a very healthy situation,” he told a group of reporters on a visit to Tokyo.

“We produce more than 700,000 barrels per day but also the equivalent amount is produced for condensate,” he added.

He made the comments on the sidelines of a meeting between Japanese and Qatari energy and industry ministers.

EFG Hermes gets go-ahead for 

Qatar deal

CAIRO: Egypt’s regulator has no objections to EFG Hermes’ plan to create a jointly-owned investment bank with QInvest of Qatar, the bank said yesterday.

EFG Hermes and QInvest agreed in May to hive off EFG Hermes’s investment banking business into a joint venture in which state-backed QInvest would hold a 60 percent stake.   

“The Egyptian Financial Supervisory Authority certified, with no reservations ... (EFG Hermes’) Extraordinary General Meeting minutes that was held on Sunday September 16, 2012 to approve the company’s strategic alliance with QInvest,” EFG Hermes said in a statement.

Agencies