IMEX Holdings LLC Appoints New CEO for First Energy Exchange in Qatar - IMEX

IMEX Holdings LLC Appoints New CEO for First Energy Exchange in Qatar - IMEX

June 08, 2007

    DOHA, Qatar, June 8 /Xinhua-PRNewswire/ --
International Mercantile Exchange Holdings LLC, the
promoters of the first energy exchange in Qatar -- IMEX --
today announced that it has appointed Steve McMillan as the
CEO of IMEX. 

    (Photo: http://www.xprn.com.cn/xprn/sa/200706080855.jpg
)

    IMEX CEO Steve McMillan has over 20 years experience of
financial intermediation and joins IMEX from GFI Group Ltd,
where he was CEO Europe.  During his time at GFI, McMillan
played a key role in the building and development of a
number of new product lines including Dry and Wet Shipping
FFAs, carbon/emissions credit trading, coal options,
property derivatives and credit derivative loan indexes.  

    Mr. Esam Janahi, Chairman of IMEX, said: "We are
extremely pleased that Steve has agreed to join us and see
this as a first step in establishing IMEX as an innovative,
credible international exchange.  I have every confidence in
Steve's clear abilities and commitment and look forward to
working with him and our growing team as IMEX continues to
move forward."

    Steve McMillan, IMEX CEO commented: "IMEX's
mission is to increase the price transparency and pricing
autonomy in the Middle East and North Africa for those
commodities that have not as yet been benchmarked on a
global basis. IMEX will achieve this by offering a range of
innovative products and processes, to both regional and
global market participants, and to become their primary
trading marketplace."

    "Given that the Middle East is the world's
principal supplier of hydrocarbon, Qatar also offers a
unique opportunity due to the economic vision of His
Highness the Emir of Qatar and the Qatari government's
drive to create a comprehensive home for the Gulf's energy
industry, in addition to the international standard
regulatory environment provided by the Qatar Financial
Centre Regulatory Authority (QFCRA)."

    Referring specifically to the energy industry, Steve
added:

    "The energy industry is going through a dynamic
time of change. With global energy demand rising and
ever-increasing focus on greener energy options, it is
clear that alternative products such as bio fuels, solar
power and LNG are becoming an increasingly essential
component of the product mix within the energy industry.
The on-going globalisation of greenhouse gas trading
schemes and its relevance to the Middle East is another
example of the  broad range of regional opportunities. IMEX
will be looking to identify products that will benefit from
price transparency and in turn create trading opportunities
in these new and dynamic markets.  

    IMEX, initially located in the Qatar Financial Centre
Doha, will be moving in 2009 to the Energy City in Qatar to
form the cornerstone of Energy City Qatar (ECQ), a new US
$2.6 billion energy business district at Lusail that is
being developed in Doha, due for completion by 2012. IMEX
plans to begin operations later this year, following
approval by Qatar's financial regulator, the Qatar
Financial Centre Regulatory Authority. 

    Explaining why Qatar and Energy City Qatar is the best
location for IMEX, Steve added: "As the GCC centre for
the hydrocarbon industry, Qatar is the ideal location. In
addition, from Qatar IMEX can do business with markets in
both East and West in the same trading day. We hope that
through its success, IMEX will lay the ideal platform for
Qatar to establish itself as a leading financial and
hydrocarbon trading centre alongside London, Singapore and
New York."






    For further information/interviews/images please
contact:

     Annie Kechician, Account Manager 
     GCI Public Relations Middle East Network 
     Qatar
     Tel:   [phone]
     Email: [e-mail]