Jersey Minister promotes oil links at ADIPEC

Abu Dhabi: Senator Sir Philip Bailhache, the Minister of External Relations of the Government of the Channel Island of Jersey, has said he is visiting Abu Dhabi this week as part of efforts to promote the developing relations between the U.A.E. and Jersey. "I see my attendance at ADIPEC as a key component of that relationship, which I hope will both grow in strength, depth and bilateral trade as both the U.A.E. and Jersey seek to diversify and further develop our economies," he said, in an interview with the ADIPEC Show Daily, published yesterday. . Jersey, he said, is an important financial centre that contributes significant value to the UK economy. "Our reputation as a well-regulated yet flexible financial jurisdiction is well known and recognised by bodies such as the OECD and the IMF. Latest estimates suggest that a total of over GBP150.8 billion (over USD 240 billion) are held in, or managed through, Jersey, of which perhaps 13 per cent comes from the GCC region." He said that four top U.A.E. banks have operations in Jersey, while the U.A.E.'s largest foreign bank, HSBC Middle East, has its headquarters in Jersey, adding that Jersey is keen to build on the cluster of GCC banks and other institutions in Jersey but the island's links with the U.A.E. and the wider GCC are not purely through the finance industry." Bailhache noted that Jersey has set aggressive targets for development and diversification of economy in the period 2014-2017, driven in no small part by increasing levels of inward investment and export trade development. "As we diversify our economy through inward investment and export, key sectors such as mining and oil and gas are increasingly important to our future." He added that Jersey, although having no oil of its own, has well-established links to the oil and gas industry through companies that are registered in the island. In the U.A.E., he noted, "both Petrofac and Petrofac Emirates, major players in the local oil industry, are Jersey-registered companies. Heritage Oil, which has its headquarters in Jersey, is a well-known oil and gas company with a Premium Listing on the London Stock Exchange. Genel Energy, which operates in Iraqi Kurdistan in partnership with DNO, a company whose largest shareholder is RAK Petroleum, is also Jersey-registered, as are Longreach Oil and Gas who hold assets in Morocco. Drilling Systems Limited, who develop drilling simulators, are also Jersey-based, Bailhache said. Bailhache said a number of other London-based oil companies make use of Jersey's finance industry to structure their borrowing. In addition to oil and gas sector business, the mining and resource sector is well represented in Jersey. "Jersey has a rapidly developing oil, gas and mining resource sector that benefits from our enormous expertise in financial management, with a particular strength in terms of banking, trusts and Sharia-compliant finance. We are recognised by the OECD and the IMF as being well-regulated. Our close links to the City of London make Jersey the jurisdiction of choice for companies seeking to obtain access to U.K., European and international capital markets," he said. – Emirates News Agency, WAM