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(downstreamtoday) -- After focusing on LNG and GTL,
Qatar is now aiming to spend USD25 billion to double its gas-derived
petrochemical output by 2020
Qatar's giant gas reserves have transformed the fortunes of the small Arabian
peninsula state. The country has, by some metrics already become the richest
place on earth.
Having mastered the upstream business, attentions are now being turned to its
downstream dreams, a logical next step to further monetise its hydrocarbon
riches, and diversify its economy beyond the cash-for-gas model.
"In the hydrocarbon area, we are now focusing on petrochemicals," says
Abdulrahman al-Shaibi, managing director of the Qatar Financial Centre
Authority. "We will spend USD25 billion on creating additional petrochemical
industries as an important feedstock for small and medium-sized companies,"
al-Shaibi adds.
As part of its ambitious petrochemical programme, Qatar aims to further
expand its throughput by 2020. "We aim to more than double our annual
petrochemical production capacity from currrent 9.2 million tonnes to 23 million
tonnes by 2020," says Mohammed bin Saleh al-Sada, minister of energy and
industry, managing director and chairman of the board of Qatar Petroleum
(QP). |
