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Posted On: 8 December 2009 03:19 pm
Updated On: 12 November 2020 02:10 pm

Doha unscathed by downturn: PM

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The global economic downturn has not affected any of Qatar’s projects, Prime Minister and Foreign Minister, H E Sheikh Hamad bin Jassem bin Jabor Al Thani, said here yesterday. Addressing the opening of the fourth edition of the International Petroleum Technology Conference (IPTC), Sheikh Hamad Bin Jassem said: “We, in Qatar have overcome the consequences of the crisis with minimum damages and that the crisis has not affected any of our projects being implemented, whether in the oil sector, gas sector or development and infrastructure projects undertaken by other state sectors.” “We are moving forward with full determination to implement all our ambitious plans which focus on sustainable development in which oil, gas and industry play a basic role and constitute one of its strong pillars,” he added. The Prime Minister noted that the world economy passed through a difficult period of recession last year leading to a sharp drop in oil and gas consumption in world markets and energy prices in general. He pointed out that although the signs indicating the end of the crisis are no more visible, the negative effects may take some time to fade away. “Naturally, the effects on the countries in the region cannot be ignored, though in varying degrees for each country and its various sectors,” said Sheikh Hamad Bin Jassem. Referring to the energy sector, the Prime Minister said the requirements for securing medium- and long-term oil supplies to various world markets centre around the need to provide necessary financial investments. They also rely on sophisticated technology and qualified human resources in order to promote and protect investments and the environment. These parameters, said the Prime Minister, represent what “we have been exactly keen on heeding since the 1990s.” Actually, we have been employing public investments and have gone a long way toward streamlining legal regulations and procedures that assist in creating an appropriate investment climate to attract and protect foreign investments, particularly in the oil and gas sectors,” he said. “The outcome of our efforts is already evident: over $100bn in joint investments with major international petroleum companies to implement scores of gigantic projects.” The Prime Minister pointed out that the use of advanced and creative technology to produce liquefied natural gas has been a major factor in Qatar’s success to develop this field and has also contributed in cutting down production, operation and transportation costs, enabling the country to compete in all world markets. “We are now the top world producer and exporter of liquefied natural gas. When the projects under construction have been completed and operated, our production capacity of liquefied natural gas will be 77million tonnes a year within the next two years. Moreover, we still have numerous other projects in the field of gas export by pipelines and liquefaction of gas and petrochemical industries,” he said. Speaking on the environment, the Prime Minister called for concerted efforts to protect and conserve the environment for the present and future generations, by harnessing all the technological means available and by providing all the necessary financial resources to achieve a clean environment and a better life.