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Posted On: 10 March 2009 07:49 am
Updated On: 12 November 2020 02:09 pm

Tackle causes of crisis: Emir

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The Emir H H Sheikh Hamad bin Khalifa Al Thani called for concerted effort by developed countries and economic blocs to tackle the causes of the global crisis and not just to deal with the symptoms of the crisis. Speaking to over 2,000 participants of the 7th Doha Conference on Natural Gas, the Emir also warned that a global recession would disrupt investments and projects in the energy sector of exporting countries. “The early signs of recession that we are witnessing today in major oil importing countries’ economies and the decline in the volume of expected demand in those countries are just a prelude to a global recession that will not be limited to importing countries, but will also affect exporting countries,” the Emir said. He pointed to the repercussions of the crisis not only on the financial sector, but also on other economic sectors, particularly the oil market, where prices plummeted to less than $40 a barrel, after recording more than $140/b in mid last year. The three-day conference organised by Qatar Petroleum under the theme “Natural Gas-A Cleaner Fuel for Tomorrow”, has brought together leading figures in the regional and international natural gas industry. A record number of nearly 2,500 delegates are taking part in the event. The Emir said in his opening address that for the energy sector, particularly natural gas, to flourish requires massive investments in all stages of production, including processing, liquefaction and export. This, the Emir said, calls for an appropriate investment environment and above all competitive prices that would justify these investments and that would be fair for both exporting and importing countries. However, despite the efforts exerted by Qatar and other gas exporters to reduce production costs, they remain high, he said. He also pointed to Qatari gas industry which he said has achieved a high level of integration that would allow the country to maintain its commitments to importers. And he described the country’s energy policy, pointing out that Qatar is keen to implement a balanced strategy that promotes sustainable development in all its aspects in order to meet the needs of the present generation without compromising the ability of future generations to attain their objectives.