Qatar looks to raise GDP to US $60 billion within five years, says finance minister

Published July 27th, 2006 - 09:05 GMT

The Arabian Gulf peninsula state of Qatar is looking to substantially raise its GDP within the next five years with liquefied natural gas (LNG) revenues being the prime contributor, according to an article in the new Future Fuels Middle East magazine – the first dedicated energy publication to come out of Qatar.


In an article which outlines how Qatar is helping to propel LNG into the mainstream,Youssef Hussain Kamal, the country’s Finance Minister and Chairman of RasGas, one of the world’s leading LNG companies, gives a bullish forecast for the industry and its impact.


“By the year 2010 or 2011 we hope GDP will reach more than US $60 billion,” Kamal is quoted as saying.


The article’s author Alex Forbes says if the country does achieve Kamal’s forecasts it will be have one of the highest per capital GDPs globally.


“LNG revenues from Qatargas and Rasgas will make up a large chunk of that US $60 billion which, incidentally, will make the people of Qatar the richest in the world on the basis of GDP per capita,” says Forbes.


The Future Fuels article – titled ‘Playing It Cool’ also states that by 2008, the UK will be receiving around a fifth of its gas supply from Qatar while, by 2010, the US will be meeting about a tenth of its gas needs from the same source.


Qatar, says Forbes, is leading the way in the LNG business.


“The country, more than any other, has helped to re-write the rules of the LNG business,” he says.


“By 2010, Qatar’s two LNG companies, Qatargas and RasGas will have production capacity of 77 million tonnes per annum (mtpa). Their LNG will go to markets around the world. These include Japan, South Korea, India, Taiwan, the UK, Belgium, Italy, Spain, and, of course, the US.


“To put that in context, 77 mtpa is three times as much as Indonesia produced in 2004, when it was the largest LNG producer – or around a third of projected world LNG production in 2010.”


Future Fuels Middle East is produced by Reflex Publishing Middle East, the name behind Pipeline magazine, the region’s premier publication for the oil and gas industry. The publication focuses on clean energy derived from both hydrocarbons and renewables.


“Response to the magazine has been excellent particularly from the Qatar and Abu Dhabi markets and international interest is mounting,” said Eileen Michael, Publisher, Reflex Publishing Middle East.


Future Fuels Middle East is circulated free-of-charge to around 11,000 senior energy industry executives across the Middle East, Europe, Asia Pacific, Indian Sub-continent, North Africa and the Caspian.

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