Mubasher: Qatar is planning to expand the natural gas sector by 30%, energy and industry minister Mohammed bin Saleh Al Sada has said, giving no specific timeframe for this objective.
German investors have the opportunity to make their foray into the gas-rich nation or expand their existing ventures in Qatar, Al Sada noted on the sidelines of the Qatar-Germany Business and Investment Forum (QGBIF).
“We rely a lot on German technology in the petrochemical sector and in various energy facilities that require advanced technology,” Qatar Petroleum's president and CEO Saad Sherida al Kaabi said.
The expansion of the gas sector comes along with the Qatar National Vision 2030 and part of the GCC country's economic diversification efforts.
Al Sada affirmed that the importance of diversifying the Persian Gulf nation's income sources.
“Now, after a year has passed since the crisis, we have implemented our plans extensively to expand our businesses. There is a turnout of more than 500 percent, which is a good number, and I emphasize here that knowledge-based investment is what we should focus on along with meeting market demands,” Al Sada commented.
Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut their diplomatic and trade ties with the gas-rich state, accusing Qatar of financing terrorism. Doha forcefully denies the charges.