Pearl Gas-to-Liquids Project a Boost to Qatar Economy - Al Sada

Doha, November 22 (QNA) - HE the Minister of Energy and Industry and Chairman of Qatar Petroleum Dr Mohammed bin Saleh Al Sada said that the revenues of the Pearl Gas-to-Liquids (GTL) project, which HH the Emir Sheikh Hamad bin Khalifa Al Thani patronized its inauguration at a ceremony in Ras Laffan Industrial City this morning, will contribute to supporting the national economy, especially considering that oil prices are now better than those during the planning of the project. Addressing a press conference held on the sidelines of the inauguration ceremony of the Pearl GTL Project, Al Sada said that this project is consistent with the development plan in Qatar and with the vision of His Highness the Emir, and is also in line with the policy undertaken by Qatar to diversify its hydrocarbon sector's revenues. He pointed out that the Pearl Project is seen as one of the largest projects that could contribute to the diversification of Qatar's economy from hydrocarbon sector, noting that the capital of the project is $18.5 billion. HE the Minister of Energy and Industry added that the production of the project will increase gradually to reach its maximum capacity of 260,000 barrels of oil equivalent a day within few months. This includes about 140,000 barrels a day of high quality GTL products and 120,000 barrels a day of Natural Gas Liquids (liquefied petroleum gas and condensate) and ethane, he said. He praised the role of Shell in GTL field, saying that its experience contributed well to the completion of the project and ensured the required safety and efficiency. Many of the project's products can be sold directly in markets, and there are products that benefit the local market, such as NAFTA, he added. Al Sada said that Qatar Petroleum have been for many years working hand in hand with Shell to complete this project which has already begun exporting its products. With regards to future prospects in the field of gas projects and the possibility of launching new projects, HE Dr. Al Sada said that the North Field has been developed continuously and rapidly over the past few years, adding that a study on the strategic reservoir of the Field is currently being conducted to examine the possibility of increasing its production. (QNA)