Al Sada: Growth of Qatar's Economy Will continue Reliance on hydrocarbon Resources

Doha, February 18 (QNA) - HE the Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada, said economic growth in Qatar will continue to rely largely on its hydrocarbon resources in the foreseeable future, pointing out that Qatar made a significant expansion in the refining and manufacturing sector to ensure greater degree of diversification. In an inaugural speech of the 'Qatar Projects 2013' Conference, delivered by Vice Chairman of Qatar Petroleum and General Manager of RasGas Hamad Rashid Al Mohannadi, Dr. Al Sada said by 2020 Qatar's production of petrochemicals will reach about 23 million tones per annum and thus will be placed among the great nations in the petrochemical industry globally. He pointed out that the current outlook for the global economy is still pessimistic while most developed markets, particularly in Europe, are still struggling to cope with the difficult economic challenges. Dr. Al Sada noted that Qatar was not completely immune from the effects of the global financial crisis but,however, it was able to get out of this wave in a good shape, as the liquefied natural gas sector played a significant role in supporting the national economy through providing stable revenues for the state. In this regard he continued that the year 2011 the oil and gas accounted for about 50 percent of the Gross Domestic Product (GDP) and about 70 percent of government revenues. Dr. Al-Sada also stressed that the significant increase in diversified petrochemical production and in Qatar's exports makes this sector plays an increasingly positive role in the economy. The Minister of Energy and Industry said in parallel with the industrial development taking place in Qatar, there are several infrastructure projects in the country which are expected to support the demand for energy over the next decade especially with regard to transportation fuel, electricity generation and water desalination He said that with the continuing growth in hydrocarbon revenues, Qatar entered a new phase in its economic development, adding that Qatar has succeeded in re-investing the proceeds of this sector again in the economy to support other sectors, referring in this connection to the increase in the absorptive capacity of the infrastructure through the provision of an attractive business environment that will support economic diversification. (QNA)