Qatar's petrochemical production will exceed 23mn tons per year (tpy) by 2020 on the back of the country's downstream sector expansion, HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada said.
"We have embarked upon a major expansion of our downstream sector to ensure greater diversification in monetizing Qatar's abundant natural gas resources.
By 2020, total production will reach 23mn tpy, which will consolidate our position as one of the major international hubs for the petrochemical industry," said al-Sada.
The significant increase in various petrochemical production and exports from Qatar is enabling the sector to play a more active role in national economy.
The country's LNG sector, al-Sada said, has played a central role in supporting Qatar's economy by delivering steady government revenues. With "continued impressive growth" in hydrocarbons revenues Qatar has entered a new phase in its economic development.
"Increasing infrastructure capacity, supported by favorable business environment to attract private investment has become imperative for the diversification of the economy," al-Sada said.
To that end, he said a multi-billion-dollar investment program has been planned over the next decade, to finance a number of significant infrastructure projects including the Hamad International Airport (slated for a soft opening in April), New Port Project (to be operational by 2016), rail network, highways network and the construction of nine stadia and other facilities for the FIFA World Cup 2022.
Qatar continues to implement new legislation and investment-friendly laws aimed at liberalizing the business environment and enabling investors to take a more active role in our development plans, al-Sada said.
The changes in Qatar's business environment are creating a new competitive landscape that gives better value to clients, reduces processing costs and drives consumerism.
By introducing exemptions and incentives that supplement Qatar's already considerable investment appeal, international investors will continue to thrive as an integral part of the country's "outstanding" economic growth.
Qatar plans to implement a broad and diverse development program offering enormous investment opportunities in the coming years.