Qatar to invest $ 20 billion in petrochemical projects

Qatar's minister of energy and industry Abdullah Bin Hamad al-Ateyah said his country will allocate more than $ 20 billion for petrochemical projects.

He added that petro-chemical industries and related industries projects are of no less importance than the gas liquidating industries. He explained that the total costs of petro-chemical industries, the refineries, and standing mineral industries are exceeding $ 20 billion of which $ 7.04 billion were used so far, while the rest of the money is expected to be invested in future projects which will start production by the end of 2010.

Al-Ateyah said that the Qatari petro-chemical industries which is basically dependent on natural gas, have been witnessing great developments and expansion, and that number of standing projects reached 12 in addition to future projects which are still under study and planning.

Qatar owns a reserve of natural gas estimated at 25 trillion meters, representing the world's third greatest reserve following Russia and Iran. In recent years Qatar signed large number of contracts with foreign groups for the production and exportation of liquid natural gas.