Qatar aims to generate Dh565b

Doha: Qatar Petroleum, the state-run energy company in the world's largest producer of liquefied natural gas, aims to generate 560 billion riyals (Dh565 billion) in total revenue through 2012 as new projects begin producing fuel.

Sales in the first nine months of this year were almost twice the amount forecast for all of 2008 after oil sold for about three times the assumed price, according to a Qatar Petro-leum management presentation in Doha yesterday.

Oil and gas producing countries saw profit soar as crude rallied during the first half of the year to a record $147.27 a barrel in July.

Exploration

At the same time, rising materials and labour costs boosted the expense of new exploration and production projects.

Since the summer crude prices plunged by more than $100 and producers have delayed some developments.

The 560-billion-riyal revenue forecast is cumulative for the period covered by a five-year company plan for 2008 through 2012, according to a presentation at a company meeting by Qatar Petroleum Finance Director Mohammad Al Sherawi. Sales this year were initially targeted at 74.2 billion riyals under the plan.