Qatar to invest $7oom in British LNG terminal
Qatar, which hopes to be one of the world's largest exporters of Liquefied Natural Gas (LNG) and sits on the largest single natural gas concentration in the world, will invest $700 million in a UK LNG terminal.
Qatar, which hopes to be one of the world's largest exporters of Liquefied Natural Gas (LNG) and sits on the largest single natural gas concentration in the world, will invest $700 million in a UK LNG terminal.
Abdullah bin Hamad Al Attiyah, Qatar's Second Deputy Premier and Minister of Energy and Industry, said the South Hook LNG receiving terminal in Milford Haven, South Wales, will have an annual capacity of 16.5 million tonnes.
At a meeting of the Qatar British Business Forum (QBBF), Al Attiyah said within a few years Britain was likely to become a net importer of energy. Qatar is very keen to promote its LNG products among British consumers. Qatar, however, does not have a sufficient presence in the UK's downstream gas facilities, he said.
"Within a few years, Qatar will emerge as the world's largest LNG exporter, global hub of gas to liquids (GTL) products and the largest supplier of petrochemical industries," Al Attiyah said. "Our total gas reserves now rank second in the world."
Qatar's North Field gas reserves are about 900 trillion cubic feet, according to official estimates.
Qatar enjoys political stability, which is reflected in good governance and constitutional reforms, Al Attiyah said. The standard of living is high and economic liberalisation is creating a flourishing investment environment, he added.
Investment opportunities are not restricted to large-scale projects in the energy sector, but are abundantly available in small and medium sectors as well.
The investment law allows foreign companies to establish and run their own businesses either in partnership with local entities or on their own. "However, we in the energy sector encourage partnership as an ideal way of sharing risks and rewards," he said.
