Doha / QATAR: Enhanced production and productivity has helped some 24 companies in Qatar’s energy and industry sector earn revenue in excess of QR502bn ($138bn) last year, up 10.7% on 2011.
Qatar is the hub of energy, LNG, petrochemicals, chemicals and other industrial products
According to Qatar Energy & Industry Sector “Sustainability Report 2012” some 13 of the 24 “performance reporting” companies increased revenues in 2012.
Among the subsectors generating increased revenues, the refining subsector (which is represented by three companies reporting on their performance) increased revenues by almost threefold compared with 2011. This can be attributed principally to Qatar Shell’s first full year of production, the report released yesterday shows.
The mining, minerals and other subsector achieved a 16% increase and LNG/NG 14% when compared with 2011 revenues.
Other subsectors such as oil and gas (E&P) and transport, storage and distribution reported static revenues, while petrochemicals and power and utilities reported lower revenues.
According to Qatar Statistics Authority and QNB Group estimates, the oil and gas sector was responsible for 57.8% of Qatar’s total nominal GDP in 2012.
Nominal GDP increased by 12% in 2012 after an expansion of 14% from 2008-2012. Growth was driven by the gas sector, which accounted for 42% of total GDP in 2012, and rising hydrocarbon prices.
Total Energy Assets Value in QATAR
Incorporating subsectors other than oil and gas raises the percentage growth even further. In terms of expansion in the sector, the report said new projects are now coming on stream. Some major expansion projects were completed in 2012, or became operational for the first time.
In particular, the Qatar Shell GTL project, the largest Gas-to-Liquids plant in the world, completed its first full year of production in 2012, which is reflected in the higher production and revenue figures.
Qapco’s LDPE 3 plant, launched in 2012, is a good example of technology advancement, with no run-off flowing into the waters off the coast of Mesaieed Industrial City. Additionally, the heat produced at the plant is recycled for heating and power. Other expansion projects broke ground in 2012, and agreements for future initiatives were also formalised.
The successful development of oil and gas, which began in 1940, has given Qatar one of the highest per capita incomes in the world. This growth has been driven by the development of Qatar’s enormous reserves of natural gas, making the country the world’s largest exporter of liquefied natural gas (LNG) since 2006.
This has boosted nominal GDP to $192.4bn in 2012, making Qatar the third largest economy in the GCC.
Sources: Gulf Times, Reuters, The Peninsula, Caye Global News
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