Qatar’s oil and petroleum service companies Schlumberger and Beckhughes signed a preliminary agreement worth more than 9 billion Qatar rials ($2.47 billion) to boost the development of the local energy industry, Reuters reported in Doha.
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Qatar, the world’s largest exporter of liquefied natural gas, is facing trade boycotts from some Arab countries in the hope of reducing its dependence on imports and increasing domestic production.
“As part of our national obligation to develop Qatar’s industry and promote self-reliance, we believe it is necessary to localize many of the ancillary industries in the energy industry,” Qatar Oil Chief Executive Saad al-Kaabi said in signing memorandums of understanding with Schlumberger and Beckhughes.
Kaabi said the initial agreement would involve investment in production facilities, training and development. McDermott, another oil service company, signed a joint venture agreement with Naqilat to build offshore platforms for offshore and onshore buildings without giving any price.
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Qatar expects to save about 9 billion rials a year through import substitution after the establishment of the local energy industry, but Kaabi did not give a target date.
Qatar’s goal is to increase its annual production of liquefied natural gas by 43% by fiscal year 2023-2024, from 77 million tons per year now to 110 million tons per year.
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