Qatar readies $25bn petchem spending to boost diversification

HE Dr al-Sada flanked by Abdulrahman Ahmad al-Shaibi, Muntajat vice-chairman and Abdulrahman Ali al-Abdulla, CEO, giving details of Qatar’s new chemicals and petrochemicals marketing and distribution company in Doha yesterday. Picture: Noushad Thekkayil.By Pratap John/Chief Business ReporterQatar will be investing around $25bn in its chemicals and petrochemicals portfolio until 2020 in line with the country’s economic diversification, HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada said yesterday.Qatar’s petrochemical output will more than double to 23mn tonnes per year by 2020, he said.Qatar currently produces about 10mn tonnes per year of chemicals, polymers and fertilisers. With growing global demand for chemicals, polymers and fertilisers, Qatar’s increasing output is supplying and supporting the growth of a wide number of industries around the world. The proposed investment of up to $25bn is part of Qatar’s economic diversification strategy and mission to increase its global market share in the chemicals and petrochemicals industries.On the establishment of Muntajat, a company mandated to exclusively deal with marketing and distribution of Qatar’s chemical and petrochemical products, al-Sada said, “Muntajat will play a key role in achieving the Qatar National Vision 2030 by contributing to social, human, economic and environmental development and the creation of a diversified knowledge-based economy with a strong presence in the region and around the world.“In addition to bringing added value to Qatar’s chemicals and petrochemicals industry, Muntajat will create job opportunities for local talent and support a solid knowledge sharing platform that improves standards of living, boosts gross domestic product (GDP) and contributes to diversifying Qatar’s economy, reinforcing its strong presence in the region and around the world.”The consolidation of distribution channels within Qatar and beyond will reduce the carbon footprint of delivering chemicals, polymers and fertilisers through a state-of-the-art supply chain programme to serve international customers.“Muntajat will become the face of Qatar in the global market with an international network supplying governments and private customers worldwide. Muntajat’s strong large-scale advanced supply chain network will enable us to strengthen our relations with the international markets.“By diversifying Qatar’s exports portfolio we will be able to maintain Qatar’s position amongst the richest and hopefully most advanced nations in the world. Utilising the competitive chemicals and petrochemicals supplies and the abundance of raw materials will help us create a diversified economy based around the chemicals, polymers and fertilisers industry.“We see the future of the chemicals and petrochemicals industry evolving in the world, creating innumerable opportunities, cultivating further investment and creating knowledge based industries. It is through Muntajat, that we aim to capitalise on these prospects for the utmost benefit of Qatar,” al-Sada said.