Qatar booms as international partners join US$30 billion LNG North Field expansion
July has seen Shell announce that its has joined Qatar Energy’s massive North Field Expansion project alongside Exxon, ConocoPhillips, Total and ENI. The project will see production increase to 126 mtpa, passing the global LNG crown back to Qatar.
Energy Industries Council (EIC) is now tracking over US$75 billion of energy sector projects in Qatar, providing an abundance of supply chain opportunities.
The NFE project is further boosting the Qatar economy, alongside the construction boom that the 2022 FIFA World Cup has generated, with the event kicking off in November.
2020 saw a return to business as usual for Qatar with its GCC partners and it is now fully deployed on its 2030 Economic Vision programme.
However, as with neighbouring territories, we expect to see further taxation coming into place with a 5% VAT introduction being imminent and deepening localisation policy requirements.
Hugh Fraser International’s QATVI - Qatar Ventures Initiative and ILPAS - International Local Partners Initiative are focussing in on the opportunities emerging in this key GCC territory.