Qatar's 2014 energy expenditure

Qatar, the Middle East's largest producer of LNG, has announced it plans to spend US$30.7 billion in 2014 on an assortment of energy and industry projects.

The news was announced by the Qatar National Bank who said that Qatar Petroleum had budgeted US$10.1 billion for gas projects, US$6.72 billion for industrial projects and US$6.5 billion for oil projects. All remaining funds are to be invested into liquids, refining and petrochemicals.

As such, the gas-rich country is expected to raise its LNG producing capacity from 54.3 million metric tons to 77 million by the end of the year. Two new liquification plants, where gas is cooled for transportation by ship, are also expected to be built.

Oil production will also be increased with exports rising from 798,000 barrels a day to 889,000 barrels by the end of next year. Output capacity is forecast to reach 1 million barrels a day.

The Qatar National Bank added that "OPEC quota restrictions and reservoir management requirements has limited Qatar from producing at optimum levels."

The financial institution added that Qatar's GDP will rise 25 percent to US$157.9 billion next year. Oil and gas will account for about 55 percent of the country's economy by 2011, up from 51 percent this year.

Qatar growth

It looks set to be a strong year for the nation with news that Qatar is also to lead the Middle East Gulf region in terms of infrastructure projects for the next four years, despite a massive 22 percent drop in construction jobs last year.

Taking this into account, the report stated that by 2014, Qatar would have outperformed all other GCC countries. Over the past three years, Qatar has seen massive growth that was hampered by a drop in construction last year with the sector's value falling to US$7 billion. However, despite that, it is still one of the most prosperous markets in the Middle East.

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