Qatar To Account For 40% Of All New LNG Supplies By 2029: Al-Kuwari

12/10/2023 2:04:48 PM

(MENAFN- Gulf Times) HE the Finance Minister Ali bin Ahmed al-Kuwari said Qatar will account for about 40% of all new LNG supplies by 2029 and noted the country is providing the world with the“cleanest” hydrocarbon source of energy. He was speaking at a panel session at the Doha Forum Sunday.
The minister spoke about the investments Qatar have made in developing its LNG resources, particularly the North Field expansion.
The project includes six mega trains, each with a production capacity of 8mn tons per annum of LNG, four of which are in the North Field East (NFE) expansion project, and two in the North Field South (NFS) expansion project.
This major expansion will add 48mn tons per year to the global LNG supplies.
Stressing the importance of investing in cleaner energy sources, al-Kuwari said Qatar believed natural gas is a“transition fuel” until the net-zero emission targets are reached.
Qatar has firmly supported the role of natural gas as a central component of any energy mix on the road to a realistic energy transition.
He said lack of investments in developing conventional energy sources have already caused a shortfall in supplies around the world.
Al-Kuwari stressed the need for setting realistic goals vis-à-vis climate change. It should be about a reasonable and realistic shift to cleaner alternatives to power economies around the world.
In reply to a question, al-Kuwari said the surplus from Qatar's budgets is divided between servicing debt, sovereign wealth fund Qatar Investment Authority (QIA) and central reserves.
QIA, he said, is focused on“investments for future generations.”
The minister also spoke about Qatar's support of International Monetary Fund's Poverty Reduction and Growth Trust (PRGT) and Resilience Support Trust (RST) mechanisms for financial support
Qatar has shown global leadership by pledging 20% of its Special Drawing Rights (SDR) holdings towards IMF's PRGT and RST mechanisms. It demonstrates Qatar's leadership role in supporting least developed countries overcome economic shocks and challenges
SDR is an international reserve asset created by the IMF to supplement other reserve assets of member countries.

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