Doha, Qatar: Former Minister of Energy and Industry, H E Abdullah bin Hamad Al Attiyah said that the energy sector played a decisive role in advancing the economic growth of Qatar, adding that the sound strategies adopted by the State to optimally utilising natural resources were effective in developing the national economy, as well as enabling Qatar to occupy a distinguished position in the world in terms of the strength of the economy.
In an interview with Qatar News Agency (QNA) on occasion of the Qatar Economic Forum 2023 that will kick off today, he said that Qatar plays an important role in the global energy sector, as it is one of the largest Producers and exporters of LNG in the world, and it directs huge investments to develop oil and gas fields and various energy projects to enhance production and export, provide job opportunities and stimulate other economic activities. Its strategy relies on diversifying energy sources to enhance its position as a major player in the global market, he explained.
He pointed out that Qatar possesses huge reserves of natural gas, which made it a strong competitor on the global stage, in addition to its advanced infrastructure and technology in the energy industry, which makes it capable of competing and exploiting global market opportunities.
He noted that Qatar is one of the most prominent suppliers of natural gas to European market, which prompted it to enhance its investments, as well as develop and expand distribution networks and export to European markets over the past years.
He expects demand for natural gas to remain strong in the European market, which provides additional opportunities for Qatar to enhance its share in this market. Qatar is also working to expand its partnerships and develop its presence in other regions of the world, as it signs agreements and strategic partnerships with other countries to develop and exploit energy sources, which contribute to strengthening Qatar’s international relations and its role as a major player. on the international scene.
Regarding global economy’s ability to overcome energy shocks, Al Attiyah said that through his many years of experience in the energy sector, he believes in the vitality and dynamism of the energy sector, adding that the global economy was able to overcome crises of energy shocks , such as the oil price crisis in 1973 and the oil crises in 1979, 2008 and 2020. He pointed out that in each case, global interactions dealt with these shocks and were able to recover and grow again, noting that these reflect economic, social and environmental challenges and impacts.
Therefore, it is important to work on promoting energy sustainability to reduce impact of future energy shocks on the economy, and this includes strategies to adapt to energy shocks such as improving energy efficiency, investing in diversifying energy sources.
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