Projects ‘not under pressure’ due to low oil prices: Al Attiyah
Qatar’s projects ‘are not under pressure’ due to lower energy prices, said former Deputy Premier and Minister of Energy and Industry HE Abdullah bin Hamad Al Attiyah.
“It isn’t going to affect any of our projects. Yes, energy prices are low…but this isn’t the first time it’s happening and it’ll not be the last either. In the 90s, oil price had fallen below $6; the current price is also much lower than it was last year, or in 2014. But oil prices are cyclical. They’ll rise again. It’s a matter of time before that happens,” Al Attiyah told Gulf Times.
He said Qatar knew very well how to manage the situation borne out of low energy prices. There will be a spike in consumer demand because of lower energy prices.
“More consumers will be attracted because of the cheaper price. And because of the cheaper price, LNG is an attractive alternative for many buyers.”
Earlier, addressing a panel discussion on “The role of LNG in a changing energy world” hosted by Brookings Doha Center, Al Attiyah stressed the need for economic diversification and said it has “importance” in the current situation.
“We know oil and gas are a depletable resource. Our oil and gas resources will take us to another 100 years or more. For a person, this may look a long time. But for a nation, 100 years is short.”
He said Qatar knew it very well and had started planning for the post-oil era much earlier.
“Our thrust on education is part of our economic diversification initiatives. We’ve brought in some of the best universities to Doha. This will help properly educate our young men and women and empower them. Our sovereign wealth fund is also part of our diversification efforts. Diversifying the economy away from oil and gas is top on our priority,” Al Attiyah said.
Courtesy: gulf-times.com
