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Tag: Qatar

Qatar will pull out of OPEC amid tension with Saudi Arabia

Qatar will pull out of OPEC amid tension with Saudi Arabia

World
The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel's constraints with the politics of slighting the Saudi-dominated group amid the kingdom's boycott of Doha. The surprise announcement from Qatar's minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $ 30 a barrel. It also marks the first time a Mideast nation has left the cartel since its founding in 1960. In a statement, al-Kaabi said Qatar, the world's largest exporter of liquified natural gas, planned to increase its exports from 77 million tons of gas per year to 110 ...
Qatar, Russia defend OPEC, deny manipulation of oil prices

Qatar, Russia defend OPEC, deny manipulation of oil prices

Business
Oct. 3 (UPI) -- Qatar's energy minister defended the oil market strategy of his country and other OPEC nations Tuesday. "OPEC is not trying to manipulate the price. It's trying to bring the market to balance," said Mohammed Bin Saleh Al-Sada, Qatar's Minister of Energy and Industry. He added that low oil prices -- like the world had through much of 2015 and 2016 -- don't equal prosperity for the world's economy. "That depression of the oil price led to what? (Did it) lead to a better world economy?" he asked a panel moderated by CNBC's Geoff Cutmore at Russian Energy Week in Moscow. "In fact, there was the worst record for the global economy during that downturn in the oil price. Now, during the journey of the recovery in the oil price look what happened -- balance between supply and dema...
Leonardo to deliver NH90 transport helicopters to Qatar

Leonardo to deliver NH90 transport helicopters to Qatar

Business
Aug. 20 (UPI) -- Leonardo on Monday announced a contract for the delivery of 28 NH90 medium multi-role military helicopters to the Ministry of Defense of Qatar. The order is part of a backlog production contract. Leonardo is the primary contractor for the Qatar NH90 program, which is valued at more than $ 3.4 billion. Leonardo is taking the lead as part of the NHI consortium. "We are proud to have made this important contract effective. We continue to be fully focused on executing our industrial plan aimed at ensuring long-term sustainable growth for the group, also strengthening our commercial approach," Leonardo CEO Alessandro Profumo said in a statement. The UH90 medium-lift twin-engine helicopter is designed for North Atlantic Treaty Organization specifications as a battlefield transp...
Players my age usually go to Qatar or China – Ronaldo

Players my age usually go to Qatar or China – Ronaldo

Sports
Media playback is not supported on this device Cristiano Ronaldo says he is "grateful for the opportunity" given to him by Juventus, as players of his age "usually go to Qatar or China".The 33-year-old Portugal forward has joined the Italian champions for £99.2m after nine years at Real Madrid."To come to this club at this stage of my career, I am very happy," he said at his presentation in Turin. Ronaldo also said he hopes to be the "lucky star" as the Italian side attempt to win the Champions League. He added he had not received any other offers.Ronaldo scored ...
Qatar taps into giant Argentinean shale reserve

Qatar taps into giant Argentinean shale reserve

Business
June 4 (UPI) -- Buying an equity stake in the Vaca Muerta shale natural gas basin in Argentina marks a debut in unconventional resources, Qatar Petroleum announced. The state-owned petroleum company in Qatar said it reached an agreement with U.S. supermajor Exxon Mobil to take a 30 percent stake in its operations in Argentina. The arrangement gives Qatar Petroleum access to the Vaca Muerta shale basin, located onshore in the Neuquén basin in Argentina. "This is an important milestone, as it marks Qatar Petroleum's first investment in Argentina as well as its first significant international investment in unconventional oil and gas resources," Saad Sherida al-Kaabi, the company's president and CEO, said in a statement Sunday. Vaca Muerta is considered one of the best shale basins in...