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FINANCIAL NEWS
Qatar Barzan gas project’s cost to rise to USD10.3b
02 Nov 2011
(MENAFN) Qatar’s energy minister, Mohammed Al-Sada, said that the cost of the country’s Barzan gas project would be forecasted to increase by USD1.7 billion to around USD10.3 billion, reported Arab News.
Al-Sada added that the project would be the country’s most expensive since 2006, when Royal Dutch Shell Plc inaugurated the Pearl gas-to-liquids plant with a cost of USD19 billion.
He also said that although Qatar was considered one of the world’s richest countries due to its massive liquefied natural gas (LNG) exports, the country would look for funding through loans taken from local and global banks.
It is worth noting that the first Barzan gas production line is forecasted to become operational in 2014, whereas the second will be operational in 2015.
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