The Middle Eastern nation — already one of the world’s largest suppliers of LNG — plans a new 13% increase in annual capacity on top of a previously-announced expansion. Population growth, particularly in Asia, will drive demand along with an economic recovery across the world, Qatar’s Energy Minister Saad Al-Kaabi said. The country is also looking to lock in more contracts in Europe, he said.
The decision to plough yet more investment into gas production comes as an outlook for a supply glut and a shift by some countries away from fossil fuels threatens projects elsewhere. Global gas demand could peak by the end of this decade, according to some analysts, including the International Energy Agency.
Qatar’s push highlights the importance of gas for the country. Exports of the fuel are the country’s biggest revenue earner which has already made it one of the wealthiest countries and helped boost its global clout since it started shipments about two decades ago.
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