Doha: The energy sector in Qatar was able to overcome the repercussions of Covid-19 pandemic with minimal detriments, the Amir HH Sheikh Tamim bin Hamad Al Thani said in a speech at the opening of the 49th ordinary session of the Shura Council at the Council's Headquarter on Tuesday morning.
“Production and export operations haven’t been affected, and Qatar Petroleum has continued to fulfill its obligations towards all contracting parties. Also the workflow proceeds unhindered in the main energy projects, namely, the liquefied gas production expansion project, in addition to projects overseas,” he added.
The Amir said in his speech that the State has also taken urgent and necessary measures to mitigate the negative effects of low oil and gas prices on the general budget. The preliminary results showed that the budget deficit during the first half of this year reached about 1.5 billion riyals only, although deficit projections were much higher. This was achieved due to the rationalization of government spending associated with raising the efficiency of the public sector. Despite cuts, the budget continues to concentrate spending on health, education, and major infrastructure projects.
“Out of our keenness to avoid the negative economic effects resulting from the market fluctuations in the oil prices, we have directed that the drafting of the general State’s budget be based on the price of oil at $40 per barrel, which is lower than the expected price,” Amir added.
