bY MOHAMMAD SHOEB
DOHA: The revenues of Qatar Petroleum (QP) in 2012 reached at QR330.33bn ($90.71bn), up by over 14 percent compared to QR289.18bn ($79.41bn) in 2011.
In 2009, sales revenue of the energy giant had declined to QR118.14bn from QR168.49bn in 2008. However, since 2009, due to higher energy prices in the global market, revenues witnessed a consistent rise accounting for about a 180 percent growth over the last four years, according to QP annual report 2012.
Where as capital expenditures of the integrated energy group over the last four years have declined by nearly 20 percent from QR36.79bn in 2008 to QR26.39bn in 2012. Capital expenditures of QP in 2009 were QR35.35bn which declined to QR24.46bn in 2010. However, as a result of several big ticket energy projects, investments increased to QR32.85bn in 2011.
Net income of the energy group in 2012 increased to QR114.14bn from QR88.86 in 2011 registering an impressive growth of 28.44 percent, while income of the company surged by 105 percent between 2008 and 2012.
“Qatar is entering a new phase in its economic development with great determination. Its hydrocarbons revenues have maintained impressive growth rates while its sustainable development efforts move forward with great resolve and dedication,” said H E Dr Mohammed bin Saleh Al Sada, the Minister of Energy and Industry, in his message in the annual report.
Total assets of the state-owned energy group have grown consistently from QR246.03bn in 2008 to QR494.39bn in 2012, up by over 100 percent.
With the commissioning of several upcoming projects in the next few years, the revenues and income of the Qatar’s largest company is expected to grow at a much faster pace in future.
Dr Al Sada, who is also the Chairman and Managing Director of QP, said: “Revenues are being invested in strategic projects that help create a solid foundation for greater growth and expansion.”
The Minister also said that Qatar is reinforcing its position as the world’s largest liquefied natural gas producer with its ability to engage in new long-term sales and purchase agreements with customers across the globe.
The 100-page bilingual report has mentioned about a host of upcoming projects and development plans located in Mesaieed Industrial City and Ras Laffan Industrial City at different stages, including the expansion of the nautical channel at Mesaieed port, upgradation of hazardous waste treatment in MIC and Ras Laffan port expansion phase.
In addition, some of the remaining major industrial developments in progress in RLC include Barzan Gas Project, Laffan Refinery 2 project, Al Sejeel Petrochemicals Complex and Al Karaana Petrochemicals Complex.
The year 2012 marked the sale of the first commercial shipment of normal paraffin from Pearl GTL, the world’s largest gas-to-liquid plant. It is considered an important milestone as Qatar strives to have a more diversified industrial base in future.
In addition, the year also witnessed the completion of many other significant projects, including Seaman’s club in Ras Laffan port, new environmental laboratory at RLC and major electrical upgradation at Mesaieed port.
The Peninsula
