(MENAFN - Qatar News Agency) HE the Minister of Energy and Industry, the Chairman of Qatar Chemical and Petrochemical Marketing and Distribution Company (MUNTAJAT) said that the State of Qatar has a future plan to increase its chemical and petrochemical production from about 10 million tonnes currently, to about 23 million tonnes by 2020.
HE Dr. Al-Sada said in the press conference held to announce the launching of MUNTAJAT that the company has a vision to position the State of Qatar as the world s pre-eminent chemical and petrochemical hub, pointing that Qatar has strengthened its presences as a producer and a major source of chemicals, polymers and fertilisers and still aims for more concrete large-scale expansions.
With growing global demand for chemicals, polymers and fertilisers, Qatar s increasing production is supplying and supporting the growth of a wide number of industries around the world. The country is investing around USD 25 billion in its petrochemical sector up until 2020 as part of its economic diversification strategy and its mission to increase its global market share in the chemicals and petrochemicals industries, he said.
"Mandated by the Emiri Decree No. 11/2012, the establishment of MUNTAJAT creates a single corporation which holds exclusive rights to purchase, market, distribute and sell to the world all specified regulated chemical and petrochemical products produced in the State of Qatar," HE Dr. Al-Sada Stated.
He considered that MUNTAJAT marks an important milestone in diversifying Qatar s export portfolio, trough playing a key role in achieving Qatar s 2030 National Vision by contributing to Social, Human, Economic and Environmental development and the creation of a diversified knowledge based economy with a strong presence in the region and around the world. HE the Minister of Energy and Industry, said that the establishment of Qatar Chemical and Petrochemical Marketing and Distribution Company (MUNTAJAT) will create job opportunities for local talents and support a solid knowledge sharing platform that elevates standards of living, reinforces the gross domestic product (GDP) and contributes to diversifying Qatar s economy reinforcing its strong presence in the region and around the world.
"We see the future of the chemicals and petrochemicals industry evolving in the world, creating innumerable opportunities, cultivating further investment and creating knowledge based industries and it is through MUNTAJAT, that we aim to capitalize on these prospects for the utmost benefit of Qatar," he said.
He stressed that the launch of the new company comes in preparation for Qatar's targeted huge production levels, where it occupies the second place in petrochemical production in the Gulf, and plans to double its current production in 2020, stressing that Launching the company is to address a problem, it is rather planning for a future which Qatar is keen to benefit from its opportunities.
Asked whether there was a relationship between the launch of the new company and Climate Conference, which was held recently in Doha targeting emission reduction, HE Dr. Al-Sada stressed that Qatar is making considerable efforts in this area, including the areas of research and solar energy projects.
HE the Minister stressed that one of the clearest examples of Qatar's commitment to reduce emissions is exporting LNG that substitutes coal used as energy in some areas around the world where studies have shown that this substitution will reduce emissions by 50 per cent.