ID :
166371
Mon, 03/07/2011 - 21:33
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Shortlink :
https://oananews.org//node/166371
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Energy Minister Dispels Oil Supply Fears
Doha, March 7 (QNA) HE Minister for Energy and Industry Dr Mohammed bin Saleh Al Sada on Monday dispelled fears surrounding oil production and supply levels.
Speaking to the media after inaugurating the 15th Annual Condensate and Naphtha Forum, Dr Al Sada said, "It seems to me that there is no shortage of production or supply. The stocks are at a healthy level for the consumer so there is no reason to worry.''
The minister said this in reply to a question on whether the market and consumer confidence would be affected given the current situation in the Middle East and North Africa region.
"From what we know, a number of countries are happy to check the market if there is any shortage," the minister said and added that the Organization of the Petroleum Exporting Countries (OPEC) is currently assessing the situation and would decide whether to hold an extraordinary meeting or not. ''OPEC is closely monitoring the situation there and there is no shortage in supply or stock level, as there is no need to worry because the supply and inventory at appropriate levels'', HE the minister of energy and industry told reporters.
Energy sector observers are concerned over the spiralling oil prices which have touched to two year highs recently mainly due to the civil unrest in the Middle East and North Africa region.
Addressing the gathering of industry experts at the forum, HE Al Sada said, "Qatar's condensates output is increasing rapidly as the development of North Field projects come on-stream. Total condensates production will reach 780,000 barrels per day (bpd) by 2015, establishing Qatar as the world's largest condensates producer.
"To capitalize on the massive increase in condensates production, Qatar has built condensates refineries at Mesaieed and Ras Laffan to help diversify Qatar's energy sector.
"The facility at Ras Laffan is one of the world's largest condensate refineries, capable of producing 9,000 bpd of LPG, 60,000 bpd of naphtha 50,000 bpd of jet fuel, and 24,000 bpd of gas oil.
"A second condensates refinery is under development and this will double the condensates refining capacity at Ras Laffan to about 300,000 bpd by 2015. This will allow Qatar to meet increasing local demand for transportation fuels," he concluded.
The naphtha produced at these refineries is planned to be utilised as feedstock for an Aromatics Complex.
Speaking to the media after inaugurating the 15th Annual Condensate and Naphtha Forum, Dr Al Sada said, "It seems to me that there is no shortage of production or supply. The stocks are at a healthy level for the consumer so there is no reason to worry.''
The minister said this in reply to a question on whether the market and consumer confidence would be affected given the current situation in the Middle East and North Africa region.
"From what we know, a number of countries are happy to check the market if there is any shortage," the minister said and added that the Organization of the Petroleum Exporting Countries (OPEC) is currently assessing the situation and would decide whether to hold an extraordinary meeting or not. ''OPEC is closely monitoring the situation there and there is no shortage in supply or stock level, as there is no need to worry because the supply and inventory at appropriate levels'', HE the minister of energy and industry told reporters.
Energy sector observers are concerned over the spiralling oil prices which have touched to two year highs recently mainly due to the civil unrest in the Middle East and North Africa region.
Addressing the gathering of industry experts at the forum, HE Al Sada said, "Qatar's condensates output is increasing rapidly as the development of North Field projects come on-stream. Total condensates production will reach 780,000 barrels per day (bpd) by 2015, establishing Qatar as the world's largest condensates producer.
"To capitalize on the massive increase in condensates production, Qatar has built condensates refineries at Mesaieed and Ras Laffan to help diversify Qatar's energy sector.
"The facility at Ras Laffan is one of the world's largest condensate refineries, capable of producing 9,000 bpd of LPG, 60,000 bpd of naphtha 50,000 bpd of jet fuel, and 24,000 bpd of gas oil.
"A second condensates refinery is under development and this will double the condensates refining capacity at Ras Laffan to about 300,000 bpd by 2015. This will allow Qatar to meet increasing local demand for transportation fuels," he concluded.
The naphtha produced at these refineries is planned to be utilised as feedstock for an Aromatics Complex.
