Latest news with #NorthFieldEast


Zawya
07-07-2025
- Business
- Zawya
Qatar set to clock fastest growth rate next year since 2015: Emirates NBD
Qatar's broad economy is in good shape, with 'positive' annual growth across all components of GDP in the first quarter, according to Emirates NBD. PICTURE: Shaji Kayamkulam Qatar's broad economy is in good shape, with 'positive' annual growth across all components of GDP in the first quarter (Q1), according to Emirates NBD. Indications are that growth has been maintained in the second quarter, with the Qatar Financial Centre PMI survey remaining above the neutral 50.0 level in April and May, the Dubai-based banking group has said in a report. While Qatar saw a record first quarter in terms of LNG exports, hitting 22mn tonnes amid high demand from northeast Asia, there was only a modest 1.5% y-o-y rise in the extraction of crude petroleum and natural gas industrial production index. The second quarter also appears to have got off to a fairly weak start, with the index's April print down 3.8% year-on-year (y-o-y). 'We have pencilled in a 2.0% expansion in the hydrocarbons side of the economy this year. In 2026, however, we project a much more robust 8.0% growth rate given the expected start of operations at the North Field East expansion project in the middle of next year. 'This will drive headline GDP growth up to 4.8% next year according to our projections, which if realised would be the fastest growth rate since 2015,' Emirates NBD said. The researcher's non-hydrocarbons growth forecast for Qatar this year is 3.0%, which would represent a modest slowdown from the 3.4% seen last year. Although the Q1 growth print does offer some upside risk to this projection there has been a slowdown in quarterly growth, which if maintained would see softer annual growth through the remainder of the year. Qatar's real GDP growth rate slowed to 3.7% y-o-y in Q1, down from 6.1% in Q4-2024. This still marked a strong performance, however, coming in well above the 2.5% averaged over the previous four years. On a quarterly basis, growth was 0.3%, from 0.4% in Q4. The slowdown in annual growth was driven primarily by a drop in 'mining and quarrying', mainly from the hydrocarbons sector, where growth fell to 1.0% y-o-y, from 6.3% the previous quarter. There was also a more modest slowdown in non-hydrocarbon GDP, which maintained a robust growth rate of 5.3%, compared with 6.2% previously. 'We forecast headline GDP growth of 2.6% this year, compared with 2.4% in 2024,' Emirates NBD said. Notable growth drivers in Q1 include wholesale and retail trade, which expanded 14.6% y-o-y and accounted for 8.4% of GDP, and manufacturing, which made up 7.4% of the total and grew 5.6% y-o-y, compared with a 0.2% decline in Q4-2024. Building and construction saw growth of 4.4% and the outlook for the rest of the year is positive given high levels of project spending in the pipeline. As of June, MEED Projects data gives $52.8bn worth of projects budgeted in Qatar. The bulk of this is in construction, closely followed by transport with investment going into the New Doha International Airport and the Doha Metro network. Transport and storage saw growth of 4.1%, maintaining the healthy pace set over the previous three years. While visitor arrivals in Q1 were down 7% to 1.5mn, the ongoing expansion of Qatar Airways and the development of Doha International as a regional and global hub likely provided support to the sector – in 2024 passenger volumes through Hamad International Airport expanded by 15% to reach 52.7mn passengers, Emirates NBD said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (


Arabian Business
21-05-2025
- Business
- Arabian Business
Qatar to begin LNG exports from North Field East by mid-2026, says minister
Qatar plans to start exporting liquefied natural gas (LNG) from its first domestic expansion project by the middle of next year. The indication comes amidst the market closely watching the timeframe for the beginning of the operations. QatarEnergy will start supplies from North Field East by mid-2026, Energy Minister Saad Sherida Al-Kaabi told Bloomberg News at the Qatar Economic Forum in Doha on Tuesday. The startup of the project – which will boost Qatar's annual LNG output capacity to 110 million tons from 77 million tons now – is in focus amid elevated demand and delays at a number of projects globally. The market is closely watching the exact timing of new LNG projects, especially as Europe is still adjusting to life without Russian pipeline gas and consumption in some Asian countries is rising. Pinpointing the exact quarter or month of a startup like North Field East can impact how much supply will be available for the peak winter season, or for stockpiling and cooling needs in the summer. State-owned QatarEnergy's website states that the project will start by 2026. The company in 2022 said operations should start early next year, and in June last year, there were expectations for a 2026 start, without a specific date.


Zawya
18-03-2025
- Business
- Zawya
Qatar set to drive Mideast LNG exports; 27% region's share of global supply by 2050: GECF
Qatar - An LNG tanker passes boats along the coast of Singapore. LNG exports are projected to expand significantly over the next three decades, the HECF has said in its 'Global Gas Outlook 2050'. The Middle East region is expected to increase its LNG exports by approximately 106mn tonnes, accounting for 27% of the global LNG supply by 2050, GECF said and noted Qatar will mainly drive the region's gas exports during the forecast period. LNG exports are projected to expand significantly over the next three decades, the Gas Exporting Countries Forum has said in its 'Global Gas Outlook 2050'. The number of LNG-exporting countries is expected to rise from the current 22 to 27 by 2050, leading to a more diversified supply landscape, with North America emerging as the dominant LNG-exporting region by mid-century. The Middle East is set to follow closely behind North America, with its share of global LNG exports projected to reach 25% by 2050, compared to 24% in 2023. Qatar, already a leading LNG exporter, is expanding its liquefaction capacity through the North Field East and North Field South projects, while the UAE and Oman are ramping up production to meet growing global demand. These investments will further strengthen the Middle East's position as a key LNG supplier, particularly to Asia Pacific and Europe, reinforcing its strategic importance in the evolving global LNG market. Qatar aims to nearly double its LNG production capacity, increasing output by approximately 85% from the current 77Mtpy to 142Mtpy by 2030. This ambitious growth, led by the North Field Expansion project, will be implemented in three phases – through the North Field East (NFE), South (NFS), and West (NFW) expansion projects – and could contribute to a global oversupply later in the decade. 'This significant expansion will underpin Qatar's continued and sustainable economic growth, aligning with the Qatar National Vision 2030,' GECF said. GECF noted Qatar remains the dominant player in the Middle East's midstream gas sector. With the North Field East (NFE) and North Field South (NFS) expansion projects, Qatar is set to significantly increase its LNG export capacity by 65Mtpy, bringing the total to 142Mtpy by the early 2030s. The NFE project, valued at approximately $29bn is expected to commence operations by 2026, while the NFS project, estimated at over $14bn will follow shortly thereafter. In 2023, some 12 of the 20 LNG suppliers were GECF member countries, collectively supplying 193Mt of LNG and meeting 47% of global LNG demand. LNG trade is poised for significant growth among GECF member countries over the forecast period. This trend is driven by financial and technological advancements, making LNG more accessible to new consumers. As global natural gas demand increases, LNG is emerging as a strategic commodity, influencing the political and economic landscapes of gas-producing countries. Projections indicate that LNG exports from GECF member countries will reach approximately 445Mt by 2050, accounting for 56% of global LNG exports. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Pratap John