عربي English Türkçe اردو فارسى
Logo
Latest News
Business

QatarEnergy Set to Further Expand LNG Output at North Field

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS/File Photo
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS/File Photo
TT
TT

QatarEnergy Set to Further Expand LNG Output at North Field

The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS/File Photo
The new Qatar Energy logo is pictured during a news conference in Doha, Qatar, October 11, 2021. Qatar News Agency/Handout via REUTERS/File Photo

QatarEnergy chief Saad al-Kaabi announced on Sunday a new expansion of its liquefied natural gas production that will add a further 16 million tons per annum (mtpa) to existing expansion plans, bringing total capacity to 142 mtpa.
With this added boost, the overall expansion of the North Field from 77 mtpa currently to 142 mtpa by 2030 represents an increase of 85% in production, Kaabi said at a press conference in Doha.
State-owned QatarEnergy has already signed a string of supply deals with European and Asian partners in its massive North Field expansion project, which was expected - prior to Sunday's announcement - to produce 126 million mtpa of LNG per annum by 2027, from the current 77 mtpa.
Exploration activities in the west of North Field prompted the company's decision to expand further.
In December, Kaabi told Reuters that QatarEnergy had been drilling wells to assess expansion opportunities beyond the North Field East and North Field South phases.
This latest expansion will require the construction of two LNG trains, in addition to six already underway for the earlier expansions dubbed North Field East and North Field South.

Most Viewed

 
 
Business

IMF Makes Progress Toward Reaching Staff Agreement with Pakistan on First Review of $7 Bln Program

People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
TT
TT

IMF Makes Progress Toward Reaching Staff Agreement with Pakistan on First Review of $7 Bln Program

People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)
People buy dry fruits at a market in Karachi, Pakistan February 1, 2023. (Reuters)

The International Monetary Fund (IMF) and Pakistani authorities made significant progress toward reaching a staff level agreement on the first review of an ongoing $7 billion program, IMF Mission Chief Nathan Porter said in a statement on Saturday.

The mission and Pakistani authorities will continue policy discussions via video conference to finalize these discussions over the coming days, the statement said, according to the Pakistani newspaper, The News.

“The IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on the first review under the 37-month Extended Arrangement under the Extended Fund Facility (EFF),” Porter said in a statement on Friday.

The lender's team, led by Porter, was in Pakistan from February 24 to March 14 to hold discussions on the first review of Pakistan's economic program supported by the EFF and the possibility of a new arrangement under the lender's Resilience and Sustainability Facility (RSF).

The South Asian country, which has faced an economic meltdown in recent years, is treading a long path to economic recovery under the $7 billion IMF program it secured in September last year.

Meanwhile, the Pakistan-Afghanistan Joint Chamber of Commerce and Industry has called for immediate action from Islamabad to resolve the trade crisis with the Taliban and Central Asian countries.

The chamber’s president highlighted the negative impacts of the closed Torkham border crossing and transit taxes on Pakistan’s economy and regional trade.

Junaid Makda, president of the Pakistan-Afghanistan Joint Chamber of Commerce and Industry, said on Friday that increasing trade barriers, rising transportation costs, and the continued closure of the Torkham border are severely harming cross-border businesses.

Makda also warned of potential long-term damage to Pakistan’s economy due to the ongoing situation, stating that it forces traders to use Iranian ports instead of Pakistani routes, which will harm the country’s trade network.

The Torkham border has been closed for more than 20 days due to border tensions between Pakistan and the Taliban. Pakistan’s Ministry of Foreign Affairs has stated that the crossing will remain closed until the Taliban halt construction activities in the area.