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Qatar to unveil record budget this financial year

Qatar, the top LNG exporter, will unveil its highest-ever budget of QR220billion within next two days as it is moving ahead with a major infrastructure drive.

The Gulf country will assume a $70 price for its crude in the 2014-15 budget, which begins on 1st April. The oil price continues to remain conservative in comparison to the actual crude prices of more than $100 per barrel, and this would permit Qatar to record a huge fiscal surplus.

The new budget will continue to focus on infrastructure projects with the same momentum, or event higher, revealed reports on local dailies. The new projects are expected to be announced during this fiscal year’s budget, after several meetings between the Finance Ministry and other 110 government departments.

The investment on new projects this year are likely to be more generous than in previous years, despite the sharp increase in such expenditure ever-since Qatar won the bid to host the 2020 World Cup in 2010.

Qatar had already approved investment of QR210.6 ($57.6bn) and revenue of QR218.1bn ($59.7bn) during financial year 2013-14, with a surplus of $2.1bn.

Apart from oil production of 800,000bpd, Qatar is also the world’s largest LNG supplier, with an output of 77million tonnes annually.

Posted on 1/4/2014

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