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Thu 7 Jan 2010 02:53 AM

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Qatar's oil budgetary to be set at $55pb

Price is 'reasonable' and will protect Qatar from any 'unwanted surprises' - Al Attiyah

Qatar's oil budgetary to be set at $55pb
OIL BUDGETARY: Qatar has set its oil budgetary at $55 per barrel as a protection measure against unwanted surprises. (Getty Images)

Qatar’s new oil budgetary would be set at $55 per barrel, the Deputy Prime Minister and Minister of Industry, announced on Wednesday.

Abdullah Al Attiyah told KUNA that the price was reasonable and that it would protect Qatar from any unwanted surprises, even with the current surge in global oil prices as the cold winter season in Europe and US, pushes up the demand for oil for heating.

Speaking about European taxes on GCC petro chemical products, Attiyah said that free trade talks between the EU and GCC, which have been ongoing for 15 years, have not reached a satisfying conclusion on the issue, but that discussions would continue on the matter.

In regards to the deal to erect a petro chemical complex in Qatar, Attiyah said that the project, a joint partnership between ExxonMobil and Qatar Petroleum, would cost approximately six billion dollars.

This would make it amongst the biggest in the world, with a 1.6 million ton a year steam cracker, along with two 650,000 ton a year polyethylene plants and a 700,000 ton ethylene glycol plant.

The complex is expected to be completed by 2015.

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