Qatar - Exports.

QP is easily marketing its own output and its shares of crude oil and gas liquids being produced by IOCs. Qatar is maximising exports to finance its massive capacity expansions.

QP's logistics are increasing in line with expanding capacities. As revenues exceed state needs and a surplus is mounting, QPI is investing in overseas downstream and storage operations to improve its market shares for oil and gas. Qatar's sovereign wealth fund, Qatar Investment Authority (QIA) is among the rapidly-expanding SWFs in the GCC region (see Part 3 in omt11QatrExprtSep14-09 & down12QatrWhoSep21-09).

In 1996 QP began investing in an external upstream project. This was made in Sudan, where it joined the state-owned Sudapet and the private Sudanese firm Concorp in a venture called Gulf Petroleum Company-Sudan. The JV is owned 60% by QP, 20% by Sudapet and 20% by Concorp. It has developed an oilfield called Adar Yar, in the Melut area of the Upper Nile state in southern Sudan.

Qatar's first municipal elections were held on March 8, 1999, with nationals aged over 18 eligible to vote. Women were among those who won seats in a 29-member municipal council responsible for local affairs, agriculture, buildings and roads, food quality, garbage disposal and public health. On April 29, 2003, over 71,400 Qataris out of 85,000 voters (96.6%) approved a constitution calling for a 45-seat Shura council (the closest to a parliament), consisting of 30 members elected and 15 appointed by the emir. Free elections, held in 2004, were a watershed in Qatari life.

In October 1996, Shaikh Hamad's dispute with his father was settled out of court and later Shaikh Khalifa released most of the state funds. The government then adopted a plan for 1996-2000 maximising and diversifying state income. Doha reduced the growth of state spending and encouraged the private sector to play a greater role. It improved the government's financial discipline and management skills in state-controlled firms. It began to privatise firms which improved management and profitability.

In project finance, QP has developed impressive skills, having secured over $25 bn in external debt over the past 16 years (see Downstream Trends of this week).