Energy rich Qatar to invest $20bn in US

Doha:Energy-rich Qatar, under blockade by its Gulf neighbors, said yesterday itplans to invest more than $20 billion in the US energy sector over the nextfive years.

Saad Al-Kaabi, minister of state for energy affairs and CEO of Qatar Petroleum, told a conference the Gulf state is looking to invest in US oil and gas sectors as well as unconventional resources. “North of $20 billion will be invested over the next five years in the United States in different projects,” Kaabi told the Doha Forum.

Hesaid Qatar’s main target was to revive the multibillion-dollar Golden Pass LNGterminal in Texas. Qatar Petroleum owns 70 percent of the project, withExxonMobil and ConocoPhillips splitting the rest. Qatar Petroleum yesterdaysigned a deal with Italy’s Eni to acquire 35 percent in three offshore oilblocks in Mexico in the second major Qatari investment in the North Americancountry this year. – AFP

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