Economy
The state revenue from oil sector had increased as the result of the rising of a number of production sharing agreements with foreign oil companies. Two production-sharing agreements were signed with the Standard Oil Company of Ohio in January 1985 and Amoco in February 1986. In January 1989, another production sharing agreement was signed between Qatar and the France State owned oil company Elf Aquitaine.
In the middle of 1991, production of gas in the Qatar North Field, the world’s largest single field of non-associated gas commenced, which has proven gas of reserves of around 250 trillion cubic feet and probable reserves of 500 trillion cubic feet. While the search for finding more oil deposits in Qatar continued, Qatar built an industrial base in order to reduce dependence on the oil sector.
Read more about this topic: Khalifa Bin Hamad Al Thani
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)