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:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)