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:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)