Energy Minister:Barzan project to cost $10.3 billion

HE Minister of Energy and Industry Mohammed bin Saleh Al Sada announced Tuesday that the cost of Barzan project, which will produce 1.4 billion cubic foot of gas a day, will be $10.3 billion. Speaking to journalists today, the Minister of Energy stressed on the importance of the project as it fulfills the vision of HH the Emir Sheikh Hamad bin Khalifa Al Thani which focuses on developing economy sectors in Qatar. Al Sada expressed his welcome that HH the Heir Apparent Sheikh Tamim bin Hamad Al Thani laid the cornerstone of the project earlier today which will start operating on the third quarter of 2014, with an initial production of 700 million cubic feet a day. He said that the Project will produce Ethane Gas, 19000 tons a day, in addition to LPG where the project will produce 860 tons and 680 tons of Butane a day. He noted the importance of the projects slogan \"from Qatar, to Qatar\" which gains value due to the architectural renaissance and economic growth. He added that 70% of the cost will be financed through local and international banks, while the remaining 30% will be financed by the partners in the project. Responding to a QNA question on whether Qatar is looking to decrease its oil production to 200,000 barrels a day amid fears of a decrease in the price of oil, HE Al Sada said that the State is studying all options, adding that Qatar is dynamic and flexible to deal with all developments. (QNA) M B/MD