The Peninsula cited Dr Mohammed Saleh Al Sada minister of energy and industry of Qatar as saying that the investment of Qatar International Petroleum Marketing Company Limited soared to USD 20 billion in the sector of oil and petrochemicals in Asian and African countries.
The company has invested in Malaysia, Indonesia, Vietnam and other countries. Tasweeq has several foreign projects in hand and it is studying a lot of other projects to invest in different sectors including petrochemicals in the word market.
Ministry received USD 30 billion state support for the development of petrochemical industries in a bid to increase their products to meet the requirements of local and international market and support the country's economy.
The development of hydrocarbon sector paved the way for petrochemical industries in the country while experts predict the expansion projects of petrochemical industries would put Qatar in the top 10 countries of the world.
The expansion project of Qatar Fertilizer Company would enable the country to supply 15% of total requirements of urea in the international market, which is expected to start production in 2012. Qafco-6 would produce 6,500,000 tonnes of urea per year. However, Qafco-5 expansion project which is expected to complete this year would produce 3,600,000 tonnes of ammonia and 4,300,000 tonnes of urea per year.
The fast growing economy of the country and a perfect investment law has attracted foreign investments. The law allowed direct foreign investment in the sectors of industry, health, agriculture, mines and tourism.