ExxonMobil to invest $16 bn in Qatar in 5 yrs

ExxonMobil Qatar's investments in Qatar might exceed $16 billion over the next five years, compared to a world total of $37 billion, a senior company official has said.

At a round table meeting held by the company to review world energy expectations until 2030, Saleh Bin Saad Al Mana, the Vice-President of Government and Public Affairs at ExxonMobil, Qatar, said the company will invest some 217 million Qatari riyals in the Qatar Science and Technology Park by 2014.

According to a report released on the same occasion, steady population growth in the world will lead to an increase in energy demand by 35% in 2030, compared to 2005, Qatar's official news agency said.

The report said the rising use of natural gas and other sources of low-intensity carbon supplies, besides energy conservation methods, will curb the environmental impact of the increase in energy demand.

The report expected a shift toward the use of natural gas, with governments and companies looking for reliable, cheaper and cleaner sources to meet energy needs.

By 2030, the world's demand for electricity will increase by more than 30% compared with 2005.

In West Asia, demand for electricity in 2030 is expected to rise by more than 150% from 2005 levels, the report said.

It also noted that the world's demand for natural gas will increase by 70% in 2030, compared to 2005.