Qatargas has signed a memorandum of understanding with Shell and Danish petroleum transportation conglomerate Maersk, the Qatari LNG producer said in a press release today.

Qatar to run deficit

DOHA, June 13, 2016 – Qatar will post its first fiscal deficit in 15 years in 2016, a report the Ministry of Development Planning and Statistics released over the weekend revealed, as low oil and gas prices continue to put a strain on the country’s budget.

The government assumes a deficit of 7.8% of GDP for this year, up from 4.8% predicted at the start of 2016. For 2017, the country is expected to run a deficit of 7.9% of GDP. Pressure on the government’s revenue is forecast to ease the year after, with the report assuming a deficit of 4.2% of GDP for 2018.

While Qatar is expected to maintain economic growth over the next three years, the report warned that additional austerity measures would be needed in 2016 if the government is to meet its projections.

For more news and features on Qatar, click here.

Read our latest insights on: