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Satyendra Pathak
Doha
The trade volume between Qatar and China has increased more than 50 percent to more than $5 billion in the first eight months of 2017 when compared with the same period last year, a senior official of Chinese embassy in Qatar has said.
Yang Song, Head of Economic and Commercial Counselor's Office at the Chinese Embassy in Qatar, told Qatar Tribune that the phenomenal increase in trade volume can be attributed mainly to China's purchase of more liquefied natural gas (LNG) from Qatar this year.
"The price of Qatari LNG is very competitive worldwide. Qatar is also a very reliable supplier of LNG. All these factors make Qatar an important energy trade partner for China," Song said.
Qatar is already the second largest supplier of LNG to China, the envoy said, adding that the volume of LNG imports from Qatar is expected to rise substantially in the near future as the demand for energy is growing at a rapid pace in China.
According to reports, while the Asian economic giant is busy boosting its own gas productions it has become increasingly reliant on foreign supplies following Beijing's efforts to lift LNG's share of the energy mix to 10 percent by 2020.
China's long-standing drive to increase consumption of natural gas received a shot in the arm recently after Qatar announced plans to expand its LNG exports by 30 percent.
Once Beijing's goal of supplying 10 percent of its energy mix with gas is met, the government will in all likelihood move the goal posts again, first to 15 percent and then to 20 percent, the report said.
"China's commitment to LNG is a long-term one as we are committed to using one of the cleanest forms of energies in all of our projects," the envoy said.
In such a situation, Song said, China sees Qatari LNG as a major component of its energy mix on a long-term basis.
Song said that China is also looking to increase its exports especially of building materials to Qatari market.
Qatar is developing by leaps and bounds and, is one of the fastest-growing economies in the Arab region, the envoy said, adding that China is willing to extend two-way investment and enhance trade ties on the basis of mutual cooperation between the two countries.
Aside from the energy sector, Song said, China looks to develop investment opportunities and enhance cooperation in other fields like construction, finance, and services in Qatar.
He said that many Chinese companies are looking to enter Qatari market to tap the growing demand for various products and services in the country.
"Many big companies from China are displaying their products at the ongoing 'Made in China' exhibition in Doha. This shows the growing interest of Chinese companies in Qatar," the envoy noted.
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19/11/2017
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