Fitch Ratings affirmed Qatar ‘AA’ status with a stable outlook, reflecting its confidence, strength and resilience in its economy. The global credit agency projected Qatar’s finances will be driven by gas exports and additional production from North Field expansion. It expects growth rates to move into double digits by 2028 following a significant surge in production capacity from 2027.
Fitch Predicts State Budget To Record Surplus In 2027
Fitch projected that the state budget will achieve a surplus by 2027 and will expand further the following year. These predictions are supported by the banking sector`s stability and the launch of the Golden Pass LNG facility in America. The agency emphasised that Qatar boasts one of the world`s highest per capita income levels alongside substantial sovereign assets. Accordingly, it forecasted that the States net sovereign foreign assets will reach approximately 254% of GDP by year end 2026. The country remains a net external creditor, backed by a high global governance score and a 20 year track record without debt restructuring.
Qatar Energy Projects Home And Abroad Coming On Line
Qatar Energy is currently executing the first phase of the country’s LNG expansion plan. Accordingly, its North Field East project is expected to increase current LNG production capacity from 77 million tons per annum (mtpa) to 110 mtpa. Meanwhile, the second phase is the North Field South project, predicted to increase capacity from 110 mtpa to 126 mtpa.
The Golden Pass LNG project is a joint venture between Qatar Energy and ExxonMobil. It achieved a major milestone in its production/export facilities with its first LNG production from the first of three trains. As a result, the new development will produce a total capacity of 18 million tons per annum.
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