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Oil & Gasborder

The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum (oil) is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.

Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization in its current configuration, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from as low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

Qatar yesterday unveiled a new strategy to become a world-class oil giant through optimum exploitation of oil wealth and enhanced global expansion. The move, which comes at a time when the country has already achieved the annual 77mn tonnes of liquefied natural gas production target and is also fast undertaking diversification, is consistent with the global developments that are shaping the hydrocarbon industry. Oil and gas activities in Qatar, includes exploration, production, refining, transport, and storage.