OPEC is warming up to the idea of clean energy.
At the World Petroleum Congress, which began Monday and will last for the next week, OPEC members have acknowledged that global warming is a growing problem, oil is in danger of eventually drying up, and renewable projects are in the future.
CNN reports the sentiments of Sheikh Hamad bin Khalifa Al Thani, the representative from Qatar:
“Increasing climate effects are an unquestionable reality. Developing clean and renewable resources is a goal fully supported by oil and gas exporters.”
Nations have agreed to increase oil production while also beginning to build up solar projects. This form of energy has yet to really take off in the Middle East, but it’s beginning to move forward.
And Qatar is moving ahead in energy investments. The nation’s oil company Qatar Petroleum International is teaming up with the British Centrica PLC (LON: CNA) to expand energy investments.
Earlier this year, the companies had signed an agreement allowing Centrica access to QPI’s gas, reports Boston.com.
Now they want to help QPI grow as a global energy power by investing in energy projects. The investment amount has not yet been released.
The two are looking mainly to invest in oil and gas projects including projects involving liquefied natural gas.
Qatar Petroleum also signed a deal with Royal Dutch Shell (NYSE: RDS.A) to expand oil and gas relations.
Qatar has received at least $20 billion in investments from Shell, Bloomberg reports, so that the companies can work together to produce fuel from the oil and gas that is extracted.
According to Boston.com, the two will also build a petrochemicals complex that they aim to complete by 2017.
The construction will cost approximately $6.5 billion, the article reports, and it will be aimed at converting gas from Qatar into petrochemicals. The product will be targeted toward Asian nations.
Centrica was down .17% on Monday to $295.80, and Royal Dutch Shell was up 1.95% to $70.96.
That’s all for now,