The Qatari government has turned to international banks to explore refinancing more than $ 10 billion in debt that will be completed next year. Officials at the Treasury Department are in early talks with international banks for a possible syndicated loan or bond sale, according to Bloomberg.
The government may decide to refinance part of the debt or even abandon the plan as the country has financial flexibility. A Qatari Ministry of Finance spokesman said the government had no immediate plans to refinance the debt. The ministry “is always in talks with banks to assess market conditions for possible debt issuance as part of our normal exercise of responsibility and fiscal management,” the spokesman added. Qatar, one of the world’s largest exporters of liquefied natural gas, has about $ 11 billion in debt owed in 2023, according to data compiled by Bloomberg.
Volume of syndicated loans in the Gulf region jumped to a record $ 113.5 billion in 2021, according to data compiled by Bloomberg, as sovereign and corporate issuers began a fundraising spree to take advantage of lightweight conditions. financing and free liquidity.
The Qatari government expects its fiscal deficit to reach 8.3 billion rials ($ 2.3 billion) this year at an assumed oil price averaging $ 55 a barrel. A recent flow of profits has pushed crude oil above $ 90 a barrel for the first time since 2014.
The Gulf country expects gas, a cleaner fuel than oil or coal, to remain crucial to the global economy for decades. It is spending nearly $ 30 billion to increase its LNG production capacity by about 50% over the next six years.
Qatar is also planning to issue its first green bond this year with the aim of entering a booming global market for sustainable debt. It is investing billions in clean energy in an effort to move from being one of the leading carbon emitters globally on a per capita basis.
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