Qatar plans to invest a total of $70 billion in the country's energy sector from 2005 to 2010 as the Gulf emirate moves to diversify its energy-based economy, Qatar's Economy Minister Sheikh Mohammed Ahmed Al Thani said.

"We have a five-year plan with $70-bil set aside for the energy sector," Sheikh Mohammed said.
The energy allocation is part of a broader plan to invest some $110 billion in infrastructure and other industrial sectors.
Sheikh Mohammed said the energy investment would target liquid natural gas, natural gas-to-liquids and petrochemical projects.
"The investment will go to projects you have already heard of or new ones," Sheikh Mohammed said adding 50 per cent of the non-energy-investment would go to expanding the country's infrastructure.
Oil minister Abdullah bin Hamad Al Attiyah also said the $70 billion would be allocated to liquefaction of gas and gas-to-liquids projects and would cover the cost of drilling gas wells and purchasing super tankers.
Other projects include several terminals that would turn liquefied gas into dry gas and supply it to consuming nations, Attiyah said.
The country's investment plans hinges mainly on high crude prices, strong GDP growth and government planning, Sheikh Mohammed said.
In 2004, the country's economy grew by 20.5 per cent, while first quarter 2005 economic growth was eight per cent, Sheikh Mohammed said.
"This did not happen accidentally," he said. "It has been the government's plan."
Major oil producers in the Middle East have benefitted from strong crude prices, witnessing growth in current accounts and budget surpluses.
Qatar's budget position is also expected to benefit from crude prices, which have traded to all time highs through 2005.
Reflecting the rising crude prices, Qatar is basing its 2005 budget on a crude price of $25-26 per barrel, Sheikh Mohammed said.