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Qatar can weather boycott

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Reuters are reporting that, according to the CEO of Qatar Petroleum, Qatar can stay under a blockade indefinitely as it is well prepared and its oil and gas industries will not be affected.

The UAE, which along with Saudi Arabia, Egypt and Bahrain have taken measures to isolate Qatar, said the sanctions could last for years unless Doha accepted demands that the Arab powers plan to reveal in coming days.

Shipping lines normally transship cargoes from Jebel Ali to Qatar, which relies heavily on imports by sea and land. However, after the boycott was announced, Qatar secured deals with suppliers to ship directly to it instead of via Jebel Ali.

According to the Qatar Petroleum CEO, Qatar was still importing whatever it needed despite the boycott, and investors had full confidence in the country, with foreign investments in Qatari oil and gas industries having reached US$66.67 billion.

Earlier this year, Qatar lifted a self-imposed ban on development of the world's biggest natural gas field, shared with Iran, in a move to see off an expected rise in competition.

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