Obligation Qatar 4.5% ( US74727PAP62 ) en USD

Qatar

100 % ⇌

Qatar

US74727PAP62 ( en USD )

4.5% par an ( paiement semestriel )

19/01/2022 - Obligation échue

Prospectus brochure de l'obligation Qatar US74727PAP62 en USD 4.5%, échue

200 000 USD

2 000 000 000 USD

74727PAP6

Le Qatar est un petit État souverain de la péninsule arabique, riche en gaz naturel et connu pour sa capitale, Doha, son organisation de la Coupe du monde de football 2022 et son influence géopolitique croissante.

L'obligation Qatar (ISIN : US74727PAP62, CUSIP : 74727PAP6), émise au Qatar en USD pour un montant total de 2 000 000 000 $, avec un taux d'intérêt de 4,5 %, une taille minimale d'achat de 200 000 $ et une maturité au 19/01/2022, a été intégralement remboursée à son échéance à 100 %.

The State of Qatar
US$2,000,000,000 3.125% Bonds due 2017
Issue Price: 99.719%
US$2,000,000,000 4.500% Bonds due 2022
Issue Price: 98.951%
US$1,000,000,000 5.750% Bonds due 2042
Issue Price: 98.928%
The US$2,000,000,000 3.125% Bonds due 2017 (the "2017 Bonds"), the US$2,000,000,000 4.500% Bonds due 2022 (the "2022
Bonds") and the US$1,000,000,000 5.750% Bonds due 2042 (the "2042 Bonds" and, together with the 2017 Bonds and the 2022 Bonds,
the "Bonds") are being offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the United States
Securities Act of 1933 (the "Securities Act"). In addition, the Bonds are being offered outside the United States in reliance on Regulation S
under the Securities Act.
The State of Qatar, acting through the Ministry of Economy and Finance ("Qatar" or the "State"), will pay interest on each 2017 Bond
at the rate of 3.125% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in each year
until (and including) January 20, 2017 (the "2017 Maturity Date"), commencing on July 20, 2012. The State will pay interest on each 2022
Bond at the rate of 4.500% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in each
year until (and including) January 20, 2022 (the "2022 Maturity Date"), commencing on July 20, 2012. The State will pay interest on each
2042 Bond at the rate of 5.750% per annum from and including December 5, 2011 semi-annually in arrear on January 20 and July 20 in
each year until (and including) January 20, 2042 (the "2042 Maturity Date" and, together with the 2017 Maturity Date and the 2022
Maturity Date, the "Maturity Dates"), commencing on July 20, 2012.
Unless previously redeemed or purchased and cancelled, each series of Bonds will be redeemed at its principal amount together with
accrued interest on the Maturity Date applicable to the relevant series of Bonds. The State may redeem any series of Bonds, in whole or in
part, at any time at a redemption price equal to the greater of (a) 100% of the principal amount of the relevant series of Bonds plus accrued
and unpaid interest and (b) the relevant Make-Whole Amount (as defined in the Terms and Conditions of the Bonds).
Except as set forth herein, payments in respect of the Bonds will be made without any deduction or withholding for or on account of
taxes of Qatar or any political subdivision thereof or any authority therein or thereof having power to tax.
An investment in the Bonds involves certain risks. Prospective investors should review the factors described under "Risk
Factors" in this Prospectus.
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent
authority under the Luxembourg Act dated July 10, 2005 on prospectuses for securities to approve this document as a prospectus within
the meaning of Article 5.3 of Directive 2003/71/EC as amended by the Amendment Directive (Directive 2010/73/EU) dated December 11,
2010 (the "Prospectus Directive"). Application has been made to the Luxembourg Stock Exchange for the Bonds to be admitted to trading
on the Luxembourg Stock Exchange's regulated market and to be listed on the official list of the Luxembourg Stock Exchange. The
Luxembourg Stock Exchange's regulated market is a regulated market for purposes of Directive 2004/39/EEC. The CSSF assumes no
responsibility as to the economic and financial soundness of the Bonds and the quality or solvency of the State pursuant to provisions of
Article 7(7) of the Luxembourg Law on Prospectuses for Securities.
Qatar has been assigned a long-term credit rating of "AA" with a stable outlook by Standard & Poor's Rating Services, a subsidiary of The
McGraw-Hill Companies, Inc. ("S&P") and a long-term credit rating of "Aa2" with a stable outlook by Moody's Inc. ("Moody's"). The Bonds are
expected to be assigned the same ratings. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating organization. The credit ratings included or referred to in this prospectus (the
"Prospectus") will be treated for the purposes of Regulation (EC) No 1060/2009 on credit rating agencies (the "CRA Regulation") as having
been issued by S&P and Moody's. Each of S&P and Moody's is established in the European Union and is registered under the CRA Regulation.
The CRA registration for each of these agencies is published in the European Securities and Market Authority update list (ESMA/2011/247)
dated October 31, 2011. Any change in the rating of the Bonds may adversely affect the price that a purchaser may be willing to pay for the
Bonds.
The Bonds have not been and will not be registered under the Securities Act and are being offered and sold in the United
States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act. Prospective purchasers that are
qualified institutional buyers in the United States are hereby notified that the seller of the Bonds may be relying on the exemption
from the provisions of Section 5 of the Securities Act provided by Rule 144A. Bonds sold to purchasers in the United States are
not transferable except in accordance with the restrictions described under "Transfer Restrictions."
The Bonds will be offered and sold in registered form in denominations of US$200,000 or any amount in excess thereof which is an
integral multiple of US$1,000. Bonds which are offered and sold in transactions outside the United States in compliance with Regulation S
(the "Unrestricted Bonds") will initially be represented by beneficial interests in a global Bond for each series of Bonds (the "Unrestricted
Global Bonds"), in registered form, without interest coupons attached, which will be registered in the name of Citivic Nominees Limited as
nominee for, and shall be deposited on or about December 5, 2011 (the "Closing Date") with, Citibank Europe Plc, as common depositary
for, and in respect of interests held through, Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme
("Clearstream, Luxembourg"). Bonds which are offered and sold in the United States in reliance on Rule 144A (the "Restricted Bonds")
will initially be represented by beneficial interests in one or more global Bonds for each series of Bonds (the "Restricted Global Bonds"),
in registered form, without interest coupons attached, which will be deposited on or about the Closing Date with Citibank, N.A., as
custodian (the "Custodian") for, and registered in the name of Cede & Co. as nominee of, The Depository Trust Company ("DTC").
Interests in the Restricted Global Bonds will be subject to certain restrictions on transfer. See "The Global Bonds--Transfers." Beneficial
interests in the Unrestricted Global Bonds and the Restricted Global Bonds (together, the "Global Bonds") will be shown on, and transfers
thereof will be effected only through, records maintained by DTC, Euroclear and Clearstream, Luxembourg and their participants. Except
as described herein, individual definitive certificates for Bonds will not be issued in exchange for beneficial interests in the Global Bonds.
Joint Lead Managers
Citigroup
HSBC
J.P. Morgan
Mitsubishi UFJ Securities
QNB Capital
Standard Chartered Bank
Prospectus dated November 30, 2011

RESPONSIBILITY STATEMENT
The State accepts responsibility for the information contained in this Prospectus. To the best of the
knowledge and belief of the State (having taken all reasonable care to ensure that such is the case),
the information contained in this Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information.
To the best of the knowledge and belief of the State, the information contained in this Prospectus
is true and accurate in every material respect and is not misleading in any material respect and this
Prospectus, insofar as it concerns such matters, does not omit to state any material fact necessary to
make such information not misleading. The opinions, assumptions, intentions, projections and
forecasts expressed in this Prospectus with regard to the State are honestly held by the State, have
been reached after considering all relevant circumstances, and are based on reasonable assumptions.
IMPORTANT NOTICE
No person has been authorized to give any information or to make any representation other than
those contained in this Prospectus in connection with the offering of the Bonds and, if given or made,
such information or representations must not be relied upon as having been authorized by the State or
by any of Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities Ltd., Mitsubishi
UFJ Securities International plc, QNB Capital LLC and Standard Chartered Bank (together, the
"Managers"). Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, constitute a representation or create any implication that there has been no change in
the affairs of the State since the date hereof. This Prospectus may not be used for the purpose of an
offer to, or a solicitation by, anyone in any jurisdiction or in any circumstances in which such an offer or
solicitation is not authorized or is unlawful.
This Prospectus is not intended to provide the basis of any credit or other evaluation and should
not be considered as a recommendation by the State or by any Manager that any recipient of this
Prospectus should purchase any of the Bonds. Each investor contemplating purchasing Bonds should
make its own independent investigation of the financial condition and affairs, and its own appraisal of
the creditworthiness, of the State.
In connection with the issue of the Bonds, J.P. Morgan Securities Ltd. (the "Stabilizing
Manager") (or any person acting on behalf of it) may over-allot the Bonds or effect transactions
with a view to supporting the market price of the Bonds at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilizing Manager (or any person
acting on behalf of the Stabilizing Manager) will undertake stabilization action. Any stabilization
action may begin on or after the date on which adequate public disclosure of the terms of the
offer of the Bonds is made and, if commenced, may be discontinued at any time and must be
brought to an end no later than the earlier of 30 days after the issue date of the Bonds and 60
days after the date of the allotment of the Bonds. Such stabilizing shall be in compliance with
all applicable laws, regulations and rules.
The State is relying on an exemption from registration under the Securities Act for offers and sales of
securities that do not involve a public offering. By purchasing Bonds, each prospective investor will be
deemed to have made the acknowledgements, representations, warranties and agreements described
under "Transfer Restrictions" in this Prospectus. Each prospective investor should understand that it will
be required to bear the financial risks of its investment for an indefinite period of time.
Neither the State nor the Managers are making any representation to any prospective investor in the
Bonds regarding the legality of an investment in the Bonds by such prospective investor under any legal
investment or similar laws or regulations. The contents of this Prospectus are not to be construed as
legal, business or tax advice. Each prospective investor should consult with its own attorney, business
advisor and tax advisor for legal, business and tax advice regarding an investment in the Bonds.
The distribution of this Prospectus and the offer or sale of Bonds may be restricted by law in
certain jurisdictions. Neither the State nor the Managers represent that this Prospectus may be lawfully
distributed, or that any Bonds may be lawfully offered, in compliance with any applicable registration or
other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or
assume any responsibility for facilitating any such distribution or offering. In particular, no action has
been taken by the State (save for the approval of this Prospectus by the CSSF as a prospectus within
the meaning of Article 5 of the Prospectus Directive) or the Managers which would permit a public
offering of any Bonds or distribution of this Prospectus in any jurisdiction where action for that purpose
i

is required. Accordingly, no Bonds may be offered or sold, directly or indirectly, and neither this
Prospectus nor any advertisement or other offering material may be distributed or published in any
jurisdiction, except under circumstances that will result in compliance with any applicable securities
laws and regulations. Persons into whose possession this Prospectus or any Bonds come must inform
themselves about and observe any such restrictions. In particular, there are restrictions on the
distribution of this Prospectus and the offer or sale of Bonds in the United States. For a description of
these and certain further restrictions on offers and sales of the Bonds and distribution of this
Prospectus, see "Subscription and Sale" and "Transfer Restrictions".
The Bonds have not been registered with, recommended by or approved or disapproved by, the
United States Securities and Exchange Commission (the "SEC") or any other federal or state securities
commission in the United States nor has the SEC or any other federal or state securities commission
confirmed the accuracy or determined the adequacy of this Prospectus. Any representation to the
contrary is a criminal offense in the United States. The Bonds are subject to restrictions on
transferability and resale. See "Transfer Restrictions".
In this Prospectus, any reference to a "series" of Bonds or Bondholders shall be a reference to the
2017 Bonds, the 2022 Bonds or the 2042 Bonds or to their respective holders, as the case may be.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR
A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED
STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS
EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE
CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED
UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT
NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON
THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY
PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE,
TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
KINGDOM OF SAUDI ARABIA NOTICE
This Prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as
are permitted under the Offers of Securities Regulations issued by the Capital Market Authority of the
Kingdom of Saudi Arabia (the "CMA").
The CMA does not make any representations as to the accuracy or completeness of this
Prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in
reliance upon, any part of this Prospectus. Prospective purchasers of Bonds issued under this
Prospectus should conduct their own due diligence on the accuracy of the information relating to the
Bonds. If a prospective purchaser does not understand the contents of this Prospectus he or she
should consult an authorized financial adviser.
ENFORCEMENT OF CIVIL LIABILITIES
Qatar is a foreign sovereign state and a substantial portion of the assets of the State are located
outside the United States. As a result, it may not be possible for investors to effect service of process
within the United States upon the State or to enforce in US courts judgments or arbitral awards against
the State or to enforce in Qatari courts judgments obtained in US courts or arbitral awards obtained in
the United States, including judgments predicated upon the civil liability provisions of US federal
securities laws. It may not be possible to enforce, in original actions in Qatari courts, liabilities
predicated solely on US federal securities laws. For a discussion of possible limitations on the ability to
enforce in Qatari courts judgments obtained in US courts or arbitral awards obtained in the United
States, including judgments obtained in actions predicated upon the civil liability provisions of the
US federal securities laws, see "Risk Factors--Risks Relating to Qatar--Qatari law relating to the
enforcement of arbitral awards and foreign judgments is relatively undeveloped and investors in the
Bonds may be unable to recover in civil proceedings for US securities laws violations." These factors
create greater judicial uncertainty than would be expected in certain other jurisdictions.
ii

To the extent that the State may in any jurisdiction claim for itself or its revenues, assets or
properties which consist of its public and private properties invested in financial, commercial or
industrial activities or deposited in banks ("Sovereign Assets") immunities from suit, execution,
attachment (whether in aid of execution, before judgment or otherwise) or legal process and to the
extent that in any such jurisdiction there may be attributed to itself or its Sovereign Assets such
immunity (whether or not claimed), the State shall, in the terms and conditions of the Bonds (the
"Conditions"), agree for the benefit of the Bondholders not to claim and shall waive such immunity to
the fullest extent permitted by the laws of such jurisdiction (including, without limitation, the United
States Foreign Sovereign Immunities Act of 1976 and Decree Law No. (18) of 1996 Amending Certain
Provisions of Law No. (10) of 1987 in respect of the Public and Private Properties of the State of
Qatar). In addition, to the extent that the State or any of its Sovereign Assets shall be entitled in any
jurisdiction to any immunity from set-off, banker's liens or any similar rights or remedies, and to the
extent that there shall be attributed, in any jurisdiction, such an immunity, the State shall agree not to
claim and shall agree to waive such immunity to the fullest extent permitted by the laws of such
jurisdiction with respect to any claim, suit, action, proceeding, right or remedy arising out of or in
connection with any of the Bonds. The waiver of sovereign immunity has never been tested before a
Qatari court or any other authority in Qatar.
PRESENTATION OF FINANCIAL INFORMATION
The historical financial information relating to Qatar Petroleum ("QP") contained in this Prospectus
has been extracted from QP's historical consolidated financial statements, which are prepared in
Qatari riyals in accordance with the requirements of Decision No. (6) of 1976 (as amended) of the
Council of Ministers and the accounting policies stipulated in QP's consolidated financial statements
(the "QP Accounting Standards"). QP Accounting Standards differ from United States generally
accepted accounting principles ("US GAAP") and International Financial Reporting Standards ("IFRS"),
and such differences may be material. This Prospectus does not include a copy of QP's historical
consolidated financial statements. Neither the State nor QP has presented any reconciliation of the
financial information set out in this Prospectus to US GAAP or IFRS, nor given any information in
relation to the differences between QP Accounting Standards and US GAAP or IFRS. If information
relating to QP's results of operations or financial condition was prepared under US GAAP, IFRS or
other generally accepted accounting standards set by an acceptable financial reporting framework, the
information would materially differ. See "Risk Factors--Risks Relating to Qatar--Certain of the
financial information in respect of QP contained in this Prospectus has been extracted from QP's
historical consolidated financial statements, which are not prepared in accordance with US GAAP or
IFRS. If they were prepared in accordance with US GAAP or IFRS, the results of operations and
financial condition of QP as reflected in such financial statements would differ, and such differences
may be material. QP financial information as of or for any period in 2011 has not been audited or
reviewed by QP's auditors and, if such information was audited or reviewed, it may be subject to
adjustment or restatement." In addition, certain of QP's historical consolidated financial information
included in this Prospectus is derived from historical consolidated financial statements that were
restated following their initial publication to reflect, among other things, subsequent changes made to
QP Accounting Standards. Furthermore, discussions with respect to QP's results of operation and
financial information in respect of the six-month period ended June 30, 2011 contained in this
Prospectus are based upon management accounts that have not been audited or reviewed by QP's
auditors.
QP's consolidated financial statements are prepared in Qatari riyals. There is also included in this
Prospectus certain financial information derived from QP's historical consolidated financial statements
in US dollars for convenience only.
In this Prospectus, all references to "QR," "Qatari riyals" and "riyals" are to the lawful currency for
the time being of Qatar, and all references to "dollars," "US dollars," "$" and "US$" are to the lawful
currency for the time being of the United States of America. Translations of amounts from riyals to
US dollars in this Prospectus are solely for the convenience of the reader. The riyal has been pegged
to the US dollar since 1971. Since 1980, the peg has been effectively set at a fixed exchange rate of
3.64 riyals per US dollar and this rate was officially adopted in 2001. Accordingly, translations of
amounts from riyals to US dollars have been made at this exchange rate for all periods presented in
this Prospectus.
Certain financial information included in this Prospectus has been rounded and, as a result, the
totals of the information presented may vary slightly from the actual arithmetic totals of such
information.
iii

PRESENTATION OF CERTAIN RESERVES INFORMATION
Cautionary Note to US Investors.
The SEC permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible under existing economic and
operating conditions. Certain terms in this Prospectus are used in referring to reserves in Qatar, such
as "proven" and "expected" reserves, that the SEC's guidelines would prohibit Qatar from including in
filings with the SEC if Qatar was subject to the reporting requirements under the US Exchange Act.
The State believes that the "proven" and "expected" classifications are similar to, but do not
directly correspond with, the definitions of "proved" and "proved plus probable" reserves used by the
Society of Petroleum Engineers. Proven reserves are defined in this Prospectus as reserves that are
equal to proven ultimate recovery minus cumulative production. Proven ultimate recovery includes:
(i)
the ultimate recovery that is assigned to areas defined by wells that have been drilled and the
ultimate recovery that can be obtained from locations falling within areas defined by geological and
engineering information, provided that there is no reasonable doubt as to their productivity;
(ii) the ultimate recovery to be obtained from reservoirs which have proved to be productive by
production tests, but which are not yet developed to the stage of production; and
(iii) the ultimate recovery to be obtained from successful application of supplementary recovery
methods, based on experience gained from pilot tests or actual practices in similar reservoir
conditions.
Expected reserves are defined as reserves that are equal to expected ultimate recovery minus
cumulative production. Expected ultimate recovery is the volume of hydrocarbons which is expected to
be recoverable, based on geological and engineering information, from either tested or untested
reservoirs that have been penetrated by wells. The expected volumes are discounted by factors related
to the uncertainty of production.
Certain reserves information presented in this Prospectus is based on an annual review of
reserves compiled by the Oil and Gas Ventures Directorate within QP. As of the date of this
Prospectus, the most recent annual review of reserves was dated as of January 1, 2011. As a matter
of QP policy, proven and expected gas reserves for the North Field are presented as the same value.
The annual review of reserves has not been reviewed by an independent consultant for the purposes
of this offering. See "Risk Factors--Risks Relating to Qatar--Information on hydrocarbon reserves is
based on estimates that have not been reviewed by an independent consultant for the purposes of this
offering".
PRESENTATION OF HYDROCARBON DATA
Information relating to production, transportation and sales of processed gas is presented in
standard cubic feet. Information relating to production, transportation and sales of liquefied natural gas
("LNG") and liquefied petroleum gas ("LPG") (propane and butane) is presented in tons, a unit of
measure that reflects the mass of the relevant hydrocarbon. Information relating to the production,
transportation and sale of condensate and gas-to-liquid ("GTL") products is presented in barrels. One
barrel equals 42 U.S. gallons or 158.9873 liters.
All converted data in this Prospectus with respect to natural gas, LNG, condensates, LPGs and
dry gas are estimates only and actual volumes may differ. For information on dry gas, normal cubic
meters have been converted to standard cubic feet, with one actual cubic meter equivalent to 37.32584
standard cubic feet. This is not a straight volumetric conversion as normal cubic meters are measured
at one bar and zero degrees Centigrade, while standard cubic feet are measured at one bar and 60
degrees Fahrenheit. Propane has been converted based on 12.40 barrels per ton and normal butane
has been converted based on 10.94 barrels per ton.
Proven and expected reserves of natural gas have been converted to barrels of oil equivalent in
this Prospectus using the BP Statistical Review methodology, which converts gas to barrels of oil
equivalent on a calorific basis according to a conversion factor of one billion cubic feet of gas to
0.18 million barrels of oil equivalent.
Barrel measurements for volumes sold will vary from volumes produced and will differ between the
oil produced onshore, which is lighter and sweeter, and the oil produced offshore, which is heavier and
more sour.
iv

The information provided in this Prospectus on production capacity includes an allowance for plant
reliability, and as a result does not represent peak throughput capacity for the relevant plant or
equipment. Production capacity data is consistent with expected typical average production rates.
Volumes presented for production capacity following completion of construction are forward-looking
projections based upon engineering estimates and actual performance may vary.
References in this Prospectus to "tons" are to metric tons. One ton in this Prospectus equals
1,000 kilograms. References in this Prospectus to "mta" are to million tons per annum. References in
this Prospectus to "tpa" are to tons per annum and references to "tpd" are to tons per day. References
in this Prospectus to "mcf" are to million standard cubic feet, references to "bcf" are to billion standard
cubic feet and references to "tcf" are to trillion standard cubic feet. Certain other abbreviations used
have the meanings given to such terms in the Glossary.
PRESENTATION OF CERTAIN OTHER DATA RELATED TO QATAR
Unless otherwise stated, all annual information contained in this Prospectus, other than budgetary
information, has been prepared on the basis of calendar years. Certain figures included in this
Prospectus have been rounded and, as a result, the totals of the figures presented may vary slightly
from the actual arithmetic totals of such figures.
Statistical data and other information presented herein related to Qatar, in particular, information
presented under "Overview of the State of Qatar," "The Economy of Qatar," "Monetary and Financial
System," "Public Finance," "Indebtedness" and "Balance of Payments", is based on information made
available by governmental agencies and entities of Qatar, including the Ministry of Economy and
Finance, QP, the Qatar Central Bank (the "QCB") and the Qatar Statistics Authority (the "QSA").
Some of the data appearing in this Prospectus under "Overview of the State of Qatar," "The
Economy of Qatar," "Monetary and Financial System," "Public Finance," "Indebtedness" and "Balance
of Payments" has been obtained from: (i) sources such as the 2010 and 2011 Annual Reports issued
by the QCB; the Quarterly Statistical Bulletins dated January 2011, June 2011 and September 2011
issued by the QCB; the August 2011 Monthly Monetary Bulletin issued by the QCB; the Financial
Stability Review 2010 issued by the QCB; the Qatar Economic Outlook 2011-2012 issued by the
General Secretariat for Development Planning; the National Development Strategy 2011-2016 issued
by the General Secretariat for Development Planning; the Qatar National Vision 2030 issued by the
General Secretariat for Development Planning; the 2010 Census Report issued by the QSA; the 2009
Statistical Appendix issued by the US Energy Information Administration entitled "International Energy
Outlook 2009;" the CIA Factbook; and reports issued by the QSA; (ii) third-party industry expert
reports; (iii) Qatari press reports and publications, edicts and resolutions of Qatar; and (iv) statistics
and data available on the official QSA, QCB and Qatar Information Exchange websites. In the case of
the presented statistical information, similar statistics may be obtainable from other sources, although
the underlying assumptions and methodology, and consequently the resulting data, may vary from
source to source. The State has relied on the accuracy of such aforementioned information without
carrying out an independent verification thereof and cannot guarantee their accuracy. The State
confirms that such information has been accurately reproduced, and, as far as the State is aware and
is able to ascertain from information published by such sources, no facts have been omitted from the
information in this Prospectus that would render it inaccurate or misleading.
Prospective investors in the Bonds should review the description of the economy of Qatar and the
public finances of Qatar set forth in this Prospectus in light of the following observations. Statistics
contained in this Prospectus, including those in relation to nominal gross domestic product ("GDP"),
balance of payments, revenues and expenditure of the Government of Qatar (the "Government"),
inflation in and indebtedness of Qatar, have been obtained from, among others, the Ministry of
Economy and Finance, QP, the QCB and the QSA. Such statistics, and the component data on which
they are based, may be unreliable and may not have been compiled in the same manner as data
provided by similar sources in Western Europe and the United States. Similar statistics may be
obtainable from other sources, although the underlying assumptions, methodology and consequently
the resulting data may vary from source to source. There may also be material variances between
preliminary or estimated data set forth in this Prospectus and actual results, and between the data set
forth in this Prospectus and corresponding data previously published by or on behalf of Qatar. In
particular, measurements of GDP and exports are often revised to account for the final settlement of
hydrocarbon exports. In July 2011, the QSA restated certain historical GDP data in an attempt to more
accurately reflect the economy of Qatar. Additionally, as part of a movement to harmonize statistics
v

across the GCC, the Qatari Consumer Price Index was recalculated to use a base year of 2007 instead
of 2006. Due to deficiencies in the availability of certain data, some information for recent years,
including certain export data for 2010, is not available as of the date of this Prospectus. Consequently,
the statistical data contained in this Prospectus should be treated with caution by prospective
investors.
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This Prospectus contains forward-looking statements. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms "believes," "estimates,"
"anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other
variations or comparable terminology. These forward-looking statements include all matters that are
not historical facts. They appear in a number of places throughout this Prospectus and include
statements regarding the State's intentions, beliefs or current expectations concerning, among other
things, the State's future economic and financial position, economic strategy, budgets and the State's
plans and objectives.
By their nature, forward-looking statements involve inherent risks and uncertainties because they
relate to events and depend on circumstances that may or may not occur in the future. Each
prospective investor in the Bonds is cautioned that forward-looking statements are not guarantees of
future performance and that the State's actual economic and financial condition may differ materially
from that suggested by the forward-looking statements contained in this Prospectus. In addition, even if
Qatar's economic and financial condition is consistent with the forward-looking statements contained in
this Prospectus, these developments may not be indicative of developments in subsequent periods.
Important factors that could cause those differences include, but are not limited to:
·
adverse political, legal, economic and other conditions in Qatar or in the surrounding region;
·
any material reduction in the price of and demand for natural gas, crude oil and other
hydrocarbons;
·
declines in the volume of crude oil and liquefied natural gas exported from Qatar and a
slowdown in the rate of development of the North Field; and
·
adverse economic conditions affecting, or volatility within, Qatar's financial or real estate
sectors.
Each prospective investor in the Bonds is urged to read this Prospectus, including the sections
entitled "Risk Factors," "Overview of the State of Qatar," "The Economy of Qatar," "Monetary and
Financial System," "Public Finance," "Indebtedness" and "Balance of Payments," for a more complete
discussion of the factors that could affect the State's future economic and financial position.
Except as required by law, the State undertakes no obligation to publicly update or publicly revise
any forward-looking statement, whether as a result of new information, future events or otherwise. All
subsequent written and oral forward-looking statements attributable to the State or to persons acting
on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and
contained elsewhere in this Prospectus.
vi

TABLE OF CONTENTS
Page
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
OVERVIEW OF THE STATE OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
THE ECONOMY OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
MONETARY AND FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
PUBLIC FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75
INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
BALANCE OF PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
87
TERMS AND CONDITIONS OF THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
104
CLEARING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111
SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115
TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122
vii

OVERVIEW
The Economy of Qatar
Qatar is one of the most prosperous countries in the world, with a nominal GDP per capita of
QR270,254 (US$74,144) in 2010 based on Qatar's 2010 mid-year population figure of 1,715,010. In
January 2011, the IMF noted that Qatar is one of the fastest growing economies in the world. As of
January 2011, Qatar's proven reserves of hydrocarbons amount to approximately 181.3 billion barrels
of oil equivalent. These hydrocarbons consist of proven reserves of approximately 883.2 tcf of natural
gas, 2.3 billion barrels of crude oil and 22.1 billion barrels of condensate. Virtually all of Qatar's proven
reserves of natural gas and condensate are located in the North Field, which is estimated by the
US Energy Information Administration to be the largest non associated gas field in the world,
representing approximately 15% of the world's natural gas reserves in 2009. Qatar has over 100 years
of proven gas reserves at projected long-term production levels.
Qatar's carefully planned exploitation of its hydrocarbon reserves resulted in a nominal GDP
compounded annual growth rate ("CAGR") of 26.0% from 2004 to 2010. Qatar's economy achieved a
new record in 2010 with a total nominal GDP of QR463,489 million (US$127,158 million) representing
a growth of 30.2% in 2010 compared to 2009, and the trend has continued in 2011 with a total nominal
GDP of QR294,993 million (US$80,931 million) for the six-month period ended June 30, 2011
compared to a total nominal GDP of QR218,881 million (US$60,050 million) for the six-month period
ended June 30, 2010, representing an increase of 34.8%. The historic growth in Qatar's economy has
been driven by expansion in the production of LNG, crude oil and condensates, coupled with increases
in hydrocarbon prices, with the oil and gas sector constituting 51.7% of Qatar's total nominal GDP in
2010 and 57.8% for the six-month period ended June 30, 2011. As Qatar reaches the end of its
successful 20 year LNG development plan, LNG production is expected to plateau at a high, but
steady, level over the next few years. Future growth in gas production is expected to come from the
Barzan Project, which is a gas project under development to provide domestic pipeline gas. Qatar has
focused on diversifying its economy in recent years in an effort to reduce its historical dependence on
oil and gas revenues. The construction and real estate sectors have recently made substantial
contributions to Qatar's economic growth and significant investments have been made to increase
economic returns from, in particular, petrochemicals, financial services, infrastructure development and
tourism. As a result, nominal GDP for the non-oil and gas sector grew at a CAGR of 26.8% between
2004 and 2010, reflecting a slightly higher annual growth rate than the oil and gas sector for the same
period. Nominal GDP for the non-oil and gas sector reached QR223,744 million (US$61,468 million), or
48.3% of Qatar's total nominal GDP, in 2010, and QR124,380 million (US$34,123 million), or 42.2% of
Qatar's total nominal GDP, for the six-month period ended June 30, 2011.
Qatar Petroleum ("QP"), which is wholly owned by the State and the State's primary source of
revenues, is responsible for all phases of the oil and gas industry in Qatar. Oil was discovered in Qatar
in 1939 and crude oil production began in 1949. Since then, Qatar steadily increased its levels of crude
oil production, both directly and by entering into exploration and development production sharing
agreements with leading international oil exploration and production companies, including Maersk,
TOTAL and Occidental Petroleum. Qatar was estimated by the US Energy Information Administration
to have been the 16th largest global oil producer in the world in 2009.
In the early 1990s, Qatar developed a multi directional and fast track strategy to accelerate the
commercialization of its substantial natural gas reserves as a means to diversify and ultimately
modernize Qatar's economy. In furtherance of this strategy, Qatar has made large scale investments
across the entire value chain of LNG trains, tankers, and storage and receiving facilities. Qatar is now
the leading LNG producing country in the world with 56.4 million tons of additional LNG exports in
2010. As of December 31, 2010, Qatar reached its planned LNG production capacity of 77.5 mta,
which reflects an increase of more than 150% since 2008 due to the completion of its remaining
planned LNG trains. Via its flagship Qatargas and RasGas LNG projects, Qatar has developed its LNG
business through strategic partnerships with a number of the world's leading oil and gas companies,
including Exxon Mobil Corporation, Shell, TOTAL and ConocoPhillips. By investing across the entire
LNG value chain, Qatar now enjoys meaningful cost advantages in the gas sector due to significant
economies of scale and a low cost structure. Because most of the natural gas in the North Field is
"wet," meaning it is associated with other hydrocarbons such as condensates, Qatar's LNG projects
also produce significant quantities of condensate and natural gas liquids which contribute to the
diversification of the State's revenue sources and create downstream opportunities. Qatar also has a
1