Obligation Qatar 2.375% ( XS1405781698 ) en USD

Qatar

100 % ▼

Qatar

XS1405781698 ( en USD )

2.375% par an ( paiement semestriel )

01/06/2021 - Obligation échue

Prospectus brochure de l'obligation Qatar XS1405781698 en USD 2.375%, échue

200 000 USD

3 500 000 000 USD

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 émise par Qatar ( Qatar ) , en USD, avec le code ISIN XS1405781698, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/06/2021

The State of Qatar
U.S.$3,500,000,000 2.375% Bonds due 2021
Issue Price: 98.924%
U.S.$3,500,000,000 3.250% Bonds due 2026
Issue Price: 98.963%
U.S.$2,000,000,000 4.625% Bonds due 2046
Issue Price: 97.606%
The U.S.$3,500,000,000 2.375% Bonds due 2021 (the "2021 Bonds"), the U.S.$3,500,000,000 3.250% Bonds due 2026 (the
"2026 Bonds") and the U.S.$2,000,000,000 4.625% Bonds due 2046 (the "2046 Bonds" and, together with the 2021 Bonds and the
2026 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 Finance ("Qatar" or the "State"), will pay interest on each 2021 Bond at the
rate of 2.375% per annum from and including June 2, 2016 semi-annually in arrear on June 2 and December 2 in each year until
(and including) June 2, 2021 (the "2021 Maturity Date"), commencing on December 2, 2016. The State will pay interest on each
2026 Bond at the rate of 3.250% per annum from and including June 2, 2016 semi-annually in arrear on June 2 and December 2 in
each year until (and including) June 2, 2026 (the "2026 Maturity Date") commencing on December 2, 2016. The State will pay
interest on each 2046 Bond at the rate of 4.625% per annum from and including June 2, 2016 semi-annually in arrear on June 2
and December 2 in each year until (and including) June 2, 2046 (the "2046 Maturity Date" and, together with the 2021 Maturity
Date and the 2026 Maturity Date, the "Maturity Dates"), commencing on December 2, 2016.
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, including by Directive 2010/73/EU (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 S&P Global Ratings, a division of S&P
Global Inc. ("S&P"), with such credit being most recently affirmed on March 4, 2016 with a stable outlook, of "AA" by Fitch Ratings,
Ltd. ("Fitch"), in its inaugural rating on March 6, 2015, with such credit rating being most recently affirmed on March 31, 2016 with
a stable outlook and of "Aa2" by Moody's Investors Service, Inc., a subsidiary of Moody's Corporation ("Moody's"), with such
credit rating being most recently affirmed on May 14, 2016 with a negative outlook.
It is expected that the Bonds will be rated "AA" by S&P, "AA" by Fitch and "Aa2" by Moody's. 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, Fitch and
Moody's. Each of S&P, Fitch and Moody's is established in the European Union and is registered under the CRA Regulation. Each
of these agencies is included in the list of credit rating agencies published by the European Securities and Markets Authority on its
website (http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. 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 U.S.$200,000 or any amount in excess thereof
which is an integral multiple of U.S.$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 BT Globenet Nominees Limited as nominee for, and shall be deposited on or about June 2, 2016 (the
"Closing Date") with, a common depositary for, and in respect of interests held through, Euroclear Bank SA/NV ("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 Deutsche Bank Trust Company Americas, 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 Global Coordinators and Joint Lead Managers
HSBC
J.P. Morgan
MUFG
QNB Capital
Joint Lead Managers
al khaliji
Barclays
BofA Merrill Lynch
Deutsche Bank
Mizuho Securities
SMBC Nikko
Prospectus dated May 31, 2016

TABLE OF CONTENTS
Page
RESPONSIBILITY STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ii
IMPORTANT NOTICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ii
NOTICE TO QATARI RESIDENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iii
NOTICE TO KINGDOM OF BAHRAIN RESIDENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iii
NOTICE TO KINGDOM OF SAUDI ARABIA RESIDENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iii
ENFORCEMENT OF CIVIL LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iv
PRESENTATION OF FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iv
PRESENTATION OF CERTAIN RESERVES INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
v
PRESENTATION OF HYDROCARBON DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vi
PRESENTATION OF CERTAIN OTHER DATA RELATED TO QATAR . . . . . . . . . . . . . . . . . . . . .
vi
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . .
vii
OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
OVERVIEW OF THE STATE OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
THE ECONOMY OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39
MONETARY AND FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
PUBLIC FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
82
INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
89
BALANCE OF PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
TERMS AND CONDITIONS OF THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100
THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
122
CLEARING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
133
TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
138
i

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 Al Khalij Commercial Bank (al khaliji) P.Q.S.C., Barclays Bank PLC, Deutsche Bank AG,
London Branch, HSBC Bank plc, J.P. Morgan Securities plc, Merrill Lynch International, Mitsubishi UFJ
Securities International plc, Mizuho Securities USA Inc., QNB Capital LLC and SMBC Nikko Capital
Markets Limited (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 plc (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
ii

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
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
2021 Bonds, the 2026 Bonds or the 2046 Bonds or to their respective holders, as the case may be.
NOTICE TO QATARI RESIDENTS
This Prospectus does not and is not intended to constitute an offer, sale or delivery of the Bonds
under the laws of the State of Qatar and has not been and will not be reviewed or approved by or
registered with the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority
or the Qatar Central Bank. The Bonds are not and will not be traded on the Qatar Exchange.
NOTICE TO KINGDOM OF BAHRAIN RESIDENTS
In relation to investors in the Kingdom of Bahrain, Bonds issued in connection with this Prospectus
and related offering documents may only be offered in registered form to existing account holders and
accredited investors as defined by the Central Bank of Bahrain (the "CBB") in the Kingdom of Bahrain
where such investors make a minimum investment of at least U.S.$100,000 or any equivalent amount
in other currency or such other amount as the CBB may determine.
This Prospectus does not constitute an offer of securities in the Kingdom of Bahrain in terms of
Article (81) of the Central Bank and Financial Institutions Law 2006 (decree Law No. (64) of 2006).
This Prospectus and related offering documents have not been and will not be registered as a
prospectus with the CBB. Accordingly, no Bonds may be offered, sold or made the subject of an
invitation for subscription or purchase, nor will this Prospectus or any other related document or
material be used in connection with any offer, sale or invitation to subscribe for or purchase securities,
whether directly or indirectly, to persons in the Kingdom of Bahrain, other than to accredited investors
for an offer outside the Kingdom of Bahrain.
The CBB has not reviewed, approved or registered this Prospectus or related offering documents
and it has not in any way considered the merits of the securities to be offered for investment, whether
inside or outside the Kingdom of Bahrain. Therefore, the CBB assumes no responsibility for the
accuracy and completeness of the statements and information contained in this Prospectus and
expressly disclaims any liability whatsoever for any loss howsoever arising from reliance upon the
whole or any part of the content of this Prospectus. No offer of securities will be made to the public in
the Kingdom of Bahrain and this Prospectus must be read by the addressee only and must not be
issued, passed to, or made available to the public generally.
NOTICE TO KINGDOM OF SAUDI ARABIA RESIDENTS
No offering, whether directly or indirectly, will be made to an investor in the Kingdom of Saudi
Arabia unless such offering is in accordance with the applicable laws of the Kingdom of Saudi Arabia
and the rules and regulations of the Capital Market Authority of the Kingdom of Saudi Arabia (the
"Capital Market Authority"), including the Capital Market Law of the Kingdom of Saudi Arabia. The
Bonds will not be marketed or sold in the Kingdom of Saudi Arabia by the Managers or the State.
iii

This Prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as
are permitted under the Office of Securities Regulation issued by the Capital Market Authority. The
Capital Market Authority does not make any representation 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 the Bonds offered hereby should
conduct their own due diligence on the accuracy of the information relating to the Bonds. If you do not
understand the contents of this Prospectus, you 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 United States
federal securities laws. It may not be possible to enforce, in original actions in Qatari courts, liabilities
predicated solely on United States 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 United States 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.
In addition, the Bonds provide that any dispute relating to the Bonds may be brought in any New York
State or Federal court sitting in Manhattan, New York, or, at the sole option of any Bondholder, may be
resolved by arbitration in accordance with the UNCITRAL Rules. The right to litigate a dispute before
any such court may be waived or otherwise made unavailable to Bondholders if an action has already
been commenced by arbitration.
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: (i) Emiri Decree No. (10) of 1974 (as amended by
Law No. (5) of 2012; (ii) Decision No. (6) of 1976 (as amended) of the Council of Ministers; (iii) the QP
Chairman Resolution No. (17) of 2013 related to accounting policies (the "Resolution"); and (iv) the
accounting policies stipulated in QP's consolidated financial statements (the "QP Accounting
Standards"). The Resolution introduced a new basis of accounting which has been applied for each of
QP's financial statements since 2013. The audit was conducted in accordance with the International
Standards on Auditing and such standards require auditors to comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance whether consolidated financial statements
are free from material misstatements.
iv

The 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 the
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'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 U.S. 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", "U.S. dollars", "$" and "U.S.$" are to the lawful
currency for the time being of the United States of America. Translations of amounts from riyals to
U.S. dollars in this Prospectus are solely for the convenience of the reader. The riyal has been pegged
to the U.S. dollar since 1971. Since 1980, the peg has been effectively set at a fixed exchange rate of
3.64 riyals per U.S. dollar and this rate was officially adopted in 2001. Accordingly, translations of
amounts from riyals to U.S. 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.
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,
which 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 QP. As of the date of this Prospectus, the most recent annual review of reserves
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was dated as of December 31, 2015. In addition, QP also reviews its reserves classification from time
to time. 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 (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, condensate, liquefied
petroleum gas 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.
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, with one ton being equal to
1,000 kilograms. References in this Prospectus to "kta" are to kilotons per annum. 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.
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 Finance, QP, the
Qatar Central Bank (the "QCB") and the Ministry of Development Planning and Statistics.
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 2012, 2013 and 2014 Annual Reports
issued by the QCB; the Quarterly Statistical Bulletin as at March 2016 issued by the QCB; the
Financial Stability Review 2014 issued by the QCB; the Qatar Economic Outlook 2014-2015 and the
Qatar Economic Outlook 2015-2017, each issued by the Ministry of Development Planning and
Statistics; the National Development Strategy 2011-2016; the Qatar National Vision 2030; the 2015
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Census Report issued by the Ministry of Development Planning and Statistics; (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 Ministry of Development Planning and Statistics, the
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
Finance, QP, the QCB and the Ministry of Development Planning and Statistics. 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. Additionally, as of January 2015, the Qatari Consumer
Price Index was recalculated to use a base year of 2013 instead of 2007.
In June 2015, the base year for national accounts changed from 2004 to 2013 constant prices.
The rebasing exercise follows international standards for national income accounting, which
recommends that countries update the national accounts price weights, particularly during times of
rapid economic growth and relative price changes. The change in base-year prices affects not only the
sector profile of output when measured in constant prices but also constant price GDP growth and its
components. Changes in the structure of relative prices between 2004 and 2013 have led to large
adjustments in the price weights used to aggregate across output components. In Qatar, the price of
hydrocarbon output relative to the price of non-hydrocarbon goods and services is of particular
relevance. In 2004, hydrocarbon prices were far lower than the price of non-hydrocarbon goods and
services compared with the same price configuration in 2013. Accordingly, application of 2013 prices in
aggregating across sector output gives greater weight to hydrocarbon activity than would application of
2004 prices. Equally, the use of 2013 prices attaches less weight to non-hydrocarbon activity,
therefore, measured in 2013 prices, a higher share of hydrocarbon activity in total GDP is expected
than if measured in 2004 prices. As a result of 2013 prices giving greater weight to hydrocarbon
activity, GDP is impacted because the faster growing non-hydrocarbon part of the economy is
weighted less.
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:
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·
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.
viii