Qatar will invest $2 billion in new oil and gas fields, and it will build a new natural gas pipeline, according to an announcement by the country’s Ministry of Petroleum and Natural Gas.
The new investments are part of a new, $8 billion investment plan that the Qatari government has been pushing for years.
Qatari Prime Minister Sheikh Hamad bin Khalifa Al Thani has been a vocal advocate of investing in Oman, a small nation on the Arabian Peninsula that hosts the U.S. naval base at Al Udeid Air Base.
The move could also be seen as a strategic move in light of recent geopolitical events, like the current standoff in Syria between the U,S.
and Iran, and tensions between the UAE and Saudi Arabia.
The UAE and the U .
S. have been at odds over how to deal with the Iranian-backed Shiite Houthi rebels in Yemen, which has triggered a major humanitarian crisis and pushed the two countries to trade diplomatic blows.
The announcement said the new investment would support new infrastructure projects and new fields, including the production of gas, oil and minerals.
The ministry said the investment in Oman would be a $4.4 trillion boost to the economy of the Gulf state.
Oman’s oil production in 2017 was about 6 million barrels a day.
It’s the fourth-largest producer in the Gulf region.
Oman is a member of the Saudi-led Arab Gulf Cooperation Council and the Omani Petroleum Corporation.
The Qatari investment comes as a new pipeline between the country and Qatar runs under the Arabian Sea, a project that’s been delayed by political disputes and political instability.