Obligation Qatara 5.25% ( XS0468534580 ) en USD

Société émettrice Qatara
Prix sur le marché 100 %  ▼ 
Pays  Qatar
Code ISIN  XS0468534580 ( en USD )
Coupon 5.25% par an ( paiement semestriel )
Echéance 20/01/2020 - Obligation échue



Prospectus brochure de l'obligation Qatar XS0468534580 en USD 5.25%, échue


Montant Minimal 100 000 USD
Montant de l'émission 2 500 000 000 USD
Description détaillée 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 Qatara ( Qatar ) , en USD, avec le code ISIN XS0468534580, paye un coupon de 5.25% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 20/01/2020







The State of Qatar
US$3,500,000,000 4.00% Bonds due 2015
Issue Price: 99.870%
US$2,500,000,000 5.25% Bonds due 2020
Issue Price: 99.758%
US$1,000,000,000 6.40% Bonds due 2040
Issue Price: 99.785%
The US$3,500,000,000 4.00% Bonds due 2015 (the "2015 Bonds"), the US$2,500,000,000 5.25% Bonds due 2020 (the
"2020 Bonds") and the US$1,000,000,000 6.40% Bonds due 2040 (the "2040 Bonds" and, together with the 2015 Bonds and the
2020 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 2015
Bond at the rate of 4.00% per annum from and including November 24, 2009 semi-annually in arrear on January 20 and July 20 in
each year until (and including) January 20, 2015 (the "2015 Maturity Date"), commencing on January 20, 2010. The State will pay
interest on each 2020 Bond at the rate of 5.25% per annum from and including November 24, 2009 semi-annually in arrear on
January 20 and July 20 in each year until (and including) January 20, 2020 (the "2020 Maturity Date"). The State will pay interest on
each 2040 Bond at the rate of 6.40% per annum from and including November 24, 2009 semi-annually in arrear on January 20 and
July 20 in each year until (and including) January 20, 2040 (the "2040 Maturity Date" and, together with the 2015 Maturity Date and
the 2020 Maturity Date, the "Maturity Dates"), commencing on January 20, 2010.
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 of Directive 2003/71/EC (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 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$100,000 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 reliance on
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 November 24, 2009 (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
Barclays Capital Goldman Sachs International Credit Suisse J.P. Morgan Qatar National Bank
Prospectus dated November 19, 2009




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
Barclays Capital, the investment banking division of Barclays Bank PLC, Credit Suisse Securities (Europe)
Limited, Goldman Sachs International, J.P. Morgan Securities Ltd. and Qatar National Bank S.A.Q.
(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, Barclays Bank 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 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
i


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 of Bondholders shall be a reference to the
2015 Bonds, the 2020 Bonds or the 2040 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.
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.
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.
ii


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 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 2009 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 financial information as of and for the six-month period ended June 30, 2009 contained in this
Prospectus are based upon financial statements 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 currently is, and since the mid-1980s has
been, pegged to the US dollar at a fixed exchange rate of 3.64 riyals per US dollar and, 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.
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 Qatar's reserves, 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 United States Securities
Exchange Act of 1934 (the "Exchange Act").
The State believes that its "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


(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, 2009. 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
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.
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.
All converted data in this Prospectus with respect to butane, propane and dry gas are estimates only
and actual volumes may differ.
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.
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 certain projects 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").
iv


Some of the market and competitive position 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 2006 and
2007 Annual Reports and the December 2008 and September 2009 Quarterly Statistical Bulletins issued
by the QCB; the 2009 Statistical Appendix issued by the US Energy Information Administration (the
"USEIA") entitled "International Energy Outlook 2009;" the report entitled "Economic Review" issued by
the Qatar National Bank dated October 2008; the CIA Factbook; and reports issued by the QSA; (ii) third-
party industry expert reports; and (iii) Qatari press reports and publications, edicts and resolutions of
Qatar. 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") 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 addition, due to deficiencies in the currency of certain data,
some information for recent years 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 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.
v


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
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
OVERVIEW OF THE STATE OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
THE ECONOMY OF QATAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28
MONETARY AND FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53
PUBLIC FINANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69
BALANCE OF PAYMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
TERMS AND CONDITIONS OF THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
79
THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
91
CLEARING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98
SUBSCRIPTION AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
101
TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
103
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
105
GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
107
vii


SUMMARY
This summary must be read as an introduction to this Prospectus and any decision to invest in the
Bonds should be based on a consideration of this Prospectus as a whole. Following the implementation of
the relevant provisions of the Prospectus Directive in each member state of the European Economic Area
(each, a "Member State"), no civil liability will attach to the State in any such Member State solely on the
basis of this summary, including any translation thereof, unless it is misleading, inaccurate or inconsistent
when read together with the other parts of this Prospectus. Where a claim relating to the information
contained in this Prospectus is brought before a court in a Member State, the plaintiff may, under the
national legislation of the Member State where the claim is brought, be required to bear the costs of
translating this Prospectus before the legal proceedings are initiated.
Overview of the Economy of Qatar
Qatar is one of the most prosperous countries in the world, with a nominal GDP per capita of QR252,328
(US$69,321) in 2008 based on Qatar's 2008 mid-year population figure of approximately 1,450,000. In
January 2009, the IMF noted that Qatar had the fastest growing economy in the Gulf Cooperation Council
(the "GCC"). Qatar's proven reserves of hydrocarbons amount to approximately 185.9 billion barrels of oil
equivalent. These hydrocarbons consist of proven reserves of approximately 892.2 tcf of natural gas,
2.7 billion barrels of crude oil and 22.6 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 USEIA to be the largest
non-associated gas field in the world, representing approximately 15% of the world's natural gas reserves in
2007. Qatar has over 100 years of proven gas reserves at projected long-term production levels.
Qatar's carefully planned exploitation of its hydrocarbon reserves has resulted in a nominal GDP
compounded annual growth rate ("CAGR") of 33.0% from 2004 to 2008. Qatar's economy achieved a
new record in 2008, with total nominal GDP of QR365,483 million (US$100,407 million), representing a growth
rate of 40.9% from 2007, although total nominal GDP declined for the six-month period ended June 30, 2009
compared to the six-month period ended June 30, 2008 reflecting the overall effects of the recent global
economic crisis and financial downturn as well as lower commodity prices. The growth in the economy has
been driven by expansion in the production of oil, liquefied natural gas ("LNG") and condensates, coupled with
increases in hydrocarbon prices, with the oil and gas sector constituting 60.8% of Qatar's total nominal GDP in
2008 and 44.8% for the six-month period ended June 30, 2009. Qatar has also been 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 28.5% between 2004 and 2008. Nominal GDP for the non-oil and gas sector reached
QR143,356 million (US$39,384 million), or 39.2% of Qatar's total nominal GDP, in 2008, and QR76,658 million
(US$21,060 million), or 55.2% of Qatar's total nominal GDP, for the six-month period ended June 30, 2009.
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 that time, Qatar has steadily increased its levels of
crude oil production, both directly and by entering into exploration and development production sharing
agreements ("PSAs") with leading international oil exploration and production companies, including
Maersk, TOTAL and Occidental Petroleum. With average crude oil production of approximately 843,943
barrels per day in 2008, Qatar is estimated by the USEIA to be the 20th largest global oil producer.
In the early 1990s, Qatar developed a multi-directional and fast-track strategy to accelerate the
commercialization of its substantial natural gas reserves. 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, according to the USEIA, with
30.3 million tons of LNG exports in 2008. Qatar's objective is to raise its annual LNG production capacity by
more than 150% to approximately 77.4 million tons per annum in 2011. 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 ExxonMobil, 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 all-in cost structure. Qatar
also has a good central geographic location for global shipping to all major gas consuming regions of the
world and, based on contractual commitments, Qatari LNG is expected to be sold globally to customers in
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