Qatar plans to increase its current production of petrochemicals to more than double to strengthen its foothold in the industry, Al Shorfa magazine reported.

"The Qatari government realised the importance of this industry and its high yield in hard currency, so it expanded it," Qatari businessman Ahmed Hussein al-Khalaf told Al-Shorfa.

"Construction is currently under way on the two largest petrochemical projects in the Gulf region," he said.

The government remains the largest shareholder in petrochemical investments due to the high cost of these projects, he added.