Qatar Petroleum to become full owner of Qatargas 1 JV


The Qatargas Liquefied Natural Gas Company has a production capacity of approximately 10 million tons per annum.


Qatar Petroleum will become the sole owner of Qatargas as of 1 January 2022, as the company will not renew the Qatargas Liquefied Natural Gas Company joint venture (QG1).


Established in 1984, QG1 is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui. QG1 was the nation's pioneering LNG project.


“The takeover by Qatar Petroleum will conclude more than 25 years of successful operations of QG1, from which the first ever Qatari LNG cargo was exported," Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said. "This is a momentous event that highlights Qatar Petroleum’s efforts to further enhance the utilization of our natural resources for the benefit of our country and its current and future generations as well as to continue serving the world’s need for cleaner energy."


He thanked the joint venture partners for their contributions over the years, and noted his optimism about the future of the company.


"This event marks the start of the next chapter in QG1’s history, which we hope and believe will be even more successful than the last chapter, and we look forward to serving our customers for the next three decades from this world-class asset," Al-Kaabi said.


With a production capacity of approximately 10 million tons per annum of LNG, QG1 facilities will continue to be operated by Qatargas on behalf of Qatar Petroleum and will play an important role in supplying LNG to the world’s markets in a safe and reliable manner.


Credit to www.oilandgasmiddleeast.com

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