Qatar Petroleum’s new trading unit wins Singapore LNG deal

Qatar Petroleum’s newly-established LNG trading unit has secured a long-term deal to supply chilled fuel to Singapore’s Pavilion Energy.

QP Trading and Pavilion Energy Trading & Supply signed the deal on Monday during a virtual ceremony.

Under the agreement, QP Trading will deliver up to 1.8 million tons of LNG per annum for 10 years to Singapore.

Additionally, each cargo delivered to Singapore under this deal will come with a statement of greenhouse gas emissions from wellhead to discharge port.

Pavilion Energy expects this methodology to become standardised as a common industry framework via a statement of GHG emissions, paving the way towards more environmentally responsible and sustainable natural gas strategies.

Qatar’s energy minister and chief executive of QP, Saad Sherida Al-Kaabi, said this deal represents the first long-term LNG arrangement containing specific environmental criteria and requirements designed to ultimately reduce the carbon footprint of the LNG supplies.

“Qatar Petroleum is already implementing a series of projects and initiatives to reduce emissions and to capture and sequester more than 5 million tons of CO2 per annum by 2025, placing us firmly on the road to become a leader in the de-carbonization of the LNG value chain,” Al-Kaabi said.

The deal also marks the start of operation of QP Trading, that aims to build a globally diversified portfolio of third party and equity LNG, according to QP.

In addition, QP Trading will manage the price risk exposure of its portfolio through physical and derivatives trading.

Most Popular

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

Bangladesh receives boost from World Bank to buy LNG supplies

The World Bank has approved a project aimed at helping Bangladesh's state-owned company Petrobangla to secure liquefied natural gas (LNG) supplies.

Kimmeridge’s Commonwealth LNG gets FERC approval

Kimmeridge's Commonwealth LNG has received the Federal Energy Regulatory Commission’s final order upholding authorization for its planned 9.5 mtpa LNG export project near Cameron, Louisiana.

More News Like This

Golden Pass LNG construction continues to advance

Energy giants QatarEnergy and ExxonMobil, along with their contractors, continue to advance construction on their massive Golden Pass LNG export facility in Texas.

Singapore LNG bunkering volumes down in May

Singapore’s monthly LNG bunkering sales decreased 7.7 percent in May compared to the same month last year, but were higher compared to the month before, according to Singapore’s Maritime and Port Authority.

QatarEnergy eyes major LNG trading expansion

State-owned LNG giant QatarEnergy aims to increase trading of non-Qatari physical LNG volumes to 30 to 40 million tons by 2030, according to Qatar’s energy minister and chief executive of QatarEneergy, Saad Sherida Al-Kaabi.

China’s Hudong-Zhonghua delivers its 50th LNG carrier

Chinese shipbuilder Hudong-Zhonghua has delivered its 50th liquefied natural gas (LNG) carrier.