Qatar Petroleum says to become sole owner of Qatargas 1

Qatar Petroleum said Tuesday it would become the sole owner of Qatargas 1, a joint venture operating the first three liquefaction trains in the Ras Laffan complex.

The state-owned LNG giant said it would not renew the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture upon the expiry of the relevant agreements on December 31, 2021.

As a result, QP would become the owner of 100 percent of the QG1 assets and facilities on January 1, 2022, it said.

Established in 1984, QG1 is a joint venture between Qatar Petroleum and units of Total, ExxonMobil, Marubeni and Mitsui.

The first three trains each have a capacity of 3.3 million tonnes per year. QP’s unit Qatargas will continue to operate QG1 facilities.

“QG1 was the pioneering LNG project to be developed in Qatar, whose success has paved the way for the development of Qatar’s LNG industry, leading to where it stands today,” QP said.

“Momentous event”

Qatar’s energy minister and chief executive of QP, Saad Sherida Al-Kaabi, said the takeover would conclude more than 25 years of “successful” operations of QG1.

“This is a momentous event that highlights QP’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 said.

“I would like to thank our valued partners, Total, ExxonMobil, Marubeni and Mitsui for their efforts in the development and operation of QG1 over the past three decades,” Al-Kaabi said.

“Thanks, and appreciation are also due to Chubu Electric, QG1’s foundation customer, for their key role in anchoring this project as the primary LNG buyer as well as to the other Japanese buyers and, of course, the country of Japan as a whole,” he said.

QP’s unit Qatargas currently operates in total fourteen LNG trains at Ras Laffan.

Moreover, this new announcement comes just weeks after QP’s final investment decision and the contract awards for its giant LNG expansion project.

Under the North Field East project, QP will build four “mega trains” with a capacity of 8 million tonnes per year in the Ras Laffan complex.

This first phase of the expansion project will increase Qatar’s LNG production capacity from 77 to 110 mtpa. QP also plans a second phase to further boost capacity to total 126 mtpa by 2027.

- Advertisements -

Most Popular

NextDecade, Bechtel preparing Rio Grande LNG site ahead of FID

NextDecade, the US developer of the Rio Grande LNG export plant, and compatriot engineering and construction giant Bechtel are...

Gasunie working to further boost Dutch LNG import capacity

Dutch gas transmission network operator Gasunie is working to further boost the regasification capacity in the European country besides...

VesselsValue: Japan has the world’s most valuable LNG fleet

Japan owns the world’s most valuable fleet of liquefied natural gas (LNG) carriers, followed by Greece and South Korea,...

More News Like This

QatarEnergy, ConocoPhillips ink long-term LNG deal to supply Germany

State-owned QatarEnergy has signed two long-term contracts with US energy firm ConocoPhillips to supply Germany with liquefied natural gas...

Seapeak confirms order for LNG carrier quintet in South Korea

Seapeak, previously known as Teekay LNG Partners, confirmed that it had placed an order for five 174,000-cbm LNG carriers...

QatarEnergy inks huge LNG supply deal with China’s Sinopec

QatarEnergy has entered into a 27-year deal to supply LNG to China’s state-controlled energy giant Sinopec. The state-owned LNG giant...

ExxonMobil pens collaboration deal with PipeChina

A unit of US energy giant and LNG player ExxonMobil has recently signed a cooperation deal with state-owned China...