QATAR PETROLEUM WILL BECOME SOLE OWNER OF QATARGAS LNG JV IN 2022
Qatar Petroleum has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture upon the expiry of the relevant agreements on 31 December 2021. As a result, Qatar Petroleum will become the sole owner of 100% of the QG1 assets and facilities on 1 January 2022.
Established in 1984, QG1 is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui. 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.
Commenting on this announcement, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said, “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. 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.”
His Excellency Minister Al-Kaabi added, “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. Each one of them has played an instrumental role in the success of QG1. In particular, I would like to express my sincere thanks and appreciation to Total, for being a foundation shareholder from inception and for their valuable contributions throughout this journey; to ExxonMobil, for stepping in at a critical juncture of the project and leveraging their experience to help making the project a reality; and to Mitsui and Marubeni for their valuable contributions in securing anchor offtakes for the project and for their great support during the early phases. 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. Furthermore, I would also like to sincerely thank QatarGas operating company leadership and employees for their excellent work and dedication that made this company a success over the last 25 years”
His Excellency Minister Al-Kaabi concluded his remarks by saying, “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.”
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.
(Source: Qatar Petroleum – Image: Qatargas tanker/Al Monitor)