Qatar Petroleum (QP) has set up a company to market its future international LNG supply portfolio sourced outside of the State of Qatar, a QP press release said.
QP said that the decision to establish Ocean LNG Limited, a marketing entity to manage its future LNG supply portfolio sourced outside of Qatar, was driven by its aspirations to continue to be a global LNG leader and to invest in LNG projects outside Qatar.
A branch office of Ocean LNG Limited will be established at the Qatar Financial Centre (QFC) in Doha to manage and undertake the activities of Ocean LNG, reinforcing Doha’s position as the world’s LNG capital.
Saad Sherida Al-Kaabi, President & CEO of Qatar Petroleum, said, “QP aspires to be one of the leading energy companies in the world, and LNG forms one of the cornerstones of these aspirations. As such, it is crucial for us to establish a global LNG marketing arm that will be instrumental in monetizing opportunities that Qatar Petroleum will be pursuing and capturing outside Qatar.
“Qatar Petroleum’s position as a global LNG leader has and will continue to face challenges, but our perseverance and proven track record of success are a true testament to our ability to adapt to an ever changing industry landscape while maintaining our leadership position and our core values and commitment towards our customers. We will pursue market development opportunities in emerging and new markets and will establish LNG’s full potential, leveraging on our strengths and expertise and our understanding of the LNG market.”
Ocean LNG Limited is a joint venture company owned by a QP affiliate (70%) and an ExxonMobil affiliate (30%).
Agreement with Pakistan
Qatar Petroleum’s activities include the entire spectrum of the oil and gas value chain locally, regionally and internationally, and the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminium.
Meanwhile, Qatargas and Pakistan-based Global Energy Infrastructure Limited (GEIL) recently signed a 20-year LNG sale and purchase agreement in Islamabad.
Under the terms of the agreement, Qatargas will supply 1.3 million tonnes per annum of LNG to Pakistan for 20 years, with provisions allowing the volume to increase to 2.3 million tonnes per annum. The LNG will be supplied from Qatargas 2, the world’s first fully integrated LNG value chain venture, with the first cargo expected to be delivered to Pakistan in 2018 by Qatargas-chartered Q-Flex vessels.
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