Qatar Petroleum (QP) has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture (JV) upon the expiry of the relevant agreements on 31 December 2021. As a result, QP will become the sole owner of 100% of the QG1 assets and facilities on 1 January 2022.
QG1 was established in 1984 and is a joint venture between QP and affiliates of Total, ExxonMobil, Marubeni and Mitsui. A pioneering LNG project in Qatar, its success has paved the way for the development of the country’s LNG industry.
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.
HE Saad Sherida Al Kaabi, Minister of State for Energy Affairs, and the President and CEO of Qatar Petroleum
HE Al Kaabi expressed his thanks to the JV partners for their participation in the development and operation of QG1: ‘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 24 years.’
HE Al Kaabi noted that the change to direct ownership by QP marks the start of the next chapter in QG1’s history – and Qatar’s bold LNG development plans. QG1 facilities will continue to be operated by Qatargas on behalf of QP, producing approximately 10 mn tons per annum of LNG.
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