LNG pair Qatargas and RasGas to merge
13 Dec 2016 15:45 GMT
|Qatar's two leading LNG companies are to merge under a single entity.|
| Qatar Petroleum has confirmed its intention to integrate the activities of liquefied natural gas (LNG) giants Qatargas and RasGas under a single entity - Qatargas.|
Announcing the news in a press conference on 11th December, Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said: Al-Kaabi said: "The integration aims to create a truly unique global energy operator in terms of size, service and reliability. We will merge the distinctive resources and capabilities of Qatargas and RasGas to create even higher value for our stakeholders, and enhance our competitive position."
"The collective resources, talents, and capabilities of two global leaders will be joined to create an even more effective and efficient organization to uphold the best interest of the State of Qatar, our customers, and our shareholders," Qatar Petroleum's CEO added.
Al-Kaabi stressed that Qatar Petroleum's aim was "to become one of the best national oil companies in the world".
Qatargas is the world's largest LNG company, whilst RasGas is Qatar's second-biggest LNG producer. The integration process is planned to start immediately and is expected to be completed within the next 12 months.
Earlier this year, in April, Bunker Index reported that
Qatargas had signed a memorandum of understanding (MoU) with Shell and United Arab Shipping Company (UASC). The MoU envisages LNG supplies for this initiative to be made available from Qatargas 4, a joint venture between Qatar Petroleum and Shell Gas B.V., with United Arab Shipping Company Line potentially using the fuel for its recently built container ships.
A similar agreement was signed in February between Qatargas, Shell and Maersk.