Qatar Petroleum has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited 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 percent 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.
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 utilisation 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.”
Minister Al-Kaabi concluded 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.