New QP entity to focus on off-shore LNG portfolio
To further its goal of maintaining it position as a global LNG supplier, Qatar Petroleum has established an entity to market its future international LNG supply portfolio sourced outside of the State of Qatar.
Qatar Petroleum (QP) has revealed that it has established a company to focus specifically on its LNG portfolio outside of Qatar.
QP announced the establishment of Ocean LNG Limited on 31 October, to market its future international LNG supply portfolio sourced outside of the State of Qatar, The Peninsula reported.
This decision was driven by its goal to maintain its position as a global LNG leader, and to invest in LNG projects outside Qatar, QP said.
An Ocean LNG Limited branch office will be established in the Qatar Financial Centre (QFC) in Doha to manage and undertake the activities of the new entity
President & CEO of Qatar Petroleum, Saad Sherida Al Kaabi 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 monetising opportunities that Qatar Petroleum will be pursuing and capturing outside Qatar.”
Commenting on the occasion, he added: “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%).