Qatar Petroleum (QP) has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture upon the expiry of the relevant agreements on December 31, 2021.
Consequently, QP will become the sole owner of 100 percent of the QG1 assets and facilities on January 1, 2022.
Established in 1984, QG1 is a joint venture between QP and affiliates of Total, ExxonMobil, Marubeni and Mitsui.
QG1 was the pioneering LNG project to be developed in Qatar, whose success has paved the way for the development of Qatar’s LNG industry, leading to where it stands today.
Commenting on this announcement, His Excellency the Minister of State for Energy Affairs and the President and CEO of QP, Saad Sherida Al-Kaabi 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 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 added. 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 QP and will play an important role in supplying LNG to the world’s markets in a safe and reliable manner.