Qatar Petroleum will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture with Total, ExxonMobil, Marubeni and Mitsui when the agreements expire at the end of this year – and will instead become the sole owner of 100% of the QG1 assets and facilities on 1 January 2022.
The QG1 joint venture was established in 1984 and has played a major role in developing Qatar’s LNG industry.
In a statement issued today (30 March), 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.’
Al-Kaabi added: ‘I would like to thank our valued partners, Total, ExxonMobil, Marubeni and Mitsui for their efforts in the development and operation of QG1 over the past three decades. Each one of them has played an instrumental role in the success of QG1. In particular, I would like to express my sincere thanks and appreciation 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.’
Al-Kaabi concluded by saying that he hoped the ‘next chapter in QG1’s history’ will be ‘even more successful’.
With a production capacity of approximately 10 million tonnes per annum of LNG, QG1 facilities will continue to be operated by Qatargas on behalf of Qatar Petroleum.