Qatar Petroleum has decided to take over full ownership of the Qatargas Liquefied Natural Gas Company (QG1) on 1 January 2022.
The company noted on Tuesday it will not be renewing the QG1 joint venture upon the expiry of the relevant agreements on 31 December 2021.
Established in 1984, QG1 is QP’s joint venture with units 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.
Commenting on this decision 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. “
Al-Kaabi further thanked its partners in the project and Chubu Electric as QG1’s foundation customer and primary LNG buyer.
With a production capacity of approximately 10 million tons per annum of LNG, QG1 facilities will continue to be operated by Qatargas.