Worlds Largest LNG Company Created After Qatar Merger
Qatar Petroleum (QP) is to integrate the activities of RasGas and Qatargas operating companies under a single entity, Qatargas, which will operate all of the ventures being operated by both entities.
Saad Sherida Al-Kaabi, president and CEO of QP, made the announcement at the company’s headquarters in the presence of representatives of the main international shareholders in both companies including Exxon Mobil, Total, ConocoPhillips, and Shell, and the CEOs of Qatargas and RasGas.
The process of combining Qatargas and RasGas into a single entity, to be named Qatargas, will start immediately, with completion expected within 12 months, and will create the world’s biggest LNG company by a large margin, Qatar Petroleum’s president and CEO Saad al-Kaabi told reporters in Doha.
al-Kaabi said: “The integration aims to create a truly unique global energy operator in terms of size, service and reliability.”
He told reporters that the integration of the activities of these two energy centers of excellence means that upon completion, there will be a single expanded and enhanced operating entity, named Qatargas, that will operate all of Qatar’s LNG ventures.
“The collective resources, talents, and capabilities of two global leaders will be joined to create an even more effective and efficient organization to uphold the best interest of the State of Qatar, our customers and our shareholders,” Al-Kaabi added.
The integration process is planned to start immediately and is expected to be completed within the next 12 months.
Source: World Oil
