Qatar Petroleum to solely own Qatargas 1 in 2022

- Qatargas 1 has production capacity of approximately 10 million tons of LNG per annum

Qatar's state gas company Qatar Petroleum (QP) will take full ownership of Qatargas Liquefied Natural Gas Company Limited (QG1) in 2022, QP announced in a statement on Tuesday.

QG1 is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui.

QP said it would not renew agreements with the companies when they expire on Dec. 31, 2021.

QP's move to consolidate control over QG1 comes as it pushes ahead with a $29 billion expansion of its LNG production, which is set to raise its liquefaction capacity by 2027. The company took a final investment decision on the project in February but is still seeking foreign partners to share costs and risks.

The takeover by QP will conclude more than 25 years of successful operations of QG1, from which the first-ever Qatari LNG cargo was exported, the Minister of State for Energy Affairs and President and CEO of Qatar Petroleum, Saad Sherida Al-Kaabi, was quoted as saying in the statement.

He emphasized QP's efforts to further enhance the utilization of natural resources for the benefit of future generations as well as to continue serving the world's need for cleaner energy.

QG1, established in 1984, has a production capacity of approximately 10 million tons of LNG per annum.

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.

By Busranur Begcecanli

Anadolu Agency

energy@aa.com.tr