Qatar's two largest liquefied natural gas (LNG) producers, RasGas and Qatargas, will merge into one company to operate both firms' ventures as a single entity, Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum announced Sunday, according to the company's statement.
"The integration aims to create a truly unique global energy operator in terms of size, service and reliability," Al-Kaabi said adding that "we will merge the distinctive resources and capabilities of Qatargas and RasGas to create even higher value for our stakeholders, and enhance our competitive position."
The integration process is planned to start immediately and is expected to be completed within the next 12 months.
He said that once the merger process is finalized, a single expanded and enhanced operating company, called Qatargas, will operate all of Qatar's LNG ventures.
"The collective resources, talents, and capabilities of the 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 said.
Qatargas is the largest LNG producing company in the world, with an annual LNG production capacity of 42 million tons per year, according to the company.
Qatar Petroleum, French Total, ExxonMobil, Shell, ConocoPhillips, and Japanese companies Mitsui, Marubeni, Idemitsu Kosan Co., and Cosmo Oil Co. are shareholders in the Qatargas company.
By Huseyin Erdogan
Anadolu Agency
huseyin.erdogan@aa.com.tr