Qatar Petroleum (QP) announced yesterday the establishment of Ocean LNG Limited, for the purpose of marketing its future international LNG supply portfolio sourced outside of the State of Qatar.
The decision to establish a marketing entity to manage its future LNG supply portfolio sourced outside of Qatar was driven by its aspirations to continue to be a global LNG leader, and to invest in LNG projects outside Qatar, QP said.
A branch office of Ocean LNG Limited will be established in the Qatar Financial Centre (QFC) in Doha to manage and undertake the activities of Ocean LNG, reinforcing Doha’s position as the world’s LNG capital.
Saad Sherida Al Kaabi (pictured), President & CEO of Qatar Petroleum said “QP aspires to be one of the leading energy companies in the world, and LNG forms one of the cornerstones of these aspirations. As such, it is crucial for us to establish a global LNG marketing arm that will be instrumental in monetising opportunities that Qatar Petroleum will be pursuing and capturing outside Qatar.”
Commenting on the occasion, Al Kaabi added: “Qatar Petroleum’s position as a global LNG leader has and will continue to face challenges, but our perseverance and proven track record of success are a true testament to our ability to adapt to an ever changing industry landscape while maintaining our leadership position and our core values and commitment towards our customers. We will pursue market development opportunities in emerging and new markets and will establish LNG’s full potential, leveraging on our strengths and expertise and our understanding of the LNG market.” Ocean LNG Limited is a joint venture company owned by a QP affiliate (70 percent) and an ExxonMobil affiliate (30 percent).
