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Qatar's new LNG merger to save US$550 million yearly in operation cost

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LNG Industry,

Reuters are reporting that Qatar Petroleum’s merger of LNG producers Qatargas and RasGas will save the company two billion riyals (US$550 million) annually in operation costs.

The new entity, which is called Qatargas, started operations on 1 January. Before the merger, Qatargas and RasGas were already the world’s two biggest LNG producers.

“This integration is an integral part of Qatar Petroleum’s vision to become one of the best national oil and gas companies in the world, with roots in Qatar and a strong international presence,” QP’s CEO Saad al-Kaabi said in a news conference.

The combined company will handle all of the Gulf state’s 77 million t of nameplate LNG production capacity annually sold through a mix of joint venture agreements with Western oil majors including Exxon Mobil and Shell.

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