On January 1, 2022, Qatar Petroleum (QP) will become the sole owner of 100 percent of the properties and facilities of Qatargas Liquefied Natural Gas Company Limited (QG1).
QP added the move comes as a result of its decision not to renew the TG1 joint venture upon the expiry of the relevant agreements on December 31, 2021.
QG1 is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni, and Mitsui. It was established in 1984. QG1 was Qatar's first LNG project, and its success paved the way for the growth of the country's LNG industry, which is now where it is today.
“The acquisition by Qatar Petroleum will end more than 25 years of active operations of QG1, from which the first ever Qatari LNG cargo was exported,” said Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum. This is a historic occasion that exemplifies Qatar Petroleum's efforts to improve the exploitation of our natural resources for the good of our nation and future generations, as well as to meet the world's demand for cleaner energy.”
“I would like to thank our valued partners, Total, ExxonMobil, Marubeni and Mitsui for their efforts in the development and operation of QG1 over the past three decades. Each one of them has played an instrumental role in the success of QG1. In particular, I would like to express my sincere thanks and appreciation to Total, for being a foundation shareholder from inception and for their valuable contributions throughout this journey; to ExxonMobil, for stepping in at a critical juncture of the project and leveraging their experience to help making the project a reality; and to Mitsui and Marubeni for their valuable contributions in securing anchor offtakes for the project and for their great support during the early phases.
“Thanks, and appreciation are also due to Chubu Electric, QG1’s foundation customer, for their key role in anchoring this project as the primary LNG buyer as well as to the other Japanese buyers and, of course, the country of Japan as a whole. Furthermore, I would also like to sincerely thank QatarGas operating company leadership and employees for their excellent work and dedication that made this company a success over the last 25 years.
“This event marks the start of the next chapter in QG1’s history, which we hope and believe will be even more successful than the last chapter, and we look forward to serving our customers for the next three decades from this world-class asset,” Al-Kaabi added.
QG1 plants, which have an annual LNG production capacity of approximately 10 million tonnes, will continue to be run by Qatargas on behalf of Qatar Petroleum and will play an important role in supplying LNG to the world's markets in a secure and reliable manner.