Starting from 1st January 2018, Qatar Petroleum’s integration of LNG producers Qatargas and RasGas is in effect, as part of the oil and gas giant’s vision to further boost international presence, QP’s chief executive was quoted as saying on Wednesday.
The combined company, operating under the name ‘Qatargas’, is expected to save the company two billion riyals (USD 550 million) per annum in operational costs, according to Reuters.
However, before the merger, Qatargas and RasGas were already the two biggest LNG producers globally.
“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 was quoted as saying by Reuters.
The company now operates 14 LNG trains, while the combined fleet of company includes 25 purpose-built conventional vessels.
The new entity will handle all of the Gulf state’s 77 million tonnes of nameplate LNG production capacity, annually sold through joint ventures with other oil majors.
