January 3, 2018 / 9:00 AM / 7 months ago

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

DOHA (Reuters) - Qatar Petroleum’s [QATPE.UL] merger of liquefied natural gas (LNG) producers Qatargas and RasGas will save the company two billion riyals ($550 million) annually in operation costs, QP’s chief executive said on Wednesday.

Logo of Qatargas is seen outside its building in Doha, Qatar, June 13, 2017. REUTERS/Stringer

The new entity, which is called Qatargas, started operations on Jan. 1. 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 tonnes of nameplate LNG production capacity annually sold through a mix of joint venture agreements with Western oil majors including Exxon Mobil and Shell.

Reporting by Hadeel Al Sayegh; Writing by Rania El Gamal; Editing By maha El Dahan

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