Qatar Petroleum has announced that the country’s two Liquefied Natural Gas producers have been combined into a single gas company with a goal to save up to $500 million annually in operation costs.
Qatar Pertroleum’s chief executive Saad al-Kaabi announced the news to the media saying that the two companies are now merged under Qatargas.
“On January 1, we announced the birth of the new Qatargas,” Al-Kaabi said.
The combined company will handle all of the Gulf state’s 77 million tons of nameplate LNG production capacity annually sold through a mix of joint venture agreements with Western oil majors, including Exxon Mobil and Shell.
Gas exports have helped make Qatar one of the world’s richest countries. Before the tie-up between the two companies, RasGas held no assets but oversaw and managed all LNG operations in the emirate.
Qatargas is the world’s largest LNG producer with output of around 77 million tons per year.
