QatarEnergy and ExxonMobil have agreed to independently offtake and market their respective proportionate equity shares of LNG produced by the Golden Pass LNG Export Project in the US.
Under the agreement, QatarEnergy Trading, a wholly owned subsidiary of QatarEnergy, will offtake, transport, and trade 70 percent of the LNG produced by Golden Pass LNG.
The construction of Golden Pass LNG, which has a total production capacity over 18 million tons of LNG per annum, is well underway with the first LNG production expected by the end of 2024.
Saad Sherida Al Kaabi President & CEO QatarEnergy
“The energy market is highly dynamic and undergoing a period of transformation, and LNG will continue to play a key role in meeting global energy demand and ensuring the security of supply. This agreement is an important addition to our efforts to meet the demand for cleaner energy and to support the economic and environmental requirements for a practical, equitable and realistic energy transition.”
Mr. Al-Kaabi added that “QatarEnergy is the global leader in LNG, the cleanest of all fossil fuels, and it is only natural for us to increase focus on LNG trading and portfolio optimization to deliver innovative LNG solutions that meet the needs of our customers across the globe. I am proud of what QatarEnergy Trading has achieved in the very short time since its inception and with this new addition to its portfolio, I am confident that QatarEnergy Trading will accelerate its efforts to deliver on our aspiration of becoming a world leader in LNG trading in the near future.”
As a result of this arrangement, ocean LNG Limited, a joint venture formed in 2016 between affiliates of QatarEnergy and ExxonMobil with the aim of offtaking and marketing the full production of Golden Pass LNG, has ceased operations and will be closed down.
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