Qatar will merge state-owned liquefied natural gas (LNG) producers Rasgas and Qatargas under a single entity named Qatargas, the president and chief executive of Qatar Petroleum (QP) said on Sunday.

Saad Sherida Al-Kaabi made the announcement today (December 11) in a press conference held at QP headquarters in the presence of representatives of the main international shareholders in both companies including ExxonMobil, Total, ConocoPhillips, and Shell, and  the CEOs of Qatargas and RasGas.

Al-Kaabi said: “The integration aims to create a truly unique global energy operator in terms of size, service and reliability.”

“We will merge the distinctive resources and capabilities of Qatargas and RasGas to create even higher value for our stakeholders, and enhance our competitive position,” he added.

He told reporters that the integration of the activities of these two energy centres of excellence means that upon completion, there will be a single expanded and enhanced operating entity, named Qatargas, which will operate all of Qatar’s LNG ventures.

“The collective resources, talents, and capabilities of two global leaders will be joined to create an even more effective and efficient organization to uphold the best interest of the State of Qatar, our customers, and our shareholders,” Al-Kaabi added.

He paid tribute to the high Qatari competencies and capabilities, which were at the centre of attention and development throughout the history of Qatargas and RasGas, and which have proven high professionalism in their various fields of expertise. He also affirmed that all Qatari nationals in both companies will be integrated into the new Qatargas organization, which constitutes a major cornerstone in our utmost commitment to building world-class Qatari talent.

Al-Kaabi concluded his remarks at the press conference by emphasizing Qatar Petroleum’s resolve to achieve its vision ‘to become one of the best national oil companies in the world’, and to ensure the reinforcement of Qatar’s continued and sustainable economic growth. “Hence, this and other initiatives that QP has embarked upon, are all enablers that will make our vision become a reality,” he said.

The integration process is planned to start immediately and is expected to be completed within the next 12 months.  The existing operations groups within both companies will not be impacted at all by the integration, as the highest priority is given to ensuring safe, seamless and risk-free business continuity, a statement said. – TradeArabia News Service