QP Establishes "Ocean LNG Limited" for Marketing its International LNG Portfolio

Doha, October 31 (QNA) - Qatar Petroleum (QP) announced today the establishment of Ocean LNG Limited, for the purpose of marketing its future international LNG supply portfolio sourced outside of the State of Qatar, a QP press release said. As part of today's announcement, QP said that the decision to establish a marketing entity to manage its future LNG supply portfolio sourced outside of Qatar was driven by its aspirations to continue to be a global LNG leader, and to invest in LNG projects outside Qatar. A branch office of Ocean LNG Limited will be established in the Qatar Financial Centre (QFC) in Doha to manage and undertake the activities of Ocean LNG, reinforcing Doha's position as the world's LNG capital. Saad Sherida Al-Kaabi, President & CEO of Qatar Petroleum said "QP aspires to be one of the leading energy companies in the world, and LNG forms one of the cornerstones of these aspirations. As such, it is crucial for us to establish a global LNG marketing arm that will be instrumental in monetizing opportunities that Qatar Petroleum will be pursuing and capturing outside Qatar." Commenting on the occasion, Al-Kaabi added: "Qatar Petroleums position as a global LNG leader has and will continue to face challenges, but our perseverance and proven track record of success are a true testament to our ability to adapt to an ever changing industry landscape while maintaining our leadership position and our core values and commitment towards our customers. We will pursue market development opportunities in emerging and new markets and will establish LNGs full potential, leveraging on our strengths and expertise and our understanding of the LNG market." Ocean LNG Limited is a joint venture company owned by a QP affiliate (70%) and an ExxonMobil affiliate (30%). Qatar Petroleum's activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, production, processing, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum. (QNA)