Qatar Petroleum and Shell Sign Agreement on Marine Fueling

Doha, June 13 (QNA) - Qatar Petroleum (QP) and Shell signed Tuesday an agreement to develop LNG marine fueling infrastructure at strategic shipping locations across the globe. Commenting on the announcement, Qatar Petroleum's CEO Saad Sherida Al Kaabi said that "we are pleased to team up with our long term partner and industry pioneer, Shell, on this important initiative. We view LNG bunkering as a promising opportunity for LNG to further grow as a clean energy source." He added that LNG demand for bunkering is likely to increase significantly in the coming years. "We believe there is real potential for such demand to reach up to 50 million tons per annum by 2030. Obviously, achieving this figure requires focused investments and the right partnership model, similar to the one we are establishing today." For his part, Shells Chief Executive Officer Ben van Beurden said that the two world-leading companies in supplying LNG, they "have the capability and experience to deliver LNG as a marine fuel to ship owners and operators who must meet tougher emissions regulations from 2020." He added that Shell looks forward to "working with Qatar Petroleum to increase the availability of LNG as a fuel for transport." Tuesdays agreement follows two Memoranda of Understanding (MOUs) Shell and Qatargas signed with industry partners in 2016 to explore LNG bunkering opportunities in the Middle East. Pursuant to the agreement signed today, Qatar Petroleum and Shell will evaluate and progress the development of LNG bunkering facilities at various locations across Europe, the Middle East and East Asia. (QNA)