Qatar Petroleum company announced that it will be the sole owner of 100% of the Qatargas Liquefied Natural Gas Company Limited (QG1) assets and facilities starting from January 2022 as Qatar petroleum will not renew the joint venture upon the expiry of its associated agreement, according to a press release.

QG1 was established in 1984 as a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui. It was the leading company for liquefied natural gas (LNG) in Qatar that paved the way for the development of Qatar’s LNG industry.

On this occasion, Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said: “This is a momentous event that highlights Qatar Petroleum’s efforts to further enhance the utilization of our natural resources for the benefit of our country and its current and future generations as well as to continue serving the world’s need for cleaner energy.”

“This event marks the start of the next chapter in QG1’s history, which we hope and believe will be even more successful than the last chapter,” Al-Kaabi added.