Affiliates of QatarEnergy and ExxonMobil have committed to independently offtake and market their respective proportionate equity shares of LNG produced by the Golden Pass LNG Export Project located in Sabine Pass, Texas in the United States of America (“Golden Pass LNG”). According to the contract, 70% of the LNG generated by Golden Pass LNG will be offtaken, transported, and traded by QatarEnergy Trading LLC, a fully owned subsidiary of QatarEnergy.
First LNG production is anticipated by the end of 2024 at Golden Pass LNG, which has a total annual production capacity of more than 18 million tons of LNG.
Commenting on this development, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “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 security of supply. This agreement is an important addition to our efforts to meet demand for cleaner energy and to support the economic and environmental requirements for a practical, equitable and realistic energy transition.”
Al-Kaabi added: “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.”
Ocean LNG Limited, a joint venture formed in 2016 between affiliates of QatarEnergy and ExxonMobil with the aim of off taking and marketing the full production of Golden Pass LNG, has ceased operations as a result of this agreement and will be wound down.