Subsidiaries of both Qatar Petroleum (QP) and Shell have signed a shareholder agreement to establish a joint venture (JV) company that would provide global liquified natural gas (LNG) bunkering services, according to a company statement.

The agreement was signed by Wave LNG Solutions, a QP subsidiary, and Shell Gas & Power Developments, a subsidiary of Royal Dutch Shell, with the aim of establishing a new JV that is owned equally by both parties, subject to customary regulatory approvals.

The new company’s principal business activities will include the procurement of LNG, setting up LNG bunkering infrastructure, storage and bunker vessels, at various strategic locations around the world, and facilitating the sale of LNG as a marine fuel to end customers around the world.

LNG bunkering provides the shipping industry with a unique fuel that helps meet the industry’s environmental and economic objectives.