Qatar Petroleum to become sole owner of Qatargas 1 in 2022 -statement
Qatar Petroleum (QP), the world’s top liquefied natural gas (LNG) supplier, will in 2022 take full ownership of Qatargas 1, which produces LNG and related products, it said in a statement on Tuesday. Formally known as Qatargas Liquefied Natural Gas Company Limited (QG1), the project is a joint venture between Qatar Petroleum and affiliates of Total, ExxonMobil, Marubeni and Mitsui. Qatar Petroleum said it would not renew agreements with the companies when they expire on 31 December 2021. “As a result, Qatar Petroleum will become the sole owner of 100% of the QG1 assets and facilities on 1 January 2022.” Qatargas 1, established in 1984, has a production capacity of approximately 10 million tons per annum of LNG, according to information on its website.
Domestic fuel rates expected to fall as Covid surge dampens crude oil cost
The slide in global crude oil prices on Monday gave hope for a similar fall in domestic petroleum prices. The fall in oil prices comes after a blockage at strategic Suez Canal spooked global Impex industry, while a massive wave of Covid-19 infections continued to impact large parts of Europe. Resultantly, global fears have resurfaced on the slowdown economic recovery due to this wave. At present, crude prices are reacting to the negative news flows. The Brent crude futures slipped to $63 levels a barrel on Monday. Similarly, the US crude traded lower. The WTI crude oil traded lower by 1.05 per cent at $59.92, while Brent is down by 0.78 per cent at $63.65 levels. However, the surge in domestic Covid cases will also weaken the rupee. Consequently, lower crude oil cost will dampen domestic petrol and diesel prices. “Crude oil prices are expected to slide due to increasing coronavirus cases and lower demand. Lower import from China is also a negative for crude oil,” said Anuj Gupta, DVP Research, Angel Broking. “In addition, the rupee is also expected to depreciate due to rising cases and fall in the equity market. Petrol and diesel prices may be revised downwards in India.” Currently, petrol costs Rs 90.78 per litre in Delhi, while diesel is pegged at Rs 81.10 per litre. Lately, prices of petrol had crossed the psychological Rs 100 per litre mark in some cities leading to increasing public outcry against the high prices and the inflationary impact of the auto fuels