Qatar, the world’s largest liquified natural gas producer, announced on Sunday it is to merge state-owned Qatargas and RasGas to create a “truly unique global energy operator”.
Saad Sherida al-Kaabi, president and chief executive of state-owned Qatar Petroleum, said the move to the merger would begin right away and the companies would begin operating under a single entity, named Qatargas, within 12 months.
He said the move would save “hundreds of millions of dollars”.
“The integration aims to create a truly unique global energy operator in terms of size, service and reliability,” he told reporters at a news conference. Kaabi added that there would be no job losses on the “operating side”, but it was unclear if there would be cuts elsewhere.
Qatargas, in its present form, is the largest LNG producer in the world, according to its website. RasGas, holds no assets but oversees and manages all LNG operations in the energy-rich emirate. Both companies have joint ventures with oil companies including ExxonMobil, Total and Shell. Kemal Ishmael Jersey