fetching latest news
News tagged in:
Minister for Economic Affairs Robert Habeck secured the deal on a visit to Doha as part of efforts to diversify Germany's energy supply, according to his ministry.
The 60-year liquefied natural gas industry has a new hierarchy in place, and it's opening up new trading opportunities. For the first time ever, the United States has become the world's largest LNG exporter, establishing itself as a bona fide natural gas superpower. From a position of relative obscurity just five years ago, the U.S. LNG sector has rapidly risen through the ranks to challenge the heavyweights. U.S. liquefied natural gas (LNG) export capacity has expanded rapidly since the Lower 48 states first began exporting LNG in 2016. In 2020, the United States became the world's third-largest LNG exporter, behind Australia and Qatar.
After gas shortages in the UK have led to soaring high prices, Qatar eyes an opportunity to strengthen ties with the UK in terms of gas supply. It is clear that Qatar sees Brexit as a chance to develop huge gas investments in the UK. The Gulf state already has $50 billion of investments in Britain and delivers 90 per cent of Britain's imports of liquefied natural gas, according to Qatar's Ministry of Energy. According to a report published by Financial Times, last month, Downing Street initiated LNG diplomacy talks with their Qatari counterparts on diverting four energy tankers to Britain.
Qatar has decided to base its budget at an oil price of $40 a barrel. The move came as a repercussion for the impacted finances of this year. Though Qatar was able to counter the market collapse better than its neighbors still some deficit forecasts were released. The IMF has projected a gross domestic product fall of 4.5% for Qatar this year whereas Bloomberg estimated a 7.2% deficit for the same.
Industries Qatar has bought 25% stake in Qatar Fertiliser Co from Qatar Petroleum’s for $1 billion, making Industries Qatar the 100% owner of the world’s largest single-site urea producer. Industries Qatar shares were up 6.9% to 10.1 riyals in early trade, trimming their till date loss to 2.2%. The deal will help Qatar Petroleum with cash to pursue investments.
Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. The three Korea-based firms will reserve a “major portion” of their LNG ship-construction capacity for QP through 2027.
Struck by weak demand and depleting storage facilities, the world’s biggest exporter of LNG may soon have to: curb output or ignite a battle for market share that has the potential. Qatar began redirecting LNG cargoes away from Asia in February, where the coronavirus was shattering sales, and sending them to Europe. That quick fix didn’t last, as the pandemic left Qatar struggling for places to park unsold cargoes.
Abu Dhabi yesterday informed about selling $7 billion worth of bonds in the third major sale this month, aimed at countering declining oil prices. The transaction contained three tranches: a $2 billion five-year tranche, a $2 billion 10-year segment, and the third tranche of $3 billion aging after 30 years. Recently, Saudi Arabia raised $7 billion in a bond sale, while Qatar sold-out $10 billion worth of bonds.
Aberdeen-based Sparrows Group has secured its first contract to deliver rigging loft maintenance services in Qatar. Under the 4 year-contract, Sparrows will carry out the refurbishment, repair, load test and recertification of rigging lofts and contents. The company will deliver services through its newly established rigging loft management workshop within its Qatar facility.
State-run Qatar Petroleum has inked an agreement with Chevron Phillips Chemical to construct a new petrochemicals complex. The new petrochemical plant, which is expected to come online by 2025, will be developed in Ras Laffan Industrial City. While Chevron Phillips Chemical Co (a JV between Chevron Corp and Phillips 66) will possess a 30% interest in the complex, Qatar Petroleum will own the rest.
Qatar Petroleum is planning to reduce its dependency on imports and increase its domestic production. In order to fuel up its local energy industry, the firm has signed a preliminary deal with Schlumberger and Baker Hughes worth $2.47 billion on Monday. The initial agreement will involve investment in production facilities, training and development. Qatar is strategizing to boost its LNG production by 43% by 2023-24.
Qatar-based Nakilat has entered into an agreement with EPC giant, McDermott to form a joint venture, which will provide onshore and offshore fabrication services in Qatar. The formation of the joint venture is in line with Qatar’s recent localisation program, which aims at enhancing the resilience of the energy sector’s supply chain. The strategic partnership will boost productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard.
The world's biggest ship-to-ship LNG transfers began yesterday in Turkey’s Mehmet Tecimen. The LNG transfer is between BOTAS's Floating Storage Regasification Unit (FSRU) and Al Sadd vessel, which brought LNG from Qatar. In a press briefing, oil utilities regional director of BOTAS said that the entire LNG transfer procedure will take two days.
Gulf nation, Qatar has announced withdrawal from the cartel of oil producing nations, OPEC. The announcement came from Qatar’s Energy Minister who said that Doha wants to concentrate on the production of natural gas in the upcoming years. Qatar is currently the world's biggest LNG supplier. With this decision, Qatar will become the first Gulf country to leave the bloc of 15 oil-producing countries.
World’s biggest LNG firm, Qatargas today entered into a 22-year long sale and purchase agreement (SPA) with PetroChina’s international arm, PetroChina International Company Limited. The agreement requires Qatargas to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) per annum. LNG will be supplied from the the Qatargas 2 project, which is a joint venture between ExxonMobil, Qatar Petroleum and Total.
With the significant improvement in oil prices, the Energy Minister of Qatar has demanded all the oil-producing countries to increase their investment in the oil and gas sector. Foreseeing the impact of inadequate investment, he said that now is the time to ensure secure oil supplies. According to the minister, setting particular targets can hamper the market growth and hence, he is not in favour of this idea.
Saipem has awarded the contract for supplying two sheave connection points (SCPs) for Dolphin Energy’s emergency pipeline repair system (EPRS) to UK-based Balltec. Under the Dolphin project, natural gas is transported from North Field of Qatar for processing at EPRS’ offshore processing plant at Ras Laffan. The gas is then transported to Taweelah, UAE via export subsea pipeline.
Israel will receive a cargo of U.S. shale gas. Since exports began in 2016, it is the first to arrive in the Middle Eastern nation from America’s shores. The vessel is called British Diamond and is beneficially owned by BP Plc. America is poised to compete with Qatar and Australia in global LNG dominance in the times to come.