DOHA: Qatar will be a major investor in a multi-billion dollar LNG project in Russia, said Russian Ambassador Vladimir Titorenko yesterday.
The agreement which is being finalised is between Qatar Petroleum International (QPI) and two leading Russian energy companies Novatek and Gazprom which will be an LNG project in Yamal Peninsula.
It will also see participation of two energy companies from Europe. "The idea is to build two or three units for LNG production with the volume of 15 million tonnes per year.
A special fleet of ships will also be built to transport LNG even during harsh winters when temperatures drop below zero," explained Ambassador Totorenko, adding the LNG will then be exported to Asia, North America as well as UK and Scandinavian countries.
"The agreement is already being finalised and will be signed soon.
The entire project including the fleet of ships will cost from $16b to $18b. As Qatar will be a major partner, it will have around 25 percent share in the project which will run for three to four years," said the Ambassador.
A $1bn gas condensate project in Yamal peninsula and a project on geologial exploration of gas resources in Siberia are other likely projects in the field of energy which will see involvement of Qatar that the Ambassador mentioned.
In addition, investment ventures, and export of copper, fibre optics, wheat, chicken and reindeer meat, and defence weapons are some other areas. The Ambassador hailed the first Qatari-Russian business forum this year, which resulted in a number of future ventures on investment and export of copper, fibre optics, wheat, chickean and reindeer meat, among others.
"This has been the most fruitful year in the 21-year diplomatic relations between Russia and Qatar from the point of view of exchange visits as well as the substance of our cooperation," he said, adding Qatar has become one of the three major partners of the Russian Federation in the Arab world
He cited the visits to Russia this year by the Emir H H Sheikh Hamad bin Khalifa Al Thani, the Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani and Deputy Prime Minister Abdullah bin Hamad Al Attiyah as key to the progress in the relations between the two countries.
Russian officials including the Russian Minister of Energy, Vice Prime Minister, Russian President's representative to the Middle East, other ministers and high ranking officials also visited Qatar.
The ambassador revealed the Russian President will be visiting Qatar twice this year, one on bilateral basis and the other one for the Summit in November and the Russian Prime Minister's visit has already been confirmed.
© The Peninsula 2010
