Qatar Petroleum establishes global LNG marketing arm

Qatar Petroleum established a global liquified natural gas (LNG) marketing arm.

  
Image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

Image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

REUTERS/Stefano Rellandini

DOHA, Oct 31 (Reuters) - Qatar Petroleum established a global liquified natural gas (LNG) marketing arm on Monday to manage its future LNG supply portfolio.

Ocean LNG is a joint venture owned by affiliates of QP and ExxonMobil , with 70 percent and 30 percent stakes respectively, and aims to "pursue market development opportunities in emerging and new markets", QP Chief Executive Saad al-Kaabi said in a statement.

An Ocean LNG branch office will be established in the Qatar Financial Centre in Doha, the statement said.

In June QP said it would absorb Qatar International Petroleum Marketing Co, known as Tasweeq, to maximize value for QP in an increasingly competitive and demanding market.

Qatar is cutting costs at state-owned enterprises to contend with low oil and gas prices.

The Gulf country faces increased competition in energy markets from other LNG producers as new projects in the United States and Australia come online in the next few years.

(Reporting by Tom Finn; Editing by David Goodman) ((Tom.Finn@thomsonreuters.com;))

Keywords: QATARPETROLEUM RESTRUCTURING/


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