(MENAFN- Gulf Times) Qatar will 'continue to strive to develop its natural gas resources and lead the way in the world's LNG value chain, said HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi.
In a keynote speech delivered remotely at the start of the 9th Japan LNG Producer-Consumer Conference, held under the theme 'Cooperation between producers & consumers, post-Covid-19, al-Kaabi stressed on the 'importance of collaboration between LNG producers and consumers in order to achieve greater growth and prosperity.

In a keynote speech delivered remotely at the start of the 9th Japan LNG Producer-Consumer Conference, al-Kaabi stressed on the 'importance of collaboration between LNG producers and consumers in order to achieve greater growth and prosperity'

Al-Kaabi, also the President and CEO of Qatar Petroleum, highlighted the 'new realities brought about by a number of geopolitical events and developments of global impact, and by the consequences of an evolving pandemic.
'It is not a secret that Covid-19 has disrupted many aspects of our lives. In addition to the agonising human toll, this virus has created painful realities that have also disrupted the growth and prosperity, which all countries had hoped to achieve.
Minister Al-Kaabi also highlighted Qatar's resilient LNG industry stressing that, 'During these challenging times, Qatari LNG continued to flow to all markets, thanks to the outstanding performance of our teams and facilities, and to the flexibility we have in our global LNG portfolio, market reach, and LNG fleet.
In his keynote speech, al-Kaabi gave an overview of Qatar's journey to becoming the world's leading LNG player and its expansion projects, and future growth plans.
He said, 'In 2017, we announced our intention to increase our LNG production capacity to 100mn tons per year. Such target was then increased in 2018 to 110mn tons per year, and again, as we obtained more data on the capability of our giant North Field, the target was increased in 2019 to 126mn tons per year by 2027. As history has shown, we don't expect to stop at 126mn. We continue to strive to develop our natural gas resources and lead the way in the world's LNG value chain.
'We continue to move full steam ahead with the North Field expansion projects and expect to sign all remaining Engineering, procurement, and construction (EPC) contracts before the end of this year as previously announced.
Minister Al-Kaabi also showcased the environmental efforts associated with the expansion projects including significantly lower CO2 emissions, carbon capture and sequestration, the use of compressed natural gas as a fuel for the transportation vehicles used during the projects' construction phase, and the use of a world-scale solar power plant to provide the electricity required to support the new LNG trains.
Highlighting Qatar's commitment towards its customers and partners, the minister said, 'Despite the pandemic, we continue to strengthen and expand our cooperation with all our existing long-term partners as well as with new partners across the world, providing security and diversity of LNG supplies.
'I have no doubt that the best for the LNG industry is yet to come. And despite the stress that the pandemic has placed on national economies and the LNG markets, I think it is important to look at the brighter side: I believe that the economic and environmental realities of the post Covid-19 era will help increase the competitiveness of this cleanest of fossil fuels.
'The world will eventually win the battle against Covid-19, energy will continue to be central to global growth and development, and protecting our environment should be a guiding light for us all, al-Kaabi concluded.
The LNG Producer-Consumer Conference is a global annual dialogue, launched in 2012, and organised by Japan's Ministry of Economy, Trade and Industry, and the Asia Pacific Energy Research Centre.
It provides ministers, heads of international organizations, corporate executives, and other stakeholders with a venue to share the latest trends in the global LNG market and discussing opportunities and challenges with a view to its development.

Last updated: October 12 2020 07:46 PM

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