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World's biggest LNG supplier Qatar merges 2 gas producers

6 years 11 months 3 weeks ago Sunday, December 11 2016 Dec 11, 2016 December 11, 2016 11:09 AM December 11, 2016 in News
Source: Associated Press
By: APNewsNow

DUBAI, United Arab Emirates - Qatar is merging its two government-controlled liquefied natural gas companies, streamlining distribution of the fuel as the OPEC nation grapples with a slump in energy prices.

The Gulf country is the world's largest producer of LNG, which is natural gas chilled to liquid form for shipment on tanker ships.

Saad Sherida al-Kaabi, president and CEO of state oil company Qatar Petroleum, said Sunday the plan to combine Qatargas and the smaller RasGas will create a "unique global energy operator in terms of size, service and reliability."

International oil giants including Total, ConocoPhillips, Exxon Mobil and Royal Dutch Shell have stakes in the Qatargas production lines. Rasgas is a joint venture between Qatar Petroleum and minority shareholder Exxon Mobil.

Officials say the merger should be finished within 12 months.

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