Qatar Petroleum is the largest producer of LNG (Liquefied Natural Gas) and is currently merging Qatargas and RasGas to save the company $550 million (two billion riyals) in operation costs, Qatar Petroleum's Chief Executive said.
The new merged entity will be called Qatargas and start operations on January 1st. The company had wanted to do this merger since the time the companies fired more than 500 employees in 2017 after Qatar lost its diplomatic ties with many neighbouring states. The combined entity is said to handle all of the Gulf state's, handling a production capacity of approximately 77 million tonnes sold through a mix of joint venture agreements with Western Oil major corporations such as Mobil and Shell.
“This integration is an integral part of Qatar Petroleum's vision to become one of the best national oil and gas companies in the world, with roots in Qatar and a strong international presence,” QP's CEO Saad al-Kaabi said in a news conference.