Outlook for Qatar's role in global LNG trade very promising: GECF

(MENAFN - The Peninsula) Sachin Kumar | The Peninsula The outlook for the future of Qatar in global LNG trade is very promising, according to the Gas Exporting Countries Forum (GECF). The country is also expected to retain the crown of world's largest LNG exporter as it has already taken measures to substantially increase LNG production capacity. 'The outlook for the future role of Qatar in global LNG trade is also very promising due to the fact that Qatar has a great potential to send its LNG cargoes into Asian markets with lower shipping costs compared to other LNG suppliers. Additionally, Qatar has a strong global business relationship with major European LNG consumers and is securing regasification capacity in countries such as the UK, the Netherlands, France, and Belgium, Yury Sentyurin (pictured), Secretary General, GECF told The Peninsula in an exclusive interview. Work has already begun to increase Qatar's liquefaction capacity to 126 mtpa (million tonnes per annum) by 2027. In February this year, Qatar Petroleum (QP) had signed a contract for the first phase of its North Field East LNG project expansion, aiming to boost the country's LNG output. Next month in March, QP had announced the award of a major engineering, procurement, and construction (EPC) contract for the expansion of the LNG storage and loading facilities located within Ras Laffan Industrial City as part of the North Field East (NFE) Project. 'LNG exports from Qatar are going to ramp up to about 126 mtpa by 2030. We saw the first step in achieving this remarkable target when in February 2021 Qatargas awarded a $13bn contract for the main package of the first phase of its North Field Expansion megaproject, which is the biggest single EPC contract ever awarded in the region, Sentyurin said. 'In our opinion, Qatar is poised to maintain its pole position as the major LNG exporter of the world. As a result of planned growth in its energy sector, the country may use the steady income to diversify its economy further and achieve the Qatar National Vision 2030, he added. When completed, the NFE Project will increase Qatar's LNG production capacity from 77 million to 110 mtpa. The second phase of the planned LNG expansion, the North Field South (NFS) Project, will further increase Qatar's LNG production capacity from 110 mtpa to 126 mtpa by 2027. Qatar is the largest LNG exporter worldwide with 77.8 mt LNG, which accounted for 22 percent of global LNG production. In 2019, Qatar exported 52.4 mt LNG to Asia, most of which went to South Korea, India, Japan, and China. Furthermore, 23.5 mt of LNG was traded with Europe, mainly with the UK and Italy as well as 1.9 mt LNG with Middle Eastern and African countries.MENAFN26042021000063011010ID1101983258