Qatar’s LNG giant Qatargas has changed its name to reflect its future vision and strategy for the country’s liquefied natural gas (LNG) sector not only as a tool to ensure the security of supply but also as a fuel, which is paving the way for the energy transition journey’s acceleration.
Qatargas changed its name to QatarEnergy LNG, according to QatarEnergy, which also underwent a name change process in 2021 when it was known as Qatar Petroleum. Qatar’s state-owned energy giant explains that QatarEnergy LNG will continue to deliver on its commitment to safety, environmental protection, project delivery, and the reliability and efficiency of its production facilities with a new name and logo.
Commenting on the announcement, Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, highlighted the importance of this transformation as part of “a historic evolution” that is reshaping Qatar’s energy industry, mainly through the flagship LNG sector: “Over the course of 39 years, Qatargas has been a pioneer of the LNG industry helping place the state of Qatar firmly on the global LNG map and enhancing its leading position as a safe, reliable and trustworthy LNG supplier.
“Today, QatarEnergy LNG carries this legacy forward well into the 21st century helping meet the world’s growing energy demand, placing LNG at the centre of a realistic energy transition, and playing a critical role in safeguarding energy security and eliminating energy poverty.”
This rebranding comes at a time of increasing international recognition of Qatar’s role in meeting the world’s growing need for energy, particularly natural gas, which is perceived to be the cleanest of all fossil fuels. QatarEnergy further elaborates that the name change reflects its continued commitment to LNG as “a critical source of energy for decades to come and a vital enabler of the energy transition.”
Al-Kaabi added: “While we recognise the tremendous value that the Qatargas brand has accumulated over time, we believe that this evolution will further strengthen Qatar’s global position by creating and leveraging a stronger salient link to the QatarEnergy brand to deliver even more value to the state of Qatar, its customers, and the broader stakeholders’ ecosystem.
“In this context, we are reaffirming our belief in the future of LNG as a primary source of energy for decades to come and placing greater emphasis on the central position LNG occupies in our strategic priorities, development efforts, and energy investments.”
Established in 1984 as Qatargas, QatarEnergy LNG currently operates 14 LNG production trains and is at the centre of QatarEnergy’s efforts to raise Qatar’s LNG production capacity to 126 million tons per annum.
“We are very proud of Qatargas, its people, and its legacy and achievements over the past 39 years and we look forward to a new era under the new name and brand that will herald new achievements and greater gains for the LNG industry and for our stakeholders across the globe,” concluded Al-Kaabi.
According to Wood Mackenzie, the competition in delivering the next wave of LNG growth will be fierce, though Qatar and the U.S., with 40 per cent of global supply between them, are expected to be the front-runners by a mile.
Both of these LNG giants have an abundance of low-cost gas, competitive pricing, and astute commercial partnering, thus, their combined market share is expected to exceed 60 per cent by 2040.