Qatar Petroleum Sets Up LNG Trading Arm
Qatar Petroleum on November 9 announced it had set up a new LNG trading arm called QP Trading.
“Wholly owned by Qatar Petroleum and based in Doha, QP Trading is mandated to build a globally diversified portfolio of third party and equity LNG. In addition, QP Trading will manage the price risk exposure of its portfolio through physical and derivatives trading,” the company said.
QP Trading also signed its first deal with Singapore’s Pavilion Energy. Under the agreement, QP Trading will deliver up to 1.8mn metric tons of LNG/year for 10 years to Singapore from 2023. Each LNG cargo delivered under this agreement will be accompanied by a statement of its greenhouse gas emissions measured from well to discharge port, Pavilion said in a separate statement.
The virtual signing ceremony was attended by Tan See Leng, the second minister of trade and industry in Singapore, along with Pavilion Energy Trading & Supply chairman, Tan Sri Muhammad Hassan Marican, and Group CEO Frederic Barnaud. The ceremony was also attended by senior executives from Qatar Petroleum.