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Sunday, Dec 04, 2022

Exxon, Qatar go separate ways in marketing their U.S. LNG

Exxon, Qatar go separate ways in marketing their U.S. LNG

Exxon Mobil Corp (XOM.N) and QatarEnergy on Thursday said they have decided to independently market the liquefied natural gas (LNG) from their U.S. joint venture Golden Pass Terminal.
The decision put to rest the side joint venture Ocean LNG that the two companies had created to market LNG from the terminal.

The project, in Sabine Pass, Texas, is on schedule to start up in 2024.

Qatar is the world's top LNG exporter and is currently on a mission to also become the world's largest trader of the super-chilled fuel, a position currently held by Shell PLC (SHEL.L).

Exxon affiliate ExxonMobil LNG Asia Pacific (EMLAP) will market 30% of Golden Pass LNG volumes. QatarEnergy Trading will market the remaining 70%.

“We are continuing to build on our decades-long relationship with QatarEnergy,” Exxon LNG head Peter Clarke said in a statement. “Independently marketing these Golden Pass volumes will generate increased value and flexibility.”
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