The Gulf state is working on expanding its liquified natural gas (LNG) capacity from 77 million metric tonnes to 126 million tonnes by 2027.
QatarEnergy is set to become the world’s largest trader of LNG within the next five-to-10 years, the state-owned energy company’s president and CEO said on Wednesday.
“We are trading about 5-10 million (tonnes of LNG) now. We will be, in the next 5-10 years, the largest LNG trader in the world by far. This is ours and third-party (volumes),” said Saad Sherida Al-Kaabi, also Qatar’s Minister of State for Energy Affairs, as quoted by Reuters.
The Qatari energy official’s remarks came during Energy Intelligence’s awards ceremony in London, where he received the 2022 Energy Intelligence Energy Executive of the Year Award.
The Qatari energy official was named as the executive in April this year in recognition of Al-Kaabi’s “pivotal role in developing” the Gulf state’s natural gas capabilities over the past decade.
“We started about two years ago (with trading)… I would say that the profitability of that venture is probably 20 times what I thought it could be,” noted Al-Kaabi.
Under Al-Kaabi’s leadership as the President and CEO of QatarEnergy, Qatar is moving towards dominating the global production of LNG through its mega North Field Expansion project.
The multi-billion project is the largest of its kind, and seeks to increase Qatar’s annual LNG production capacity from 77 million metric tonnes to 126 million tonnes by 2027.
“Al-Kaabi’s bold bet on the future of gas has positioned Qatar to be the world’s LNG supplier of choice,” said Raja Sidawi, Chairman and Chief Executive of Energy Intelligence, earlier this year.
The Qatari official has placed the Gulf state on the world map of key natural gas suppliers while also promoting LNG as a low-cost and low-carbon fuel amid concerns over climate change.
Many countries are now turning to LNG given that it is a cleaner energy source.
Last year, commenting on plans to achieve net-zero by 2050, Al-Kaabi said that it would be wrong to commit to eliminating planet warming emissions without a proper strategy.
In light of the current Russian invasion of Ukraine, several countries have also turned to Qatar as they seek to reduce their reliance on Moscow’s gas with the presence of sanctions.
The mega project would also help provide long-term LNG supplies to Europe.
Speaking to French outlet Le Point last month, Qatar’s Amir Sheikh Tamim bin Hamad Al Thani noted that Doha is “a credible country” in the energy sector.
“We are proud of the fact that we have always respected the agreements made over the past decades, including in the field of gas,” said the amir.