عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Doha Announces Completion of LNG Merger

Logo of Qatargas is seen outside its building in Doha, Qatar, June 13, 2017. REUTERS/Stringer
Logo of Qatargas is seen outside its building in Doha, Qatar, June 13, 2017. REUTERS/Stringer
TT
20
TT

Doha Announces Completion of LNG Merger

Logo of Qatargas is seen outside its building in Doha, Qatar, June 13, 2017. REUTERS/Stringer
Logo of Qatargas is seen outside its building in Doha, Qatar, June 13, 2017. REUTERS/Stringer

Qatar said Wednesday that Qatargas and RasGas had merged in a move aimed at cutting costs and creating a global energy giant in a plan first announced in December 2016.

Qatargas and RasGas, operators of the country’s liquefied natural gas (LNG) industry, were merged under the brand name Qatargas.

"On January 1, we announced the birth of the new Qatargas," the chief executive of national oil company Qatar Petroleum, Saad al-Kaabi, told a press conference.

Kaabi said the merger will save two billion Qatari riyals ($545 million) annually.

He added that Qatar wanted to create a truly unique global energy operator in terms of size, service and reliability.

The conference was attended by senior executives from ExxonMobil, Total, Shell and ConocoPhillips, which are Qatargas' shareholders.

Current Qatargas CEO Sheikh Khalid bin Khalifa al-Thani has been appointed as the CEO of the new Qatargas. 

Most Viewed

 
Business

World Bank to Finance Syria with $146 Million to Restore Electricity

Syrians walk in a dark street in Douma. Reuters file photo
Syrians walk in a dark street in Douma. Reuters file photo
TT
20
TT

World Bank to Finance Syria with $146 Million to Restore Electricity

Syrians walk in a dark street in Douma. Reuters file photo
Syrians walk in a dark street in Douma. Reuters file photo

The World Bank approved a $146 million grant to help Syria restore reliable, affordable electricity and support the country's economic recovery, it said in a statement on Wednesday.

“The Syria Electricity Emergency Project (SEEP) will rehabilitate damaged transmission lines and transformer substations and provide technical assistance to support the development of the electricity sector and build the capacity of its institutions,” it said.

After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages.

"Among Syria’s urgent reconstruction needs, rehabilitating the electricity sector has emerged as a critical, no-regret investment that can improve the living conditions of the Syrian people, support the return of refugees and the internally displaced, enable resumption of other services such as water services and healthcare for the population and help kickstart economic recovery," said World Bank Middle East Division Director Jean-Christophe Carret.

"This project represents the first step in a planned increase in World Bank support to Syria on its path to recovery and development,” he added.

According to the World Bank statement, the SEEP will finance the rehabilitation of high voltage transmission lines, including two critical 400 kV high-voltage interconnector transmission lines damaged during the conflict, restoring Syria’s regional connectivity to Jordan and Türkiye.

The project will also repair damaged high-voltage transformer substations near demand centers in the most impacted areas that host the highest number of returnee refugees and internally displaced people and provide necessary spare parts and maintenance equipment.

In addition, the SEEP will provide technical assistance to inform the country’s key electricity sector strategies, policy and regulatory reforms, and investment plans for medium to long term sustainability. It will also provide capacity building support to the electricity sector institutions to implement these strategies and reforms.