Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, the CEO of Qatar Petroleum made the announcement during a ceremony held virtually to celebrate the signing of QP Trading’s 1st deal with Singapore’s Pavilion Energy Trading & Supply Pte.
Commenting on the establishment of QP Trading, Al-Kaabi said, “This new addition to Qatar Petroleum’s capabilities and reach is a very important step in reaffirming our belief in LNG’s economic and environmental value proposition and its cornerstone role in energy transition.”
The virtual signing ceremony was attended by Dr. Tan See Leng, the 2nd Minister of Trade & Industry in Singapore. Under the agreement, QP Trading will deliver up to 1.8 million tons of LNG per annum for 10 years to Singapore.
Al-Kaabi highlighted the unique environmental aspects of the agreement, saying, “This deal represents the 1st long-term LNG arrangement containing specific environmental criteria and requirements designed to ultimately reduce the carbon footprint of the LNG supplies, which is fully aligned with our long-standing position in support of environment. Qatar Petroleum is already implementing a series of projects and initiatives to reduce emissions and to capture and sequester more than 5 million tons of CO2 per annum by 2025, placing us firmly on the road to become a leader in the de-carbonization of the LNG value chain.”
On his part, Tan Sri Muhammad Hassan Marican, the Chairman of Pavilion Energy Trading & Supply said, “The inaugural LNG cargo Pavilion Energy imported into Singapore for downstream supply in 2018 originated from Qatar. We are delighted to enhance our strategic relationship with Qatar Petroleum, the world’s largest LNG producer. This partnership will strengthen our core Singapore market and our role as a global energy trader.”
