Wednesday, July 17, 2024

We will not renew long-term gas contracts under the “Qatarcas 1” plan

Date:

Release Date:
November 25, 2021 13:37 GMT

Updated: November 25, 2021 14:45 GMT

Satoshi Onoda, chairman of Jira, Japan’s largest power generation company, said on Thursday that the company would not renew long-term contracts for the QatarGas 1 liquefied natural gas project, which expires next month.

“Advances in the global liquefied natural gas market, the global trend of decarbonization and the liberalization of domestic electricity and gas markets have made it difficult for us to keep up with long-term big deals,” Onoda told a news conference. Conference.

A JERA spokesman explained that the company, a joint venture in fuel and power generation between Tokyo Electricity Holding Company and Subu Electric Power Company, imports 5.5 million tonnes annually through long-term contracts. Qatar in 1997.

Jira, one of the world’s largest LNG buyers, bought about 30 million tonnes in the fiscal year ending March 2021, importing 20% ​​of total natural gas imports from the Qatar Gas 1 project.

Onoda said it would like to maintain good relations with Qatar as some agreements will continue to comply with other terms and may include Doha as a partner in clean fuels such as ammonia and hydrogen.

In May, sources in the gas sector reported that Qatar was in talks to involve Chinese companies in its plan to expand the world’s largest liquefied natural gas field, in a shift from the Gulf nation’s reliance on technology and global big companies.

Since the early 1990s, Qatar has relied on international companies, including ExxonMobil, Royal Dutch Shell and Total, to help develop its liquefied natural gas industry. In return, the big Western companies won lucrative deals that allowed for long-term deliveries.

See also  Global Dental Implants Market 2022 PostCovit-19 Opportunities Earnings Value (Mn USD) || DENTCA, Caiyu Dentistry, Dentsply Sirona

However, the increasing focus on renewable energy at a time when pressure is mounting to tackle the American shale gas revolution and climate change has limited Western countries’ appetite for gas.

Three sources close to the matter told Reuters that Qatar Petroleum, a state-owned giant, was in talks with Chinese state-owned companies, including Petrosena and Sinopec, to participate in the $ 28.7 billion Northfield expansion project. The world ..

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Embrace the Adventure: Discover Dubai’s Dune Buggy Tours

Introduction to the Dubai Dune Buggy Tour Buckle Up, Adventure...

Why Estonia is the Perfect Launchpad for Luxury Brands

The world of luxury fashion is synonymous with elegance,...

The Real Benefits of Being a VIP in the Online Casino Scene

Becoming a VIP can be a long process that...

The Evolution of Online Casino Bonuses: Trends and Future Predictions

Online casino bonuses have transformed from basic sign-up offers...