Hamilton, Bermuda, 7 February 2017 - Qatar Petroleum (QP), Total, Mitsubishi, ExxonMobil, and Höegh LNG today announced their commitment to advance a liquefied natural gas (LNG) import project in Pakistan in collaboration with Global Energy Infrastructure Limited (GEIL).
The Consortium will seek to develop a project that includes a Floating Storage and Regasification Unit (FSRU), a jetty and a pipeline to shore to provide a timely and reliable natural gas supply to Pakistan. The FSRU will have a minimum regasification capacity of 750 million cubic feet per day by 2018.
Commenting on this occasion, Mr. Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum said: "This Consortium will bring together partners with a proven track record of industry-leading performance and a history of delivering projects on time and on budget, while focusing on environmental stewardship."
"Forming this Consortium with Total, Mitsubishi, ExxonMobil and Höegh LNG represents a significant milestone that complements Pakistan's successful effort to meet the growing demand for clean-burning natural gas in this important market. Qatar Petroleum is proud to partner with these distinguished companies to help meet Pakistan's energy needs," Mr. Al-Kaabi concluded.
Pakistan has a large demand for natural gas and a well-established gas market and distribution system.
The companies forming the Consortium are global leaders in producing, shipping and marketing LNG with a strong track record of delivering on project execution in a very competitive global LNG market.
Natural gas is a cost-competitive fuel and can deliver significant environmental benefits. This project has the potential to deliver substantial, reliable natural gas supplies to the public and private sectors in Pakistan. The FSRU has been committed with Höegh LNG, and the consortium is promptly advancing through the necessary technical and commercial milestones.
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About Qatar Petroleum
Qatar Petroleum is an integrated national oil company (NOC) responsible for the sustainable development of the oil and gas industry in Qatar and beyond.
Qatar Petroleum's activities encompass the entire spectrum of the oil and gas value chain locally, regionally, and internationally, and include the exploration, refining, production, marketing and sales of oil and gas, liquefied natural gas (LNG), natural gas liquids (NGL), gas to liquids (GTL) products, refined products, petrochemicals, fertilizers, steel and aluminum.
Qatar Petroleum is committed to contribute to a better future by meeting today's economic needs, while safeguarding our environment and resources for generations to come. Thriving on innovation and excellence, Qatar Petroleum is bound to the highest levels of sustainable human, socio-economic, and environmental development in Qatar and beyond.
For more information, please visit www.qp.com.qa
About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world's second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.
For more information, please visit www.total.com
About Mitsubishi Corporation
Mitsubishi Corporation currently has seven Business Groups which develop operations in the diverse fields of Global Environment & Infrastructure Business Development; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, Mitsubishi Corporation has also established its Business Service Group.
Mitsubishi Corporation's Energy group aspires to make a valuable contribution to society through the provision of stable supplies of energy. Our business model seeks to cover areas ranging from upstream to downstream in the energy value chain. We explore for, develop and produce oil and gas, and have investments in numerous LNG projects and related businesses worldwide.
For more information, please visit www.mitsubishicorp.com
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, is a leader in developing and applying technology to overcome global energy challenges. ExxonMobil holds an industry-leading inventory of energy resources, is among the largest refiners and marketers of petroleum products and its chemical company is one of the largest in the world.
For more information, please visit www.exxonmobil.com
About Höegh LNG
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, China, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 110 office staff and 500 seafarers
For more information, please visit www.hoeghlng.com
Contacts:
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406
Erik Folkeson, Head of IR, Telephone +47 414 21 769
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs