Middle East Business: QatarEnergy picks ConocoPhillips as 3rd partner in NFE – Gulf Digital News

Middle East Business: QatarEnergy picks ConocoPhillips as 3rd partner in NFE – Gulf Digital News

QatarEnergy has announced that it has selected ConocoPhillips as a partner in the North Field East (NFE) expansion project, the single largest project in the history of the LNG industry.

This is the third in a series of announcements on partnerships in the $28.75 billion expansion project.

Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and Ryan Lance, the Chairman and CEO of ConocoPhillips, signed the partnership agreement during a special ceremony held at QatarEnergy’s headquarters in Doha in the presence of senior executives from both companies.

Pursuant to the agreement signed today, QatarEnergy and ConocoPhillips will become partners in a new joint venture company (JV), in which QatarEnergy will hold a 75% interest while ConocoPhillips will hold the remaining 25% interest. The JV in turn will own 12.5% of the entire NFE project, which has a total LNG capacity of 32 million tons per annum.

Al-Kaabi said: “Today, we sign a new partnership agreement that will further enhance our relationship and enable us to benefit from the wide experience of ConocoPhillips in the development of the world’s largest LNG expansion project. Our work together will enable us to meet our target of increasing the State