Qatar is merging its two government-controlled liquefied natural gas companies, streamlining distribution of the fuel as the OPEC nation grapples with a slump in energy prices. The Gulf country is the world›s largest producer of LNG, which is natural gas chilled to liquid form for shipment on tanker ships. Saad Sherida Al-Kaabi, president and CEO of state oil company Qatar Petroleum, said Sunday the plan to combine Qatargas and the smaller RasGas will create a "unique global energy operator in terms of size, service and reliability." International oil giants including Total, ConocoPhillips, Exxon Mobil and Royal Dutch Shell have stakes in the Qatargas production lines. Rasgas is a joint venture between Qatar Petroleum and minority shareholder Exxon Mobil. Officials say the merger should be finished within 12 months. He said the move would save "hundreds of millions of dollars". "The integration aims to create a truly unique global energy operator in terms of size, service and reliability," he told reporters at a news conference. Kaabi added that there would be no job losses on the "operating side" but it was unclear if there would be cuts elsewhere. Qatargas, in its present form, is the largest LNG producer in the world, according to its website. RasGas, holds no assets but oversees and manages all LNG operations in the energy-rich emirate. Both companies have joint ventures with oil companies including ExxonMobil, Total and Shell. Representatives of these companies were present at today›s news conference. Gas exports have helped make Qatar one of the richest countries in the world. It is currently the world›s biggest LNG exporter but could soon be overtaken by Australia. The move comes as Qatar tries to adapt to an era of lower energy prices.
