QatarEnergy to be the largest LNG trader over next 5-10 years – Minister

LONDON, Oct 5 (Reuters) – QatarEnergy CEO and state minister for energy Saad al-Kaabi said on Wednesday that his company will become the world’s largest trader of liquefied natural gas (LNG) over the next 5-10 years.

“We are trading about 5-10 million (tonnes of LNG) now. We will be, in the next 5-10 years, the largest LNG trader in the world by far. This is ours and third-party (volumes),” Kaabi told the Energy Intelligence Forum in London.

“We started about two years ago (with trading)… I would say that the profitability of that venture is probably 20 times what I thought it could be.”

Qatar’s North Field expansion project will boost its position as the world’s top LNG exporter and help guarantee long-term supplies of gas to Europe as the continent seeks alternatives to Russian flows.

Currently, Shell (SHEL.L) and TotalEnergies (TTEF.PA) are estimated to have a combined portfolio of 110 million tonnes of the current estimate market of 400 million tonnes.