(MENAFN- The Peninsula) The Peninsula
Natural gas is becoming the fuel of choice worldwide and the fuel is expected to grow beyond the projected range, according to H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry. He said this addressing the 6th LNG Producer-Consumer Conference in Tokyo, yesterday.
Delivering the keynote speech at the conference titled ‘Development of LNG Markets in Asia,' Dr Al Sada said that natural gas is steadily becoming the fuel of choice across the globe, and the ideal and practical bridge towards the lower carbon future.
He added that natural gas has the highest projected annual growth rate of about 2 percent for the next 15 years. He pointed out that LNG is expected to grow at more than double this rate, ranging between 4 to 5 percent, and its use will extend beyond power to include long-haul transport and marine sectors.
Dr Al Sada reiterated that the Qatar highly valued its relationship with its customers and would not compromise its image as a reliable supplier, even under the on going economic blockade imposed on the country .
He stressed that the blockade has not prevented Qatar from honouring its contractual commitments and time schedules, without missing on even one shipment to its 'valued customers worldwide, including supplies to one of the blockading countries. He added that Qatar has not even invoked the legally viable 'Force Majeure option, driven by its belief that 'brothers should not be penalised for the political misadventures of their governments. He expressed Qatar's appreciation to 'all countries, partners and customers who have stood by us in these testing times.
Dr Al Sada highlighted Qatar's determination 'to remain a leading player and a reliable supplier of LNG. He added that such strategy was evident qatar's move to lift the moratorium on the development of its North Field reservoir, resulting in an increase in the country's LNG production by 30 percent to 100 million tons per annum by 2024.
He added that Qatar was also in the process of merging its two giant LNG companies Qatargas and RasGas to enhance the efficiency of the new entity and its market outreach, with the aim to serve its customers better and maximise its economic feasibility.
Yesterday, Dr Al Sada and accompanying delegation met a number of senior officials from Marubeni, Mitsubishi, Japan LNG, Itochu and Chiyoda. Today, he will meet with senior officials from more Japanese energy companies. He will also head Qatar's delegation to the 11th Qatar-Japan Economic Committee meeting.
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