QatarEnergy signed a partnership deal with TotalEnergies on Sunday for the North Field East expansion of the world’s largest liquefied natural gas (LNG) project, and its chief executive said more partners would be announced in the coming days, Reuters reports.
According to the report, TotalEnergies wins a stake in $29 billion Qatar gas project.
TotalEnergies will get a 6.25 per cent equity stake in the first phase of the plan, state producer Qatar Energy said.
“Suddenly, because of the tragic events in Europe, everybody is rushing to get LNG (liquefied natural gas),” TotalEnergies Chief Executive Officer, Patrick Pouyanne, said. “Appetite is strong.
Qatar is expanding production of liquefied natural gas amid a worldwide energy crunch.
Global demand for the fuel is soaring as European nations race to wean themselves off Russian gas supplies in the wake of Moscow’s attack on Ukraine, the report says.