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Shell to sign deal with Qatar on $29bn gas project

June 30, 2022 at 3:29 pm

Shell petrol station in England, UK on 15 June 2022 [Finnbarr Webster/Getty Images]

British Shell is set to sign a major agreement with Qatar by taking a stake in a $29 billion project to boost Qatar’s exports of liquefied natural gas, just as Europe races to shore up new supplies of the fuel, Bloomberg reports.

According to the report, the move comes just as Europe races to shore up new supplies of the fuel.

London-based Shell will announce its partnership with state-controlled Qatar Energy in Doha on Tuesday, according to two people familiar with the matter, report says.

Shell’s Chief Executive Officer, Ben van Beurden, is to attend the signing ceremony with Qatari Energy Minister, Saad Al Kaabi, who is also CEO of QE, one of the people said.

Demand for Qatari LNG is soaring as European nations try to gain energy independency from Russian gas, following Moscow’s attack on Ukraine.

READ: ConocoPhillips wins stake in Qatar LNG as Kaabi warns about high prices