ENERGY: LNG

Qatar emerges as a new king in LNG

When compared, the natural gas market today is about 60% of the crude oil market; but is estimated to grow by some 25% by 2010 and 35% by 2012. And thanks to the clean fuel initiative clubbed with rising oil prices, LNG seems to see a new dawn altogether. Take for instance, in 2005 Japan imported 58.6 million tons of LNG, South Korea imported 22.1 million tons while in 2004 Taiwan imported 6.8 million tons. Recently in 2006, Spain imported some 8.2 million tons. While the US seems self sufficient with its gas production, the same isn’t the case in Europe.

Qatar has spent billions of dollars with the help of Russia. Qatar is further exploring avenues, in partnership with ExxonMobil, to create petroleum products using gas, instead of crude oil. Further, Qatar has invested $4 billion to build the world’s largest natural gas processing facilities. For all practical purposes, Qatar and the world have only one person to thank for finding out a way in transporting gas where none existed. Crown Prince since 1977 and Emir since 1995, Sheikh Hamad Bin Khalifa Al-Thani rocks!

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Source : IIPM Editorial, 2012.

An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).

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