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Qatar Petroleum & Shell Ink Pact for LNG Bunkering Venture

Logistic News - Published on Fri, 20 Sep 2019

Image Source: https://en.wikipedia.org
Qatar Petroleum and Shell subsidiaries signed a shareholder agreement to establish a company that would provide global LNG bunkering services. The agreement signed by Qatar Petroleum’s “Wave LNG Solutions” and “Shell Gas & Power Developments B.V.” paves the way for the establishment of a joint venture company owned equally by both parties, subject to customary regulatory approvals. The new company’s principal business activities will include the procurement of LNG, setting up LNG bunkering infrastructure (storage and bunker vessels) at various strategic locations around the world, and facilitating the sale of LNG as a marine fuel to end customers around the world.

LNG bunkering provides the shipping industry with a unique fuel that helps meet the industry’s environmental and economic objectives. An increasing number of ship owners and operators are turning to LNG over traditional marine fuels in response to tighter sulfur and nitrogen oxide emissions regulations. In October 2016, the International Maritime Organization announced the introduction of a global 0.5% sulfur cap from 2020.
Wave LNG Solutions LLC was established by Qatar Petroleum for the purpose of market development and investment in LNG as a transportation fuel, especially for the marine transportation sector.

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Posted By : Mohan Sharma on Fri, 20 Sep 2019
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