Qatar Petroleum’s Wave LNG Solutions (QP) and Shell Gas & Power Developments have entered into a partnership aimed at accelerating the development of LNG fuelling infrastructure around the world.
Under the agreement, the joint venture between the two companies will invest in LNG marine fuelling, bunkering vessels and other infrastructure in key locations to meet the growing demands from the global shipping industry to reduce emissions.
“The shipping industry is starting to make the very necessary strides to reduce emissions from vessels. LNG is already playing an important role as the cleanest, and an affordable, alternative to traditional marine fuels available today, which is why we are continuing to invest with confidence in our own chartered LNG fleet,” said Ben van Beurden, Royal Dutch Shell’s Chief Executive Officer.
“As two of the world’s leading LNG suppliers, we look forward to building on our strong long-term partnership, expanding the LNG marine fuel network and creating a safe supply chain,” Van Beurden added.
Shell estimates that demand for gas as a shipping fuel could reach 35m tonnes of LNG a year by 2035.
Qatar Petroleum has been making huge efforts to further expand its presence in the LNG sector. In April, the company issued an invitation to tender for a major LNG shipbuilding campaign is expected to initially deliver 60 LNG carriers to support the planned production expansion, with a potential to exceed 100 new LNG carriers over the next decade.