CBS MarketWatch: Shell, Qatar ink natural gas venture: “The Royal Dutch/Shell Group said Sunday that it has entered into a joint-venture agreement with Qatar to develop a liquefied natural-gas plant.” (ShellNews.net) Posted 28 Feb 05
By Heather Wilson, MarketWatch
SAN FRANCISCO (MarketWatch) -- The Royal Dutch/Shell Group said Sunday that it has entered into a joint-venture agreement with Qatar to develop a liquefied natural-gas plant.
Shell said that its 30 percent stake in the $6 billion to $7 billion project in Ras Laffan, Qatar, will provide it with access to natural gas deposits in the country's North Field. State-controlled Qatar Petroleum will hold the remaining interest.
Gas from the Qatargas 4 project will be shipped to markets in Europe and North America, the Dutch oil company said.
The plant is expected to produce 7.8 million tons of liquefied natural gas a year, with shipments to begin between 2010 and 2012.
Shares of Royal Dutch Petroleum (RD: news, chart, profile) closed up 88 cents at $62.85 Friday.