Centrica and Qatar Petroleum Sign MoU

Centrica plc and Qatar Petroleum International (QPI) have signed a Memorandum of Understanding (MoU) to cooperate in energy-related investments worldwide.

The companies will seek to invest in a range of projects, including "liquefied natural gas (LNG), gas storage as well as combined-cycle gas turbine (CCGT) generation assets and downstream opportunities".

Earlier this year, the companies signed a three-year contract, worth £2 billion, for the supply of 2.4 million tonnes of LNG per year to Britain. The annual supply will constitute ten per cent of Britain's residential gas supply for the three year period. 

"I am pleased to note that QPI and Centrica have agreed to explore various project opportunities together worldwide,"  His Excellency Dr. Mohammed bin Saleh Al-Sada, Qatar's Minister of Energy and Industry and Chairman of the Board of QPI said. "This strategic alliance will reinforce QPI's objective to transform itself into a more active international player in the upstream, downstream, gas and power sectors as part of the greater objective of the State of Qatar to be play a greater role in world energy markets."

Centrica's CEO Sam Laidlaw said the MoU was part of Centrica's commitment to ensuring the security of Britain's energy supply.

"Centrica is playing a leading role in securing Britain's future energy security," he said. "Our strategic relationship with Qatar is central to this goal, linking the world's leading LNG exporter with one of the world's most important gas markets.  The partnership will enable us to jointly develop significant energy investments that will further boost the long-term security of the UK's gas supply.

"We will also explore joint opportunities to deploy capital and expertise in other markets to deliver growth and value for the group."