Houston, Texas, USA – 17 April, 2013: Increasing demand for ecofriendly fuels and evolving LNG importing facilities will render natural gas the fuel of choice in the next decade, said RasGas Company Limited's (RasGas) Chief Executive Officer, Hamad Rashid Al Mohannadi, at the 17th International Conference and Exhibition on Liquefied Natural Gas (LNG 17), currently being held in Houston, Texas, USA.
Speaking on a panel discussion titled, "Global Strategy Forum", on the inaugural day of the four-day convention, Al Mohannadi provided insights into the Global LNG Industry's challenges and opportunities for the next decade.
Comparing today's LNG market to that of ten years ago, he noted how modern day projects are characterized by advanced technology, complexity, innovation and increasing scale. He elaborated saying, "LNG imports have been received by 27 countries and many new importers and exporters are on the horizon. Qatar, for example, has reached its goal of 77Mta and is now moving forward with new projects overseas through Qatar Petroleum International."
"The Company's sustainability objectives are well aligned with the Qatar National Vision (QNV) 2030 which clearly outlines the protection of the environment as a key pillar for the country's sustainable development. Through our participation in this year's QP Environment Fair, we wish to share our unique knowledge of prudent design practices for Qatar's urban environment with the country's youth and future leaders," said Brett Doherty, RasGas' Chief Safety, Health, Environment and Quality Officer.
Al Mohannadi cited the USA's drive for LNG vehicles as part of the rise in worldwide demand. He also cited Australia, Korea and the EU's policy-backed push for LNG-powered ships. "Demand appears to be secure on the macro scale," he concluded.
Shifting to the supply side of the LNG market, Al Mohannadi noted that great challenges lie ahead. He said, "If we cannot satisfy this increasing demand, then the opportunity that LNG has to be the fuel of choice may be compromised."
With current projects under construction facing significant delays, the market may remain tighter for longer. Additionally, projects in the planning stage are being challenged by tough economics and strong competition as industry costs soar. Al Mohannadi projected that "the market may ease by 2020."
Al Mohannadi concluded his speech by encouraging stronger industry advocacy efforts and restating RasGas' commitment to being a flexible, safe and reliable supplier of LNG.
The triennial event brings together over 5,000 industry professionals as well as 10,000 trade visitors. This is RasGas' fourth consecutive participation in the industry event for which it is also a platinum sponsor.