Qatar Petroleum, Gunvor: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
Qatar Petroleum to Take Over Ownership of Country's First-Ever LNG Plant - Qatar Petroleum said on Tuesday it would take full ownership of its Qatargas 1 liquefied natural gas (LNG) plant when its 25-year contract with international investors including Exxon Mobil Corporation (NYSE:XOM) and Total SE (NYSE:TOT) expires next year. The decision not to extend the contracts for the country's first-ever LNG processing plant came as Qatar Petroleum, the world's top LNG producer, prepares to vastly expand its capacity in the coming years with foreign investment.

ENVIRONMENTAL
Energy Trader to Cut Emissions 40% by 2025, Sets Up Renewables Arm - Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects. The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and those from the electricity it uses, against its 2019 total of 1.9 million tonnes of carbon dioxide equivalent. Its new unit will invest in biofuel, renewable power projects such as solar and biomass, and the commercialization of alternative fuels like hydrogen and ammonia, it said. (Reuters)

PRODUCTION
Reuters Source: Saudi Arabia Wants OPEC+ to Extend Oil Cuts into June - Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday. A fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year's highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts into May when it meets on Thursday. The source briefed on the matter said on Monday that Saudi Arabia was keen to extend cuts beyond May and into June. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.