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Shell, Qatar Petroleum form LNG bunkering JV

Royal Dutch Shell PLC unit Shell Gas & Power Developments BV and Qatar Petroleum subsidiary Wave LNG Solutions signed an agreement to form a joint venture company that will provide LNG bunkering services.

The joint venture company will invest in LNG marine fueling, bunkering vessels and other infrastructure in key locations around the world in order to meet marine customer needs and help reduce emissions of the global shipping industry, according to a Sept. 18 release from Shell.

The announcement follows a 2017 framework agreement between the two subsidiaries and two memoranda of understanding that Shell and Qatar Petroleum unit Qatargas signed with industry partners in 2016 in order to explore LNG bunkering opportunities in the Middle East.

"LNG demand for bunkering is expected to grow significantly over the coming years, and we believe there is a real potential for such demand to reach 35 million tons per annum by 2035," Qatar Petroleum's president and CEO, Saad Sherida Al-Kaabi, said in a separate Sept. 18 release from the state-owned company.