Shell (LON:SHEL) Set to Sign Deal With #Qatar for Giant Gas Project - Bloomberg

Shell (LON:SHEL) Set to Sign Deal With Qatar for Giant Gas Project - Bloomberg

Shell Plc is set to follow other Western energy majors by taking a stake in a $29 billion project to boost Qatar’s exports of liquefied natural gas, just as Europe races to shore up new supplies of the fuel.

The London-based company will probably announce its partnership with state-controlled Qatar Energy in Doha on Tuesday, according to two people familiar with the matter. Shell’s chief executive officer, Ben van Beurden, is likely to attend the signing ceremony with Qatari Energy Minister Saad al Kaabi, who’s also CEO of QE, one of the people said.

A Shell spokesperson declined to comment, while QE didn’t immediately respond to a request for comment.

Qatar is increasing its output capacity amid a global energy crunch. Demand for LNG is soaring as European nations try to wean themselves off Russian gas following Moscow’s attack on Ukraine.