Qatar Petroleum (QP) is to export gas to its majority-owned Golden Pass liquefied natural gas (LNG) terminal in the US, for it to then be redistributed into other North American markets.

Media reports in the US stated that the LNG will be sold into markets with which the US has a trade agreement.

Qatar has witnessed a sharp decline of about 55 per cent in LNG prices in its core Asia markets and has been looking to diversify its LNG marketing operations for some time.

Prior to its shale gas boom, the US was expected to become a key importer of Qatari LNG, which is why the Golden Pass terminal was built. However, QP is now working with one of its US partners in the original scheme, ExxonMobil, to construct an LNG export terminal in the state of Texas.

QP owns 70 per cent of Golden Pass in Sabine, Texas, while ExxonMobil owns a 17.6 per cent share and the US’ ConocoPhilips the remaining 12.4 per cent.