By Pratap John
Chief Business Reporter

HE  Dr Mohamed al-Sada speaking at the formal launch of SouthHookGas in London yesterday.

SouthHookGas, a joint venture between Qatar Petroleum and ExxonMobil, which owns and manages the South Hook LNG regasification terminal at Milford Haven in the UK, was formally launched in London yesterday.
The London-based company owns and manages the primary import, regasification and system entry capacity at the $2bn South Hook Terminal- Europe’s largest, in Wales.
The South Hook LNG Terminal with a regasification capacity of 15.6mn tonnes a year will be receiving gas straight from the Qatargas 2 project, the world’s first fully integrated value chain LNG venture at Ras Laffan.
The terminal was opened by HH the Emir Sheikh Hamad bin Khalifa al-Thani together with Queen Elizabeth on May 12. QP owns a 70% stake in SouthHookGas while ExxonMobil holds the remainder.
The design of South Hook LNG Terminal matches the capacity of Qatargas 2 trains 4 and 5. The terminal is considered a major construction feat with few parallels in terms of the pure scale of physical infrastructure in the global LNG industry.
The chief guest at the SouthHookGas launch ceremony yesterday was HE Dr Mohamed Saleh al-Sada, Minister of State for Energy and Industry.
SouthHookGas is expected to meet about 20% of the UK’s total natural gas needs. The company is set to play a key role in the UK gas market as the Kingdom’s gas import dependency increases with the decline in North Sea reserves.
At the SouthHookGas launch ceremony in London al-Sada spoke about the common interests of the UK and Qatar.
 “We want to be a long-term trading partner with the UK, especially in energy. Like the UK we understand the importance of solid industrial foundations to achieve economic growth. And Qatar understands that today, diversification of energy supply is a vital part of achieving security of supply. We are proud to have a physical flow of Qatari gas here in the UK. And we are committed to an ongoing role as a partner in the UK’s energy future.” 
Welcoming the approach of the UK Government, al-Sada said: “We are fortunate that the UK Government has created a positive climate for investment and that the UK market welcomes new entrants. Clear government policy and direction combined with regulatory transparency have long been the hallmarks of the UK energy sector.
“SouthHookGas will play a key role in managing the terminal’s capacity in an effective and flexible manner as the future of the energy sector in the UK unfolds.”
Also speaking at the ceremony, Ahmed al-Khulaifi, SouthHookGas chairman said: “We are proud to have a physical presence in the UK.  Our UK presence demonstrates Qatar’s willingness to play a valuable long-term role in the UK energy sector.”
Speaking to Gulf Times at Milford Haven in June, SouthHookGas director and general manager Mohamed al-Naimi had said the company was set to cross another milestone by completing two more storage tanks and a berth later this year.
Each tank will be 95m in diameter and 44m high. Three storage tanks of the same size and capacity are already fully functional.
“Our five storage tanks are the largest in the world. One tank is big enough to fit in London’s Royal Albert Hall,” al-Naimi added.