| June 8
June 8 ConocoPhillips said on Thursday
that production and exports of liquefied natural gas from an
investment project in Qatar have not been affected by growing
Middle East diplomatic tensions.
Saudi Arabia, Bahrain, Egypt and the United Arab Emirates on
Monday cut ties with Qatar, accusing the country of supporting
extremism. Qatar has denied the allegations.
Concerns have grown that global access to Qatar's LNG could
be cut, especially after some Persian Gulf ports said they would
not accept Qatari-flagged vessels.
Houston-based ConocoPhillips owns a 30 percent stake in an
LNG project operated by Qatargas Operating Co Ltd, part of the
state-controlled energy company. Mitsui & Co Ltd owns a
remaining 1.5 percent stake in the project, which processes
about 1.4 billion cubic feet of gas per day.
"Production and the export of LNG from our operations have
not been impacted" by the diplomatic tension, ConocoPhillips
spokeswoman Emma Ahmed said in a statement to Reuters.
The investment was worth $869 million to ConocoPhillips at
the end of 2016, according to regulatory filings.
The U.S. company loaned $1.2 billion to develop the Qatari
LNG project in 2005, with roughly $696 million still to be paid
ConocoPhillips also controls the Golden Pass LNG facility in
the United States along with Exxon Mobil Corp and Qatar
None of the LNG produced in Qatar, though, is sold in the
Shares of ConocoPhillips were down slightly to $80.86 in
(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama)