Shell invests $29 billion in Qatar’s liquefied gas project

Shell Plc has become the latest international energy company to invest in Qatar’s $29 billion project to boost exports of liquefied natural gas, as Europe races to shore up new supplies of the fuel.

The London-based firm followed TotalEnergies SE, Exxon Mobil Corp., ConocoPhillips and Eni SpA in buying a stake in the North Field East plan.

Shell will get a 6.25 percent holding in the project, which will increase Qatar’s LNG production capacity to 110 million tons annually by 2026 from 77 million.

Shell’s chief executive officer, Ben van Beurden, announced the deal alongside Qatar’s energy minister, Saad al-Kaabi, in Doha on Tuesday.

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