Qatargas is a holding company handling the operations and marketing of seven liquefaction trains in Qatar. There are four companies that have different ownership structure, with partners including ExxonMobil, Total, ConocoPhillips, Shell, Mitsui and Marubeni. Qatargas’ largest market is Japan, where power and utility buyers underpinned the development of the first three Qatargas trains. It has a number of short and long-term agreements with a range of buyers. In North West Europe, Qatargas has taken market positions that provided it with supply flexibility. We expect its exposure to Europe to increase as some of its mid term deals into Japan expire. Qatargas originally built capacity at Qatargas 3 & 4 with the intention of supplying LNG into US but the ramp up of shale production meant imports were no longer required – Qatargas has subsequently remarketed much of this volume to Asia.