It aimed to "[…] create a truly unique global energy operator in terms of size, service and reliability" and to "[…] confirm and restrengthen Qatar Petroleum's superiority in the LNG business [by] reducing operating costs", stated the Qatar Petroleum's president and CEO Saad al-Kaabi.[1][59][60] The merger of Qatargas and RasGas became operative on 1 January 2018, marking the beginning for a "new" Qatargas and securing its rank as largest LNG producer worldwide.[61] Al-Kaabi gave a press conference on 4 January 2018,[62] stating that the new company would save around $550 million in operating costs per year.[63][64]