Qatar Petroleum (QP) has entered into a new, 20-year sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2mn tonnes per annum (MTPA) of liquefied natural gas, or LNG, to South Korea.
Pursuant to the SPA, LNG supplies will commence in January 2025, and will be delivered to KOGAS’ LNG receiving terminals in Korea.
The agreement was signed yesterday by HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, the president and chief executive of QP, and Hee-Bong Chae, the president and chief executive of KOGAS, during a special ceremony held at QP’s headquarters. The ceremony was attended by senior executives from KOGAS, QP, and Qatargas.
“We are both proud and delighted to continue to serve as a major LNG supplier to KOGAS and (South) Korea. Today’s agreement is another step in the historic partnership journey between QP and KOGAS, which we hope to take to new heights,” al-Kaabi said.
Yesterday’s signing comes almost 26 years after KOGAS signed its first ever LNG SPA with Qatar.
Qatar currently supplies KOGAS with more than 9 MTPA through long-term agreements, making it the largest supplier of LNG to South Korea and demonstrating its strong commitment to meeting the clean energy requirements of customers around the globe who depend on reliable LNG deliveries.
Since 1999, QP’s LNG ventures have delivered more than 2,500 LNG cargoes, totalling almost 185mn tonnes, to South Korea.
"We are grateful to KOGAS for being such a great partner and customer, and we welcome this opportunity to further cement our partnership with KOGAS and to support Korea’s national drive toward cleaner and more sustainable energy," he said.
QP recently entered into a 15-year LNG SPA with Taiwan's CPC Corporation, for the supply of 1.25 MTPA of LNG.
QP had last month signed a long-term SPA with Shell for the supply of 1 MTPA of LNG to China for ten years, the deliveries of which will also commence in January 2022 to various terminals in China.
Qatar’s North Field, which has recoverable reserves of more than 900tn cubic feet, is the world's largest non-associated natural gas field. QP has already announced its expansion (NFE).
The total estimated investment for the NFE is $28.75bn and will increase Qatar's total LNG output by 43% to 110mn metric tonnes per annum (MTPA) by 2025 from the current level of 77 MTPA.
The agreement was signed yesterday by HE Saad bin Sherida al-Kaabi, the Minister of State for Energy Affairs, the president and chief executive of QP, and Hee-Bong Chae, the president and chief executive of KOGAS, during a special ceremony held at QP’s headquarters. The ceremony was attended by senior executives from KOGAS, QP, and Qatargas.
“We are both proud and delighted to continue to serve as a major LNG supplier to KOGAS and (South) Korea. Today’s agreement is another step in the historic partnership journey between QP and KOGAS, which we hope to take to new heights,” al-Kaabi said.
Yesterday’s signing comes almost 26 years after KOGAS signed its first ever LNG SPA with Qatar.
Qatar currently supplies KOGAS with more than 9 MTPA through long-term agreements, making it the largest supplier of LNG to South Korea and demonstrating its strong commitment to meeting the clean energy requirements of customers around the globe who depend on reliable LNG deliveries.
Since 1999, QP’s LNG ventures have delivered more than 2,500 LNG cargoes, totalling almost 185mn tonnes, to South Korea.
"We are grateful to KOGAS for being such a great partner and customer, and we welcome this opportunity to further cement our partnership with KOGAS and to support Korea’s national drive toward cleaner and more sustainable energy," he said.
QP recently entered into a 15-year LNG SPA with Taiwan's CPC Corporation, for the supply of 1.25 MTPA of LNG.
QP had last month signed a long-term SPA with Shell for the supply of 1 MTPA of LNG to China for ten years, the deliveries of which will also commence in January 2022 to various terminals in China.
Qatar’s North Field, which has recoverable reserves of more than 900tn cubic feet, is the world's largest non-associated natural gas field. QP has already announced its expansion (NFE).
The total estimated investment for the NFE is $28.75bn and will increase Qatar's total LNG output by 43% to 110mn metric tonnes per annum (MTPA) by 2025 from the current level of 77 MTPA.