RasGas signs new LNG Sales and Purchase Agreement with KOGAS

abarrelfullabarrelfull wrote on 12 Feb 2012 16:29
Tags: kogas korea lng qatar rasgas trading

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RasGas Company Limited (RasGas) announced today that Ras Laffan Liquefied Natural Gas Company Limited (3) (RL 3) has entered into a new Long Term Liquefied Natural Gas Sales and Purchase Agreement (SPA) with South Korean state-owned energy company Korea Gas Corporation (KOGAS). The agreement was signed by His Excellency Dr Mohammed Bin Saleh Al Sada, Minister of Energy and Industry for the State of Qatar, and Chairman of RasGas and RL 3, and Mr Park Young Sung, KOGAS Executive Vice President and Chief Operating Officer.

Under the terms of the SPA, RL 3 will deliver 2 million tonnes per annum (Mta) of Qatari LNG for 20 years starting in 2013, in addition to incremental medium term volumes from 2012 to 2016. This new agreement complements two existing long term SPAs signed between RasGas ventures and KOGAS in 1995 for 4.9 Mta and in 2007 for 2.1 Mta, bringing the total annual long term SPAs quantities to 9 Mta.

Commenting on the occasion, His Excellency Dr Al Sada said: 'This latest agreement is a perfect example of how Qatari LNG producing ventures continue to respond to our customer's needs through the capabilities and flexibility they have. RasGas is the largest single supplier of LNG to KOGAS and in 2011 delivered approximately 8 million tonnes of LNG in a safe and reliable manner."

His Excellency also added "I'm confident that natural gas is and will continue to be the fuel of choice to meet rapidly expanding and long-term energy requirements in Asia and world-wide, due to its environmental benefits, safety and reliability."

Mr Sung said: "RasGas and KOGAS have long been in a good relationship and this agreement is further evidence of these strong ties and helpful for long-term security of LNG supply to Korea."

Mr Hamad Rashid Al Mohannadi, RasGas Managing Director said: "This agreement is a demonstration of RasGas' capabilities and flexibility to meet market demand. We look forward to continuing our strong and long-term relationship with our foundation customer KOGAS."

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