PTT – Qatargas sign 20-year LNG supply agreement

abarrelfull wrote on 13 Dec 2012 19:49
Tags: asia lng ptt qatar qatargas thailand

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Mr. Pailin Chuchottaworn, PTT President & CEO, said PTT has signed an LNG Sales and Purchase Agreement with Qatar Liquefied Gas Company Limited (3) (Qatargas) spanning 20 years at an annual volume of 2 million tons, with the first LNG delivery date set for January 2015. This first long-term LNG contract for Thailand will supplement long-term national energy security, particularly as production from the Gulf of Thailand and imports from neighboring countries are inadequate, yet domestic gas demand keeps climbing constantly due to economic growth.

“Qatargas and PTT have consistently maintained cordial relations since mid-2011, when it supplied the first commissioning LNG cargo for ASEAN’s inaugural receiving terminal, located in Map Ta Phut Industrial Estate, Rayong. Particularly, Qatargas has helped Thailand by delivering LNG to make up for the missing gas supply from our transmission system, which was facing problems at the time. Successful cooperation between the two organizations, made possible with the support of both countries, will be a milestone for continued cordial partnership,” said Mr. Chuchottaworn.

Thailand’s gas demand under PDP 2010 Revision 3 (Power Development Plan, 2010-2030) looks set to grow across the board—in the power, industrial, petrochemical, and transport sectors. This would cause Thailand to import more LNG in future years and to grow its LNG-receiving terminal’s capacity from 5 to 10 million tons a year, which is now planned for completion in 2017.

Qatar’s national energy company, Qatargas is 70% owned by the government of that country and is the world’s largest LNG producer and distributor with a capacity equivalent to about 30% of worldwide LNG trade. Holding over 900 trillion cubic feet in gas reserves, enough to fulfill the global demand for more than a century, Qatargas is regarded as Thailand’s world-class business ally on the international natural gas industry arena.

• PTT – Qatargas sign 20-year LNG supply agreement for energy reserve, greater national energy security with a supply start-up planned for early 2015

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