Wednesday 22 September 2021

Qatar Petroleum signs 20-year deal to supply LNG to Korea

DOHA, July 13, 2021

Qatar Petroleum (QP) has entered into a new, 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (Kogas) for the supply of two million tons per annum (MTPA) of LNG to the Republic of Korea.

The agreement was signed today by Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Hee-Bong Chae, the President and CEO of Kogas, during a special ceremony held at Qatar Petroleum’s headquarters.

Pursuant to the SPA, LNG supplies will commence in January 2025, and will be delivered to Kogas’ LNG receiving terminals in the Republic of Korea.

Al-Kaabi said: “We are both proud and delighted to continue to serve as a major LNG supplier to Kogas and the Republic of Korea.  Today’s agreement is another step in the historic partnership journey between Qatar Petroleum and Kogas, which we hope to take to new heights.”

The new agreement comes almost 26 years following Kogas’ signing of its first ever LNG SPA from Qatar.

Qatar currently supplies Kogas with more than 9 MTPA through long-term agreements, making it the largest supplier of LNG to the Republic of Korea and demonstrating its strong commitment to meeting the clean energy requirements of customers around the globe who depend on reliable LNG deliveries.

“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 the Republic of Korea’s national drive toward cleaner and more sustainable energy,” Al-Kaabi added.

Since 1999, Qatar Petroleum’s LNG ventures have delivered more than 2,500 LNG cargoes, totalling almost 185 million tons, to the Republic of Korea. – TradeArabia News Service


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