Qatargas and PETRONAS Ink New 5 year LNG Sale and Purchase Agreement

Doha, October 19 (QNA) - Qatargas, the World's Premier Liquefied Natural Gas Company, announced Tuesday the signing of a new five-year liquefied natural gas (LNG) Sale and Purchase Agreement (SPA) with PETRONAS LNG UK Limited (PLUK). Under the terms of the new SPA, Qatargas will deliver a of total of 1.1 million tonnes per annum (MTPA) of LNG to PLUK until 31 December 2023, an extension of its current contract due to expire on 31 December 2018. PLUK is the Atlantic basin-focused LNG trading subsidiary of PETRONAS, the national oil and gas company of Malaysia. The LNG will be supplied from Qatargas 4 (Train 7), a joint venture between Qatar Petroleum and Shell which started production in January 2011. Chairman of Qatargas Board of Directors Engineer Saad Sherida Al Kaabi said "I am delighted to announce that by this agreement, Qatargas has extended its strong relationship with PETRONAS for many years into the future. This extension will enhance Qatar's leading position in the LNG market, and will further reinforce Qatargas' commitment to meeting the needs of its customers of this clean energy source." Commenting on the new deal HE Chief Executive Officer of Qatargas Khalid bin Khalifa Al-Thani said "we are focused on building strong, long-term relationships with our customers, and reinforcing our reputation for being the most reliable and flexible supplier of LNG in the marketplace." For his part PETRONAS Vice President of LNG Marketing and Trading Ahmad Adly Alias said that the extension of the agreement proves the value of a long-term LNG business relationship for both PETRONAS and Qatargas: "As a buyer and seller of LNG, PETRONAS looks forward to enhancing a mutually-beneficial partnership with Qatargas for value added opportunities amidst the current business environment." (QNA)