RasGas, KOGAS Sign a New Long- Term LNG Sale and Purchase Agreement

Doha, February 09 (QNA) - HE Minister of Energy and Industry Dr. Mohammed Bin Saleh Al-Sada who is also Chairman of QP and RL (3) and Young Sung park, the KOGAS Executive Vice President and Chief Operating Officer of South Korea, signed here on Thursday a new Long Term LNG Sale and Purchase Agreement between Ras Laffan Liquefied Natural Gas Company Limited (3) and Korea Gas Corporation. Under the terms of the SPA, signed in the presence of HE Qatar's Ambassador to South Korea Ali Bin Hamad Al Marri, 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. It is worth mentioning that the Ras Laffan Liquefied Natural Gas Company Limited (RL) free-on-board SPA was signed in 1995. First delivery was in 1999. The RL free on board SPA is for 4.9 million tonnes per year. The second SPA between RL (3) and KOGAS was signed in 2007 with first delivery in the same year. This SPA is an ex-ship contract for 2.1 million tonnes per year. It is noted that RasGas Company Limited (RasGas) is owned by Qatar Petroleum and ExxonMobil RasGas Inc. RasGas operates production facilities to treat, liquefy and export LNG to countries across Asia, Europe and the Americas. Based in Ras Laffan, Qatar, RasGas currently produces approximately 37 million tonnes of LNG per annum (Mta) with seven trains in operation. Ras Laffan Liquefied Natural Gas Company Limited (3) RL (3) was established in 2005 to produce LNG and related products, RL (3) owns Trains 6 and 7. Whereas Korea Gas Corporation (KOGAS) was incorporated by the Republic of Korean government in 1983. KOGAS engages in the development, production and distribution of LNG. KOGAS is the world largest LNG importer and currently imports more than 34 million tonnes of LNG from around the world. (QNA)