QP signs 20-year LNG deal with S Korea’s KOGAS
Qatar to supply 2 mtpa of LNG to S Korea under the new agreement
QATAR Petroleum (QP) has entered into a new 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2 million tonnes per annum (MTPA) of LNG to the Republic of Korea. 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. The agreement was signed by Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum HE Saad Sherida Al Kaabi and President and CEO of KOGAS Hee-Bong Chae at Qatar Petroleum’s headquarters.
QATAR Petroleum has entered into a new 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2 million tonnes per annum (mtpa) of LNG to South Korea.
The agreement was signed by the Minister of State for Energy Affairs and Qatar Petroleum President and CEO HE Saad Sherida Al Kaabi and KOGAS President and CEO Hee-Bong Chae during a special ceremony held at Qatar Petroleum’s headquarters on Monday.
The ceremony was attended by senior executives from KOGAS, Qatar Petroleum, and Qatargas. Pursuant to the SPA, LNG supplies will commence in January 2025, and will be delivered to KOGAS’ LNG receiving terminals in Korea.
In his remarks at the ceremony, 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.”
Today’s signing 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 Korea and demonstrating its strong commitment to meeting the clean energy requirements of customers around the globe who depend on reliable LNG deliveries.
Kaabi said, “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 Korea’s national drive toward cleaner and more sustainable energy. I would like to thank the teams from KOGAS, Qatar Petroleum, and Qatargas for their great efforts to conclude this agreement. I would also like to express my appreciation to Qatargas CEO Sheikh Khalid bin Khalifa Al Thani and his leadership team, and the whole Qatargas organisation for their exceptional efforts to maintain Qatar’s reputation as the most trusted and reliable LNG supplier in the world.”
Since 1999, Qatar Petroleum’s LNG ventures have delivered more than 2,500 LNG cargoes, totalling almost 185 million tonnes to Korea.