(MENAFN- Qatar News Agency) Doha, February 10 (QNA) - Qatar Liquefied Gas Company Limited (2) ("Qatargas 2") signed a long-term agreement to supply Pakistan State Oil Company Limited (PSO) with Liquefied Natural Gas (LNG).
The Sales and Purchase Agreement (SPA) was signed by Saad Sherida Al-Kaabi, Qatar Petroleum President & CEO, and Chairman of Qatargas Board of Directors, and Sheikh Imran ul Haque, Managing Director & Chief Executive Officer of PSO.
Under the terms of the agreement, Qatargas 2 will supply 3.75 million tonnes per annum (MTPA) of LNG to PSO for a period of 15 years with the first cargo expected to be delivered in March 2016.
Saad Sherida Al-Kaabi, Chairman of Qatargas Board of Directors, described the agreement as "a very important milestone in Qatar's standing as a reliable energy supplier as it marks the first direct long term agreement between the two companies." Al-Kaabi said: "The State of Qatar Under the leadership and guidance of HH the Emir Sheikh Tamim bin Hamad Al-Thani is constantly looking to expand and enhance its LNG market share while at the same time helping countries around the world meet their growing energy needs. I'm very proud to welcome Pakistan to our customer portfolio, and would like to thank His Excellency Shahid Khaqan Abbasi, Pakistan's Minister of Petroleum and Natural Resources, who along with the leadership in Pakistan, have been instrumental in achieving this important milestone." "I would like to take this opportunity to register my sincere appreciation to Sheikh Khalid Bin Khalifa Al-Thani, Chief Executive Officer of Qatargas, and his team for their excellent work to finalize this important agreement," Al-Kaabi added.
On his part, HE Sheikh Khalid Bin Khalifa Al-Thani, Chief Executive Officer of Qatargas Operating Company Limited, said: "Emanating from our vision to establish new markets with a new portfolio of customers, the signing of this agreement represents a momentous occasion for Qatargas as we continue to play a key role as a world leader in the supply of clean, reliable energy to global markets. After delivering the commissioning cargo in April last year, we are delighted that our discussions with PSO regarding a long term agreement have come to fruition. Taking this opportunity, we thank the team at PSO for their hard work and we look forward to a strong and enduring partnership with PSO and Pakistan." In April 2015, Qatargas delivered the first commissioning cargo to PSO onboard the LNG vessel, Excelerate Exquisite, the Floating Storage and Regasification Unit (FSRU), moored at Port Qassim as part of the Elengy LNG terminal, Pakistan's first LNG import terminal.
Qatargas 2, a joint venture between Qatar Petroleum, ExxonMobil and Total which started production in 2009, is committed to reliable supplies of clean, safe and highly efficient source of energy. Pakistan is an important nation with continuous strong economic growth and a promising energy market.
One of the key strengths of Qatargas has been the development of considerable expertise in supporting the commissioning of new LNG Receiving Terminals globally. To date the Company has helped commission 17 LNG terminals across the Americas, Europe and Asia. (QNA)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.