Qatar Petroleum entered into a new, 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2 million tons per annum (MTPA) of LNG to the Republic of Korea, says a press release published on their website.
About the agreement
The agreement was signed today by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Mr. Hee-Bong Chae, the President and CEO of KOGAS, during a special ceremony held at Qatar Petroleum’s headquarters. 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 the Republic of Korea.
A historic partnership
In his remarks at the ceremony, His Excellency Mr. 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.”
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 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.
Efforts to maintain Qatar’s reputation
His Excellency Minister Al-Kaabi concluded his remarks by saying, “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.
“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 Sheikh Khalid bin Khalifa Al Thani, the CEO of Qatargas, his leadership team, and the whole Qatargas organization 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, totaling almost 185 million tons, to the Republic of Korea.
