TC Jan-Feb 2016 PDF

TRADE CHRONICLE
Qatargas signs long-term agreement with Pakistan State Oil
Company to supply 3.75 million tonnes of LNG per annum
Pakistan and Qatar signed a long
term liquefied natural gas (LNG)
supply agreement in Doha recently
as a part of Prime Minister's two days
visit to the Middle Eastern Country.
The agreement was jointly signed by
Federal Minister for Petroleum and
Natural Resources Shahid Khaqan
Abbasiand and Chairman of Qatar
Gas Board of Directors Saad Sherida
Al-Kaabi at a ceremony in Diwane-Emiri
in Doha, according to which
the kingdom will provide a billion
dollars’ worth of LNG to Pakistan
annually.
Earlier, Liquefied Gas Company
Limited (“Qatargas ”) signed a longterm
agreement to supply Pakistan
State Oil Company Limited (PSO)
with Liquefied Natural Gas (LNG),
according to a press release of
company.
The Sales and Purchase Agreement
(SPA) was signed by Mr. Saad
Sherida Al-Kaabi, Qatar Petroleum
President & CEO, and Chairman of
Qatargas Board of Directors, and
Mr. 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.
Mr. Saad Sherida Al-Kaabi,
Chairman of Qatargas Board of
Directors described the agreement as
“a very important milestone in
Pakistan Prime Minister Muhammad Nawaz Sharif being received at airport
Qatar’s standing as a reliable energy
supplier as it marks the first direct
long term agreement between the
two companies.”
Mr. Al-Kaabi said: “The State of
Qatar Under the leadership and
guidance of His Highness Sheikh
Tamim Bin Hamad Al-Thani the Emir
of the State of Qatar 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 Mr. 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,”
Mr. Al-Kaabi added.
On his part, 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.
Trade Chronicle - January - February 2016 - Page # 07