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RasGas to Supply 8.3M Tonnes of LNG to South Korea

Source: 10/17/2011, Location: Middle East

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RasGas Company Limited (RasGas) will deliver approximately 8.3 million tonnes of liquefied natural gas (LNG) to Korea Gas Corporation (KOGAS), nearly a quarter of the total anticipated demand in South Korea this year, said His Excellency Dr. Mohammed Bin Saleh Al Sada, Qatar's Minister of Energy and Industry and Chairman of Qatar Petroleum and RasGas.

"Today, RasGas is the largest single supplier of LNG to South Korea delivering over 7 million tonnes of LNG per year on a long-term basis. In addition to our current long-term commitments, RasGas has delivered over 1 million tonnes per year of incremental spot cargoes for the past several years," said H.E. Al Sada, who was delivering his opening remarks during the first anniversary celebration of RasGas Korea Liaison Office in Seoul last week. H.E. Al Sada reiterated that Qatar's excellent relationship with Korea extends well beyond the sales and purchase of LNG to include petrochemicals, construction, shipbuilding and other industries.

"The RasGas Korea Liaison Office was established in recognition of our long standing relationship with KOGAS and South Korea and underscores the importance which RasGas and the State of Qatar place on these relationships. We are very pleased with the success of this office and believe that it has further strengthened our already strong bond with South Korea and KOGAS," he said.

"RasGas made its first sale of LNG to KOGAS, which is the largest single buyer of LNG in the world. We produce around 37 million tonnes of LNG per annum, one of the largest in the world. We are very proud of RasGas achievements and its great relations with KOGAS, and look forward to further growing this relationship with the agreement for additional long-term supply" H.E. Al Sada added.

"In 2010, the State of Qatar, through Nakilat and its LNG joint ventures took delivery of the last of 54 LNG tankers and four LPG ships built by South Korea shipyards valued at over US$13.5 billion. The nine-year ship building phase began in November 2001 and resulted in the construction of the largest LNG carriers in the world; the 266,000 cubic metre Q-Max ships. In January this year, Hyundai Heavy Industries was awarded the lump sum EPC contract for the Barzan Gas Project, the largest gas project in the region, which will start production in 2014" he said.

"The Barzan Gas Project is of great importance to the State of Qatar and we look forward to the safe and successful completion of this mammoth project. I would also like to note that the Barzan Gas Project includes an unprecedented number of Qatari employees on the project team and I would like to express my appreciation to Hyundai and RasGas management for their strong and unwavering support for the development of our nationals," H.E. Al Sada said. The State of Qatar was represented in the ceremony by Qatar's Ambassador to South Korea, H.E. Ali Hamad Mubarak Al Marri, a high level RasGas delegation led by its Managing Director, Hamad Rashid Al Mohannadi, Qatar Petroleum, Qatargas and officials from the Ministry of Energy and Industry. A number of executives from different Korean companies were also present on the occasion.

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