Qatar Petroleum, ExxonMobil and Fluxys LNG Sign Terminal Capacity Subscription Agreement

Source: www.gulfoilandgas.com 6/30/2004, Location: Middle East

Doha, June 30, 2004 - Qatar Petroleum through its affiliate, Qatar Terminal Limited, and an affiliate of Exxon Mobil Corporation, Zeebrugge LNG Trading Company Limited, announced today that they have signed a long-term, terminal capacity subscription agreement with Fluxys LNG, a member of the Paris-based energy group, Suez.

The agreement was signed by H.E. Abdullah Bin Hamad Al-Attiyah, Second Deputy Premier, Minister of Energy and Industry and Chairman of Qatar Petroleum, Mr. Walter Peeraer, Executive Committee Chairman of Fluxys SA, Mr. Vincent Wittebolle, Chairman and CEO of Fluxys LNG, and Mr. Ron Billings, Vice President ExxonMobil in a ceremony at the Intercontinental Hotel Doha.

The agreement will secure capacity for 3.5 million tons a year (MTA) of LNG at Fluxys' strategically located Zeebrugge terminal in Belgium, beginning in 2007. The LNG will be sourced from Qatar's North Field, which holds estimated recoverable reserves of more than 900 trillion cubic feet of natural gas, and produced by Ras Laffan Natural Gas Co.(II), in which Qatar Petroleum holds a 70 percent and ExxonMobil a 30 percent working interest.

This important agreement will enable Qatari gas to reach new markets in northwest Europe and is consistent with the State of Qatar's long-term strategy for expanding and diversifying its gas markets. This is a major achievement for the State of Qatar and highlights a successful joint-effort between Qatar Petroleum, Fluxys and ExxonMobil.

It is the first, long-term agreement that Qatar Petroleum has signed with an existing terminal operator, highlighting the confidence in Fluxys LNG, the European market and the desire to further develop the economic relationship between Qatar and Belgium.

The capacity agreement between Qatar Petroleum and Fluxys builds on ExxonMobil's successful business relationship with its valued partner, Qatar Petroleum.

It is also an important agreement for Fluxys as it underpins the expansion of its Zeebrugge terminal capacity to approximately 7 million tonnes per year. The agreement enables Fluxys to further develop the terminal as a strategic asset, which will serve as an integral part of the company's overall strategy to have an active role in the development of capacity projects in Europe.

The agreement with Fluxys is a further step by the Qatar Petroleum and ExxonMobil joint ventures to be the leading supplier of LNG to major markets in Europe, the United States and the Asia Pacific region.



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