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Gas Natural signs a 2 bcm supply contract with Qatargas for the next 20 years

Source: 7/1/2004, Location: Middle East

In January both companies signed an MOU for this transaction, which will be effective from January 2005.
Both companies also agreed on the extensión to 2012 of two contracts initially signed in 2001.
Today Gas Natural Group’s General Manager for Supplies, Carlos Torralba, and the chairman of Qatar Liquefied Gas Co. Ltd. (Qatargas) and Qatar’s Minister of Energy and Industry, Abdullah Bin Hamad Al-Attiyah, signed a contract for the supply of 2 bcm of gas per annum for the next 20 years. Both companies also agreed to extend to 2012 the maturity of two mid-term supply contracts initiated in 2001 and which initially expired in 2007 and 2009. These agreements confirm the MOU signed by the parties last January.

The gas to be supplied to Gas Natural will come from the extensión of the capacity at Qatargas’s liquefaction trains at the North Field area, which has recoverable reserves above 25,200 bcm.

The new long term supply agreement will be effective from January 2005. The GNL will be shipped to Spain in two new LNG tankers: the Dukhan, provided by Qatargas and the Castillo de Villalba, chartered by Gas Natural.

The new contract and the extension of the two existing ones allow Gas Natural to reinforce and diversify the procurement of gas for the Spanish market, securing the supply before the foreseeable rising demand, thereby complying with one of the main strategic lines of action announced by the Chairman, Antonio Brufau, during the lst AGM.

Qatargas, 65% owned by Qatar Petroleum, is the country’s largest gas producer and is in the process of increasing its liquefaction capacity from 6 to 9 million tonnes in 2005. In 2010 Qatargas intends to double its production capacity by adding new trains, which will be the largest ever built for the industry. At the end of the decade Qatargas will be one of the world’s largest gas producers.

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