Qatar Petroleum has entered into a new 20-year Sale and Purchase Agreement (SPA) with Korea Gas Corporation (KOGAS) for the supply of 2 million tonnes per annum (Mtpa) of LNG to the Republic of Korea.
The agreement was signed on 12 July 2021 by His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum and Hee-Bong Chae, the President and CEO of KOGAS, during a special ceremony held at Qatar Petroleum’s headquarters.
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.
In his remarks at the ceremony, H.E. 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.”
It was almost 26 years ago when KOGAS signed its first-ever LNG SPA with 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.
H.E. Mr Al-Kaabi further stated: “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.”