A 20-year Sales and Purchase Agreement (SPA) has been signed between Qatar Petroleum and Korea Gas Corporation (KOGAS) for the supply of two million tonnes per annum (MTPA) of liquefied natural gas (LNG) to the Republic of Korea.
The LNG will be delivered to KOGAS’ LNG receiving terminals in the Republic of Korea and delivery itself will begin in January 2025.
A ceremony held at Qatar Petroleum’s headquarters saw the agreement signed by Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, and Hee-Bond Chae, President and CEO of KOGAS.
Commenting on the deal, 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.”
Having signed an LNG SPA nearly 26 years ago, KOGAS currently receives more than 9 MTPA of LNG from Qatar Petroleum, making it the largest supplier of LNG to the Republic of Korea.
Al-Kaabi went on to say, “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.”
He concluded the statement by thanking everyone involved in the agreement.
Since 1999, the Republic of Korea has received more than 185m tonnes of LNG from Qatar Petroleum’s LNG ventures.