PetroChina, Qatargas and Shell sign China LNG deal
Posted: 10 April 2008
Qatargas, Shell and PetroChina today signed binding sales and purchase agreements that will lead to the long-term supply of liquefied natural gas (LNG) originating from The State of Qatar to the rapidly growing Chinese market.
The agreements were signed in Beijing by His Excellency Abdullah bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry of Qatar, Mr. Jiang Jiemin, President of China National Petroleum Corporation and Chairman of PetroChina Company Ltd and Ms. Linda Cook, Executive Director of Royal Dutch Shell plc.
The LNG will be provided from the Qatargas 4 project in Qatar and shipped to PetroChina's LNG receiving terminals upon the start-up of commercial operations of these facilities. The agreements are for 3 million tonnes per annum of LNG for 25 years.
Qatar, already the world's largest LNG exporter, is set to expand production to 77 million tonnes per annum by 2010. Chinese companies have previously signed long-term LNG supply agreements with projects in Australia, Indonesia and Malaysia.
The Qatargas 4 LNG project, currently under construction in Qatar, is a partnership between Qatar Petroleum (70%) and Shell (30%). Shell has the largest global position in LNG amongst the major international energy companies.
Posted by Richard Price, Editor, EnergyME.com
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