Doha, 12 July 2021 (QP)

Qatar Petroleum (QP) and Korea Gas Corporation (KOGAS) signed a 20 year Sale & Purchase (SPA) agreement whereby QP will supply 2 million tons per annum (MTPA) of LNG to the Republic of Korea.

The agreement was signed by Saad Sherida Al-Kaabi,Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, and Hee-Bong Chae, President and CEO of KOGAS, during a special ceremony held at Qatar Petroleum’s headquarters. The ceremony was attended by senior executives from KOGAS, Qatar Petroleum, and Qatargas.

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.

Al-Kaabi said on the occasion, “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.”

First ever LNG SPA between Qatar and South Korea was signed almost 26 years before.

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 and demonstrating its strong commitment to meeting the clean energy requirements of customers around the globe who depend on reliable LNG deliveries.

Saad Al-Kaabi said,' “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.

'I would also like to express my appreciation to Sheikh Khalid bin Khalifa Al Thani, the CEO of Qatargas, his leadership team, and the whole Qatargas organization for their exceptional efforts to maintain Qatar’s reputation as the most trusted and reliable LNG supplier in the world.”

Since 1999, Qatar Petroleum’s LNG ventures have delivered more than 2,500 LNG cargoes, totaling almost185 million tons, to the Republic of Korea.