State-owned Qatargas has signed a new long-term agreement to supply liquefied natural gas (LNG) to Japan’s Chubu Electric. This continues the shift of Qatari gas originally destined for Europe and the US where demand is falling to Asia-Pacific where prices are higher. Under the terms of the deal, announced on 13 October, Qatargas 3 will deliver up to 1mn tons/year of LNG for 15 years starting in 2013.
“This agreement is further testimony to Qatar’s leading role in helping ensure the energy security of countries around the world,” said Qatar’s Minister of Energy and Industry Muhammad al-Sada, who signed the deal with Chubu Managing Executive Officer Yuji Kakimi. (CONTINUED - 630 WORDS)