State-controlled Qatargas has signed a new long-term agreement to supply liquefied natural gas (LNG) to Thailand’s state-owned oil and gas company PTT. This continues the recent shift of Qatari gas originally bound for Europe and the US, where demand is falling, to the Asia-Pacific region where prices are now higher.
Under the terms of the deal announced last month, Qatargas 3 will deliver up to 2mn tons/year of LNG for 20 years, beginning in 2015. “This is a momentous occasion for us, as this is the first long-term agreement for Qatargas in South-East Asia [Is Petronas deal not for S-E Asia?], and our first term contract with PTT,” said Qatargas CEO Khalid bin Khalifa Al Thani, who was present at the signing ceremony, with Qatar’s Minister of Energy and Industry Muhammad al-Sada, and PTT President Pailin Chuchottaworn. (CONTINUED - 450 WORDS)