Qatargas Signs Tripartite LNG Sales & Purchase Agreement with Chubu Electric & Shizuoka Gas

Doha, December 07 (QNA) - Qatargas on Wednesday signed agreements with each of Chubu Electric Power Company, Inc. and Shizuoka Gas Company, Ltd. of Japan for LNG sales and purchase. The agreements were signed for Qatar by HE Minister of Energy and Industry Dr. Mohamed Bin Saleh Al Sada who is also Qatargas board chairman and for Shizuoka Gas Company, Ltd. by its Chairman and Chief Executive Officer Mr. Seigo Iwasaki and for Chubu Electric Power Company by its Managing Executive Officer and General Manager of Fuels Department of Chubu Electric Power Company Mr. Yuji KakimiUki Kikimi. The signing of the tripartite Sales and Purchase Agreement to supply Liquefied Natural Gas (LNG) to Chubu Electric Power Company and Shizuoka Gas Company was held on the sidelines of the 20th World Petroleum Conference (WPC)-2011, being in session in Doha. Under the binding terms of the Tripartite SPA, Qatargas will transport and deliver ex-ship a minimum of 0.2 million tonnes per annum (MTA) of LNG to a cluster of LNG receiving terminals located in Japan including Chita, Kawagoe, Yokkaichi, Joetsu and Sodeshi, all in Japan. Qatargas will supply the agreed volumes to Chubu Electric Power Company and Shizuoka Gas Company from the Qatargas 1 joint venture starting from 2016. Under the agreement, Chubu Electric and Shizuoka Gas will, for a period of 6 years from 2016 to 2021, purchase approximately 200,000 tons of LNG per annum (approximately 1,200,000 tons in total) from Qatargas. Quantities of LNG shared by Chubu Electric and Shizuoka Gas will be determined by the two companies and informed to Qatargas. Chubu Electric has established strong relationship with Qatargas as a foundation buyer of the LNG project in Qatar since the company executed a long-term LNG sale and purchase contract in 1992. Shizuoka Gas has sought a closer link with Qatargas through purchases of spot LNG cargoes from Qatargas. Shizuoka Gas has now joined the group of long-term LNG buyers based on the long-standing relationship of trust between Qatar, the world s largest supplier of LNG, one hand, and Chubu Electric, on the other. HE Minister of Energy and Industry Dr. Mohamed Bin Saleh Al Sada said in an address over the signing ceremony that Shizuoka Gas Company, Ltd. is considered a new customer to be added to the list of customers in Japan. we have a consortium consisting of six customers with Chubu Electric Power Company to the fore as such a company is one of the first founding customers of the aforesaid list of customers of Qatar. ''Such an agreement comes to further enhance the Qatari-Japanese cooperation in energy field'', said HE Dr. Mohamed Bin Saleh Al Sada who is also Qatargas Board Chairman , confirming meantime such a strategic partnership with the Japanese customers and underlined Qatar's commitment for ensure safe and sustainable LNG supply to Japan. For his part, Chief Executive Officer of Qatargas Khalid Bin Khalifa Al-Thani said in a similar address over the signing ceremony; "This agreement is remarkable in many aspects. It further nurtures our long lasting relationship with Chubu Electric Power Company while it welcomes Shizuoka Gas Company as the first new long-term Japanese buyer of LNG, Meanwhile Chairman and Chief Executive Officer of Shizuoka Gas Company, Ltd Mr. Seigo Iwasaki voiced gratitude to the state f Qatar and Qatargas noting that Qatar is the biggest LNG supplier to Japan. For his part, Chubu Electric Power Company's Managing Executive Officer and General Manager of Fuels Department of Chubu Electric Power Company Yuji Kakimi expressed deep thanks to the State Of Qatar represented in HE Minister of Energy and Industry Dr. Mohamed Bin Saleh Al Sada who has made such an agreement possible .... We further aspire for more cooperation to boost the partnership between japan and qatar'', Yuji Kakimi said. (QNA)