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Chubu & Qatargas 3 Sign a New Long-Term SPA for the LNG

Source: www.gulfoilandgas.com 10/13/2012, Location: Middle East

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His Excellency Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry and Chairman of the Board of Qatargas, signed October 11, 2012 a new long-term Liquefied Natural Gas (LNG) Sales and Purchase Agreement (SPA) between Qatar Liquefied Gas Company Limited (3) (Qatargas 3) and Chubu Electric Power Company Incorporated (Chubu Electric) of Japan.

Under the terms of the agreement, Qatargas 3 will deliver up to one (1) million tonnes per annum (MTA) of LNG for a period of 15 years starting from 2013.

On this occasion, H.E. Dr. Al-Sada said: "Consistent with the vision of His Highness the Emir, Sheikh Hamad Bin Khalifa Al-Thani ,this agreement is further testimony to Qatar's leading role in helping ensure the energy security of countries around the world. Chubu Electric has a unique place in Qatar's LNG success story. LNG deliveries from Qatar to Japan started with the first cargo to Chubu Electric in 1997. This new agreement underlines our ongoing commitment to supply LNG to Japan well into the future."

Khalid Bin Khalifa Al-Thani, Chief Executive Officer of Qatargas Operating Company Limited, said: "This agreement opens a new chapter in our strong partnership with Chubu Electric, which started over two decades ago when we signed our first SPA in 1992. Chubu Electric is our foundation customer and we greatly value our relationship with them. Qatargas remains committed to supporting Japan's growing demand for LNG for the long term."

Mr. Yuji Kakimi, Managing Executive Officer of Chubu Electric, added: "It is our pleasure to execute this new SPA in the memorable year, which is the 40th anniversary of diplomatic relations between the State of Qatar and Japan and also the 20th anniversary of execution of the first SPA between the world's largest and most reliable LNG supplier, Qatargas, and Chubu Electric. We believe that the execution of this SPA has further strengthened the relationship between Qatargas and Chubu Electric."

This new agreement is in addition to several existing agreements between Chubu Electric and Qatargas. Chubu Electric was the first Japanese company to sign an SPA with Qatargas back in 1992 and was also one of the eight Japanese power and utility companies that signed a multi-party contract with Qatargas in 1994. In December 2011, Qatargas signed a tripartite agreement to supply LNG to Chubu Electric Power Company and Shizuoka Gas Company.

This new SPA with Chubu Electric is the third long-term contract concluded between Qatargas and Japanese buyers in 2012. Qatargas signed a long-term SPA with Tokyo Electric Power Company (TEPCO) in June this year, followed by another agreement with Kansai Electric Power Company (KEPCO) last September.

Japan is the largest LNG importer in the world and this deal expands the continued partnership between the State of Qatar and Japan and reinforces Qatar's role as a secure and reliable supplier of LNG to Japan.

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