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3 Japanese firms buy stake in Qalhat LNG

Source: www.gulfoilandgas.com 5/24/2006, Location: Middle East

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Itochu Corporation, Mitsubishi Corporation, and Osaka Gas reached an agreement today with the Government of the Sultanate of Oman for their partial equity acquisition of Qalhat LNG S.A.O.C.. According to the Share Transfer Agreement which was signed today by the parties concerned, each of the three companies will acquire 3% of the equity shareholding of Qalhat LNG.

Qalhat LNG, a company incorporated in Muscat , Oman , is the promoter of the second LNG project in Oman , following the Oman LNG project in the country. With the production capacity of 3.3 million tons of LNG per annum, the company has shipped LNG since December 2005. The three Japanese companies have already entered into respective long-term LNG supply agreements with Oman .

With the acquisition of equity interests in Qalhat LNG, the three Japanese companies expect that they would be positioned to build stronger relationship with Oman, thereby strengthening their business involvement in the LNG upstream business and subsequently, to achieving greater stability in their LNG procurement activities

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