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RasGas Charters Two LNG Ships

Source: 10/16/2003, Location: Middle East

Doha - October 16th – RasLaffan Liquefied Natural Gas Company Limited (II) (RasGas II) announced today that it has exercised the Time Charter Agreement for two 145,000-m3 LNG vessels, to be built at Samsung Heavy Industries for delivery in 2005. A joint venture company comprised of a consortium between Mitsui OSK Line, Q-Ship NYK, and K-Line will own the vessels and will bring the long term RasGas (II) chartered fleet to five ships with one remaining option still to be exercised.

Under the terms of the Time Charters, RasGas will charter these vessels for 25 years to deliver LNG from its facilities at Ras Laffan Industrial City in Qatar to it’s growing portfolio of customers, and to deliver cargoes into both the spot and dedicated trade market as required. The first two of the five, the138,000-m3 Technigaz MKIII containment system vessels are currently in their final stages of construction at Samsung Heavy Industries’ Koje Shipyard for delivery in January 2004.

H.E. Yousef H. Kamal, Minister of Finance and Chairman of RasGas, commented by stating: "We are very pleased with the exercising of these option ships, the chartering of which continues to underscore RasGas’ commitment to provide safe, reliable transportation and further enhances RasGas’ position to be able to deliver LNG to customers that may not wish to be responsible for transportation. Furthermore, we are very pleased to expand our involvement with these ship owners, whom are recognized within the marine industry as being quality ship owners and operators."

RasGas II is a joint venture company established between Qatar Petroleum and ExxonMobil RasGas Inc., an affiliate of ExxonMobil Corporation.

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