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The LNG will be delivered into five terminals in China, Fujian LNG Terminal and Guangdong LNG which are already operational, with Shanghai LNG Terminal to start in 2009. The supplies will also go to Zhejian LNG and Hainan LNG Terminals when they become operational. The terminals will be capable of receiving the cargoes using the new Q-Flex and Q-Max class of vessels. CNOOC intends to use the LNG to supply mainly the local industry, city gas and commercial power companies.
Mr. Faisal M. Al Suwaidi, Chairman and Chief Executive Officer of Qatargas Operating Company Ltd. said:
"LNG has a key role to play in helping governments around the world improve the diversity of their energy supplies. Qatargas is pleased with this exciting development which builds on earlier agreements to supply LNG to meet the growing demand for energy in China."
Mr. Fu Chengyu, President of CNOOC commented:
"I am pleased that CNOOC has reached an agreement with Qatargas. I believe the deal will further enhance the cooperation between Qatar, one of the largest LNG producer and China, which is believed to be the most potential market for gas. I am confident that this deal will benefit both parties."
Qatargas is currently undergoing a major expansion program. The company is constructing four new LNG processing trains which will see an increase of LNG production from 10 mtpa today to 42 mtpa by the end of the decade.
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Posted by Eman Hassan
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