June 07, 2024 [Storage Terminals Magazine]- QatarEnergy has signed definitive agreements with CPC Corporation, Taiwan, encompassing a long-term supply of LNG to CPC and a partnership in the North Field East LNG expansion project.
The two parties signed an LNG Sales and Purchase Agreement for the delivery of four million tonnes per year of LNG from the NFE project to CPC over a period of 27 years. Additionally, a share sale and purchase agreement was signed, under which QatarEnergy will transfer a 5 percent interest in one NFE train with a capacity of eight MTPA to CPC. This transfer will integrate CPC as a partner in the NFE project without affecting the participating interests of any other shareholders in the project.
The agreements were signed by His excellency Mr. Saad Sherida Al-Kaabi, minister of State for Energy Affairs, president and CEO of QatarEnergy, and Mr. Shun-Chin Lee, Chairman of CPC Corporation, Taiwan, during a ceremony at QatarEnergy’s headquarters in Doha, attended by senior executives from both companies.
Minister Al-Kaabi welcomed CPC as a valuable partner in the NFE project, stating, “We look forward to further enhancing our relationship with CPC, which extends for over three decades, and to further demonstrate our unwavering commitment to our customers and partners around the world.” He also expressed his gratitude to the teams from CPC and QatarEnergy for their hard work and dedication in concluding the agreements.
Mr. Shun-Chin Lee remarked, “QatarEnergy, the world’s leading LNG player, has been playing an important role in ensuring Taiwan’s domestic gas market over the past decades. CPC’s acquired equity in the NFE project and this new LNG SPA will further strengthen the cooperative relationship between our two companies.”
The NFE project is part of the overall North Field LNG expansion programme, which includes the North Field South and North Field West projects. Together, these initiatives aim to raise Qatar’s LNG production capacity from the current 77 MTPA to 142 MTPA by 2030.
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