June 26, 2008

RasGas Dispatches First LNG Cargo to CPC Under Long-Term SPA

The Ras Laffan Liquefied Natural Gas Company and Taiwan-based Chinese Petroleum Corporation have announced the first cargo loading and dispatch of their 25-year sales and purchase agreement from the Ras Laffan Port in Qatar.

The sales and purchase agreement (SPA) was signed in 2005 and provides for the delivery of up to three million tonnes per year of liquefied natural gas (LNG) to Chinese Petroleum Corporation (CPC) which will be used to help meet Taiwan's growing gas and power requirements.

The initial cargo is being delivered to Taiwan aboard the Ejnan, a Ras Laffan Liquefied Natural Gas Company (RasGas) LNG vessel sub-chartered to CPC.

Hamad Al Mohannadi, RasGas's CEO, said: "Over the past several years RasGas has supplied approximately one million tons of Qatari LNG to CPC on a spot basis and has sub-chartered a RasGas vessel to CPC for the delivery of cargoes under the long term SPA. We look forward to the opportunity to expand our sales to Taiwan and to build upon our relatively new but strong relationship with CPC."