Qatargas has signed a Head's of Agreement (HOA) for a long-term LNG supply deal with Malaysia's national oil and gas company, PETRONAS LNG Ltd.
Petronas heralded the contract as ‘strategic’, while Qatargas reacted positively to the deal which constitutes the firm’s first foray into the South East Asian market.
Under the terms of the HOA, Qatargas will deliver one and a half million tonnes per annum of LNG to Malaysia for a period of at least 20 years beginning in 2013. According to Qatargas, this is equivalent to about 5% of Malaysia’s current annual average domestic natural gas demand, which is growing at a rate of around 6% per annum.
Khalid Bin Khalifa Al Thani, Chief Executive Officer of Qatargas was delighted with the agreement. He said, “It is the first time Qatargas has signed an HOA for supplying LNG to the South East Asian market. We are very pleased with this achievement as it represents the first long-term agreement for supplying LNG to one of the world’s fastest growing LNG markets.”
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