Qatargas and Pakistan-based Global Energy Infrastructure (GEIL) signed a 20-year Liquefied Natural Gas (LNG) sale and purchase agreement (SPA).
The Qatari delegation was led by Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum and Chairman of the Qatargas Board of Directors, accompanied by Khalid Bin Khalifa Al-Thani, CEO of Qatargas, and senior Qatargas officials. The Qatari delegation was welcomed by Pakistan's Prime Minister, along with Federal Ministers and senior government officials of Pakistan.
Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum and the Chairman of Qatargas Board of Directors thanked Nawaz Sharif, Prime Minister of Pakistan, for his warm hospitality and for hosting the signing of the long-term LNG supply deal with GEIL.
Speaking at the ceremony, Mr. Al-Kaabi said: “The agreement with GEIL reinforces our confidence in Pakistan as a promising energy market. It also enables us to meet Pakistan’s energy needs from the world’s most reliable LNG producer, thus enhancing our long and historic brotherly relations.” Mr. Al-Kaabi concluded by saying: “This agreement also demonstrates our confidence in LNG, and natural gas in general, as a clean energy source that is instrumental in reducing greenhouse gas emissions globally.”
Commenting on the newly signed deal, Khalid Bin Khalifa Al-Thani, CEO of Qatargas, said: “Qatargas is pleased to commemorate the signing of a 20-year deal with GEIL for the supply of LNG into Pakistan. I am particularly pleased to strengthen our relationship with Pakistan, which continues to grow as an important LNG market. I have great confidence in this deal, and I look forward to our respective teams working together as we safely and reliably supply LNG to Pakistan.”
Under the terms of the agreement, Qatargas will supply 1.3 million tonnes per annum of LNG to Pakistan for 20 years, with provisions allowing the volume to increase to 2.3 million tonnes per annum. The LNG will be supplied from Qatargas 2, the world’s first fully integrated LNG value chain venture, with the first cargo expected to be delivered to Pakistan in 2018 by Qatargas-chartered Q-Flex vessels.