The agreement comes as the culmination of a partnership dating back to 2003 when the Ras Laffan Liquefied Natural Gas Company II (RasGas II) first signed an exclusive heads of agreement with CPC.

The agreement set out for the supply three million tonnes of liquefied natural gas (LNG) per annum for a period of 25 years on a free-on-board (FOB) basis commencing in 2008.

Less than two years later, a LNG sales and purchase agreement between RasGas II and CPC, was signed in 2005. RasGas II loaded its first long-term FOB cargo of LNG to CPC in June 2008.

Under the terms of the sale and purchase agreement, CPC is entitled to acquire a 5% minority participating equity interest in the three million tonnes supplied by RasGas II.