Qatar's Ras Laffan Liquefied Natural Gas Co. (RasGas) signed a deal Sunday, June 25, to export 3.5 million tons of liquefied natural gas (LNG) a year to Italian company Edison Gas, the QNA news agency reported.
Energy Minister Abdullah bin Hamad al-Attiya signed the deal, which runs for 25 years from 2005, with Edison chairman Giulio del Ninno, QNA said.
"This contract is a new stage for Qatar because it involves LNG exports in great quantities to Europe," following similar long-term contracts with Asian countries, notably Japan and Korea, Attiya said.
RasGas will build a new fourth production unit to boost annual capacity to 16 million tons, he said.
It will export the gas in four tanker deliveries while Edison has undertaken to construct a port in the north Adriatic Sea.
RasGas is owned by the state-controlled firm Qatar Petroleum, which holds 63 percent of the outfit, with the US oil giant Mobil holding 25 percent.
Other stakeholders are Japan's Itochu Corp. (four percent), Nissho Iwai Corp. (three percent), and Korea Gas Corporation (five percent).
Qatar, a country of just 522,000 people, four-fifths of whom are expatriates, sits on top of the world's third largest gas reserves after Russia and Iran, with an estimated 13 trillion cubic metres (46,000 billion cubic feet). — (AFP)
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