RasGas to supply LNG to Chinese Petroleum Corporation
Posted: 13 July 2003
Ras Laffan Liquefied Natural Gas Company Limited (II) (RasGas)
would like to confirm that an exclusive agreement with Chinese Petroleum
Corporation (CPC) for the supply of 3 million tonnes per annum (MTA)
of LNG for 25 years, commencing in 2008, has been concluded.
The parties signed a Heads of Agreement (HOA) in March of this
year to support CPC's bid for the right to supply gas to Taipower's
proposed 4200 MW Ta-Tan Power Plant in Northern Taiwan, requiring
the equivalent 1.7 MTA.
On Friday, July 4, 2003, Taipower announced CPC with RasGas LNG
as the winner of this significant gas supply contract. Other bidders
for gas supply to Ta-Tan included TaLNG, Tung Ting and United Resources.
The additional 1.3 MTA of LNG provided for in the HOA will be utilized
to satisfy Taiwan's growing gas demand and extension of expiring
LNG contracts.
A formal Sales and Purchase Agreement is expected to be completed
by RasGas and CPC by the end of the year.
The gas for this project will be sourced from Qatar's giant North
Field, which has recoverable reserves of more than 900 trillion
cubic feet of gas.
CPC will utilize existing facilities at its Yung An receiving terminal
and will construct a new receiving terminal in Northern Taiwan to
supply the Ta-Tan power plant.
For more information see www.rasgas.com.
Posted by Richard Price,
Editor Pipeline Magazine
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