Oman LNG signs an agreement to charter the government-owned vessel,
'Sohar LNG'
Posted: 21 July 2003
On 20th July 2003, the economic multiplier effect of Oman LNG was
boosted by the Company's signing of a 20 year agreement to charter
the Omani vessel 'Sohar LNG'.
His Excellency Ahmed AbdulNabi Macki, Minister of National Economy
and Deputy Chairman of the Financial Affairs and Energy Resources
Council, signed the 20 year 'Time Charter Party Agreement' on behalf
of the Government of the Sultanate of Oman, a co-owner of Sohar
LNG. His Excellency Nasser bin Khamis Al Jashmi, Under-Secretary
of Oil and Gas - Chairman of Oman LNG, and Dr. Agnus Cassens, general
Manager and CEO of Oman LNG, signed on behalf of the Company.
'Sohar LNG' is the first in a fleet of LNG vessels the Government
of the Sultanate is planning to build in co-operation with others.
The decision to build the vessels comes in line with the Government's
initiative to maximise returns from the Sultanate's substantial
reserves of natural gas.
As a key contributor to the Sultanate's economic development, Oman
LNG was the first to sign an agreement to charter the vessel. The
Company has been chartering the vessel to transport LNG since it
came into service in 2001. Over the last two years, Oman LNG has
chartered 'Sohar LNG' to transport cargoes to Gas de France, TotalFinaElf
and its long-term customer Korea Gas Corporation. The Omani vessel
will now transport LNG mainly to Korea in the winter season and
to France.
Through the Charter Party Agreement of 'Sohar LNG', Oman LNG reaffirms
its commitment towards the diversification policy adopted by the
Sultanate of Oman. The Agreement is hoped to facilitate the establishment
of a new company to transport LNG. The Government signed a contract
on 14th July 2003 to build another two LNG vessels. It plans to
use 'Muscat LNG' to transport LNG produced by the newly built Train
Qalhat LNG, due to be completed by 2006.
His Excellency Nasser Al Jashmi described the Agreement as "a
milestones, marking Oman LNG's status not only as a world-class
Company but also as a major contributor to the diversification drive
in the Sultanate, whose impact on the economy is stimulating growth
of other related national projects."
Dr. Agnus Cassens, General Manager and Chief Executive of Oman
LNG, said the Agreement confirms Oman LNG is "stimulating growth
in the LNG sector, as more and more industries and ventures have
evolved, spurred by the international success of Oman LNG."
He added that "this Charter Agreement will further consolidate
Oman LNG's strategic partnership with the Government of the Sultanate
of Oman."
Posted by Richard Price,
Editor Pipeline Magazine
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