QatarEnergy has signed several definitive agreements with CPC Corporation (Taiwan) covering the long-term supply of LNG to this company and the partnership on the North Field East (NFE) LNG expansion project.
The two parties signed an LNG Sale and Purchase Agreement (SPA) for the delivery of four million tonnes per annum (MTPA) of LNG from the NFE project to CPC over a period of 27 years.
The two parties also signed a share purchase agreement under which QatarEnergy will transfer to CPC a 5% stake in the equivalent of one NFE train with a capacity of eight MTPA. This transfer will see CPC become a partner in the NFE project without affecting the participation interests of any of the other shareholders in the project.
Compliments from both sides
The agreements were signed by His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Chairman and CEO of QatarEnergy, and Mr. Shun-Chin Lee, Chairman of CPC Corporation, during a special ceremony held in the QatarEnergy headquarters in Doha and was attended by senior executives from both companies.
His Excellency Minister Al-Kaabi welcomed CPC as a valued partner in the NFE project and said: “We look forward to further enhancing our relationship with CPC, which spans more than three decades, and further demonstrating our unwavering commitment to our clients and partners. worldwide.”
His Excellency Minister Al-Kaabi expressed his gratitude and appreciation to the CPC and QatarEnergy teams for their hard work and dedication in concluding the agreements.
For his part, Mr. Shun-Chin Lee said: “QatarEnergy, the world’s leading LNG player, has played an important role in securing Taiwan’s domestic gas market over the past decades. The capital acquired by CPC in the NFE project and this new LNG contract will further strengthen the cooperative relationship between our two companies.”
The NFE project is part of North Field’s overall LNG expansion program that also includes the North Field South and North Field West projects, which together will increase Qatar’s LNG production capacity from the current 77 MTPA to 142 MTPA in 2030. That is, it will double its production.
