The State of Qatar signed, on Monday, an agreement to supply two million tons of liquefied natural gas annually to South Korea for a period of 20 years, to continue the Qatari-Korean partnership in this field.
And "Qatar Petroleum" (government) stated that the LNG supplies will start under the agreement in January 2025, and it will be delivered to the Korean state's "Kogas" LNG receiving stations.
"Qatar Petroleum is a major supplier of LNG to Korea," said Saad bin Sherida al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Petroleum.
He considered today's agreement "another step in our strong and historic partnership with Kogas, which we hope will launch to broader horizons."
The signing of the Qatari-South Korean agreement today coincides with the 26th anniversary of the signing of the first long-term sale agreement for liquefied natural gas from Qatar.
It is noteworthy that Qatar supplies Kogas with more than 9 million tons annually through long-term agreements, making it the largest supplier of liquefied natural gas to the Republic of Korea.
In turn, the South Korean Ministry of Energy said: "This long-term contract... will help stabilize LNG supplies, and will also significantly reduce fees."
The ministry indicated that "Korea Gas" buys nine million tons of liquefied natural gas annually from Qatar through long-term contracts, and that one of those contracts is expected to expire in 2024.
Since 1999, Qatar Petroleum's various LNG companies have delivered more than 2,500 LNG cargoes to South Korea, with a total quantity exceeding 185 million tons.
Qatar Petroleum is a company owned by the Qatari government and is responsible for various investments in the oil and gas industry inside and outside the country.
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