Qatargas, the World's Premier LNG Company, today announced a flexible Sale and Purchase Agreement (SPA) with RWE Supply & Trading (RWEST), a leading European electricity and gas company. Qatargas will deliver up to 1.1 million tonnes of Liquefied Natural Gas (LNG) per annum to RWEST in North West Europe for seven and a half years.
Saad Sherida Al-Kaabi, Qatar Petroleum President and Chief Executive Officer and Chairman of Qatargas Board of Directors, said: "Qatargas is committed to providing reliable, clean energy to consumers all over the world. This new milestone underscores our commitment to building new partnerships with leading global companies. We hope Qatargas LNG will contribute to enhance Europe's energy supplies and energy security."
Commenting on the newly signed deal, Khalid Bin Khalifa Al-Thani, Chief Executive Officer, Qatargas, added: "Qatargas is delighted to announce a seven and a half year deal with RWEST, a global utility leader. I am particularly pleased to welcome another European partner to our expanding client portfolio, thereby reinforcing Qatargas' position as the leading supplier of safe and reliable LNG to Europe, and indeed the whole world."
On signing the deal, RWEST's Chief Executive Officer, Markus Krebber stated that "RWE is a leading global energy company and among the leading energy traders and gas supply companies in Europe. Our company has a strong commitment in building significant partnerships with major global energy companies and with the Middle East being one of our key regions for development, the partnership with Qatargas is of particular significance for us."
Andree Stracke, Chief Commercial Officer at RWEST added "We are pleased to welcome Qatargas as an important new partner for RWE and this agreement enhances the diversity of RWE's European gas portfolio. This agreement is the result of several years of close co-operation between Qatargas and RWEST which has culminated in a contract which provides flexibility for both companies."
The LNG will be supplied from Qatargas 3, a joint venture between Qatar Petroleum, ConocoPhillips and Mitsui & Co. Ltd. Qatargas chartered Q-Flex LNG vessels will deliver the LNG to RWEST in North West Europe.
RWE is one of Europe's leading electricity and gas companies, serving over 16 million electricity and 7 million gas customers.