Thailand’s PTT signs 20-year LNG supply deal with Qatargas

12 December 2012 08:06  [Source: ICIS news]

SINGAPORE (ICIS)--PTT has signed a deal with Qatar Liquefied Gas Co Ltd gas for a supply of liquefied natural gas (LNG) over 20 years from 2015 as part of its national energy security program, the Thai oil and gas giant said on Wednesday.

Qatargas will be providing 2m tonnes/year of LNG to PTT about two years from now, with the first delivery date set in January 2015, the Thai energy firm said in a statement.

Financial details of the agreement were not disclosed.

“This first long-term LNG contract for Thailand will supplement long-term national energy security, particularly as production from the Gulf of Thailand and imports from neighbouring countries are inadequate, yet domestic gas demand keeps climbing constantly due to economic growth,” said PTT president and CEO Pailin Chichottaworn in the statement.

Thailand’s gas demand in the power, industrial, petrochemical and transport sectors is expected to grow across the board, requiring the country to import more LNG, he added.

For this reason, the country is doubling its LNG-receiving terminal’s capacity 10m tonnes/year by 2017, Chuchottaworn said.

By: Pearl Bantillo
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