PTT, Qatargas sign long-term deal
Thailand’s oil and gas giant PTT Plc has signed an agreement with Qatar Liquefied Gas Ltd, or Qatargas, to buy liquefied natural gas (LNG) over 20 years at an annual volume of 2 million tonnes, with the first delivery set for January 2015, both companies announced on December 12. The agreement marks PTT’s first long-term LNG purchasing agreement.
According to PTT president and CEO Pailin Chuchottaworn, the deal willhelp ensure long-term national energy security.
“Production from the Gulf of Thailand and imports from neighbouring countries are inadequate, yet domestic gas demand keeps climbing due to economic growth,” he said.
In 2011, Qatargas delivered the first commissioning cargo to Map Ta Phut LNG terminal, Thailand’s first and only LNG receiving terminal. Since then, Qatargas has sold several spot cargoes to PTT.
Qatargas said it sees Thailand as an evolving LNG market and recognises its potential within Southeast Asia to absorb significant quantities of LNG in the future.
Thailand’s gas demand under the third revision of the Power Development Plan between 2010-2013 looks set to grow across the board in the power, industrial, petrochemical and transport sectors. This would require Thailand to import more LNG in the future and to expand the LNG receiving terminal’s capacity from 5 to 10 million tonnes a year, which is now planned for completion in 2017.
[caption id="attachment_5851" align="alignleft" width="285"] LNG terminal in Map Ta Phut, southeastern Thailand[/caption] Thailand's oil and gas giant PTT Plc has signed an agreement with Qatar Liquefied Gas Ltd, or Qatargas, to buy liquefied natural gas (LNG) over 20 years at an annual volume of 2 million tonnes, with the first delivery set for January 2015, both companies announced on December 12. The agreement marks PTT’s first long-term LNG purchasing agreement. According to PTT president and CEO Pailin Chuchottaworn, the deal willhelp ensure long-term national energy security. "Production from the Gulf of Thailand and imports from neighbouring countries are inadequate, yet domestic...
Thailand’s oil and gas giant PTT Plc has signed an agreement with Qatar Liquefied Gas Ltd, or Qatargas, to buy liquefied natural gas (LNG) over 20 years at an annual volume of 2 million tonnes, with the first delivery set for January 2015, both companies announced on December 12. The agreement marks PTT’s first long-term LNG purchasing agreement.
According to PTT president and CEO Pailin Chuchottaworn, the deal willhelp ensure long-term national energy security.
“Production from the Gulf of Thailand and imports from neighbouring countries are inadequate, yet domestic gas demand keeps climbing due to economic growth,” he said.
In 2011, Qatargas delivered the first commissioning cargo to Map Ta Phut LNG terminal, Thailand’s first and only LNG receiving terminal. Since then, Qatargas has sold several spot cargoes to PTT.
Qatargas said it sees Thailand as an evolving LNG market and recognises its potential within Southeast Asia to absorb significant quantities of LNG in the future.
Thailand’s gas demand under the third revision of the Power Development Plan between 2010-2013 looks set to grow across the board in the power, industrial, petrochemical and transport sectors. This would require Thailand to import more LNG in the future and to expand the LNG receiving terminal’s capacity from 5 to 10 million tonnes a year, which is now planned for completion in 2017.
