Tue, Jun 24, 2008 - Page 12 News List

CPC hoping to receive Taiwan's first contracted Qatar LNG cargo next month

By Yu-huay Sun  /  BLOOMBERG

CPC Corp (台灣中油), the nation's only liquefied natural gas (LNG) importer, expects to receive its first cargo of the fuel supplied under a multi-year contract with Qatar next month.

Ras Laffan Liquefied Natural Gas Co (II) completed loading on Sunday, Taipei-based CPC said in a statement on its Web site. The two firms have a 25-year contract for as much as 2.72 million tonnes of supplies annually.

CPC is diversifying its sources of LNG, which accounts for more than 95 percent natural gas supply in Taiwan. The oil refiner plans to spend between A$35 billion (US$33 billion) and A$45 billion for between 1.8 million tones and 2.72 million tons annually of LNG over 15 to 20 years from Woodside’s proposed Browse project.

CPC also plans to import LNG from Iran’s Persian LNG and Sakhalin island, it said yesterday.

The Qatari company is a joint venture between Qatar Petroleum and Exxon Mobil Corp.

Persian LNG is a proposed natural gas project in Iran. Its shareholders may include National Iranian Gas Export Co and Shell Gas Holding (ME) BV.

CPC has three contracts with Indonesia and Malaysia to buy 5.1 million tonnes of LNG a year.

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