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Qatar and South Korea sign natural gas supply deal

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09-02-2012 | 11:21

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Qatar and South Korea sign natural gas supply deal

Qatar's state-controlled RasGas has inked a long-term deal to supply additional liquefied natural gas to South Korea.

The deal signed Thursday calls for state-owned Korea Gas Corporation to purchase 2 million tons of the fuel annually for two decades starting in 2013.

The agreement adds to existing supply deals, meaning Qatar will soon be supplying South Korea a total of 9 million tons of the fuel annually.

Financial terms weren't disclosed.

OPEC member Qatar holds the world's third-largest reserves of natural gas. The small Gulf Arab nation has emerged as the biggest supplier of liquefied natural gas, a super-cooled form of the fuel condensed for easier transport aboard tanker ships.

AP

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