LNG (LIQUIFIED NATURAL GAS)

Qatar Petroleum gets foot into US gas market

Coinciding with Alan Greenspan's call for greater US access to overseas gas Qatar Petroleum and ConocoPhillips have signed a Heads of Agreement (HoA) for the development of Qatargas 3, a large-scale liquefied natural gas (LNG) project located in Qatar servicing the U.S. natural gas market.

"We welcome this prospect of a long-term partnership with ConocoPhillips," said Qatar's Minister of Energy and Industry and Chairman of Qatar Petroleum H.E. Al Attiyah.

"World-scale projects such as these are crucial to the continued long-term economic development of Qatar. Our strategy is to diversify our market portfolio and the U.S. market being, not only the largest gas market in the world but also the most liquid market, is an important step in that direction."

Qatargas 3 is to be an integrated project, jointly owned by Qatar Petroleum and ConocoPhillips. It will consist of the facilities to produce gas from Qatar's North Field, yielding about 7.5 million tons of LNG per year, in a new, first-of-class LNG train to be constructed at Ras Laffan Industrial City.

The LNG will be shipped from Qatar in LNG carriers with ConocoPhillips purchasing the LNG and being responsible for regasification and marketing within the United States.

Average daily sales volumes are expected to be approximately 1 billion cubic feet per day. Startup is expected to be in the 2008-2009.

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