Japanese firms buy stake in Oman’s Qalhat LNG
Posted: 29 May 2006
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Oman has signed agreements to transfer a nine per cent share of Qalhat Liquefied Natural Gas to three Japanese companies. Itochu Corporation, Mitsubishi Corporation and Osaka Gas oach acquire three per cent of the equity shareholding of Qalhat LNG.
Qalhat LNG will now be owned the Oman government by 46.84%, Oman LNG Union by 36.8%, Fenosa Gas by 7.36% and 3% each by Itochu Corporation, Mitsubishi Corporation and Osaka Gas.
Both Mitsubishi Corporation and Osaka Gas already have long-term LNG supply agreements with Qalhat LNG under which the company supplies 0.8 million tonnes of LNG per year to each of these two companies.
While Mitsubishi Corporation will transport its volume to both the United States and Japan, Osaka Gas will transport its share only to Japan. Itochu Corporation has already entered into a sales and purchase agreement with Oman LNG for lifting a similar volume of LNG on a long-term basis.
Qalhat LNG was incorporated in 2003 by the Government of Oman in keeping with a decision to initiate a new LNG company that would own a third train in Qalhat, Sur.
Nearly $700 million has been invested into the engineering, procurement and construction of Qalhat LNG 3.3 mtpa liquefaction train.
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