Qatargas sells its first cargo of LNG to JOVO, China
Qatargas sold its first cargo of liquefied natural gas (LNG) to Jovo LNG Storage and Transportation Co., Ltd. (“JOVO”), an independent LNG importer from the People’s Republic of China. The 64,000 cubic meter cargo was sold on a free-on-board basis and loaded on to the vessel LNG Lerici at Ras Laffan port on 22 October pursuant to the FOB Master Sale and Purchase Agreement signed by the parties earlier this summer. The cargo will be delivered to JOVO’s LNG terminal located in Lisha Island, Dongguan in the Guangdong province, the company said in its press release.
This represents the first deal of its kind concluded by Qatargas with an independent and privately owned LNG importer in the People’s Republic of China where until today Qatargas has only supplied LNG to Chinese state-owned national oil and gas companies.
The recent development in the Chinese market to promote cleaner fuels has encouraged and supported the growth of smaller LNG players like JOVO which enjoys its niche market in the Guangdong province by providing its customers with LNG delivered by a fleet of trucks, as well as with LPG, methanol and DME.
Qatargas is the world’s largest LNG producing company with a production capacity of 42 MTA. The State of Qatar, as the world’s leading LNG producer, anticipates that the People’s Republic of China will become one of the world’s largest gas markets.
