Exxon Mobil clinches massive deal for Qatari gas

[Tom Yossarian Joad]

http://story.news.yahoo.com/news?tmpl=story&cid=1504&ncid=1504&e=11&u=/afp/20031016/bs_afp/qatar_gas_exxonmobil_031016110942

DOHA (AFP) - State-run Qatar Petroleum signed a liquefied natural gas (LNG) deal worth 12 billion dollars with US oil giant Exxon Mobil and lined up a four-billion dollar project with Royal Dutch/Shell.



The ventures are integral to Qatar's all-out push to become the world's biggest LNG exporter and a global energy giant.


The heads of agreement for a 25-year term with Exxon Mobil is to supply the growing US domestic market and foresees LNG production of 15.6 million tonnes a year, or about two billion cubic feet (56.6 million cubic metres) per day from Qatar's giant North Field.


"Total estimated investment including ships is about 12 billion dollars," a joint statement said Thursday.


Qatari Energy Minister Abdullah bin Hamad Al-Attiyah, who is also chairman of Qatar Petroleum (QP), signed the deal expected to start up between 2008-2009 with Exxon Mobil Corp. executive vice president Harry J. Longwell at a Doha hotel, watched by journalists.
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