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Qatar strikes investment deal with Taiwan

01 October 2008

Qatar Petroleum International (QPI) to expected to co-operate with Taiwan’s state-run energy firm CPC to seek joint investment opportunities outside the country.

“We have agreed to work together under the framework of an Memorandum of Understanding for investment
opportunities in various energy portfolios,” said Deputy Premier Abdullah bin Hamad al-Attiyah.

The relationship between the two companies began in the early 1990s when they jointly launched Qafac at
Mesaieed. CPC’s wholly-owned subsidiary Overseas Petroleum & Investment Corporation (Middle East) has a stake in Qafac, which as a plant designed to produce about 832,500 tonne/yr of methanol and 610,000 tonne/yr of methyl tertiary butyl ether (MTBE).

Al-Attiyah said QPI was happy to offer a 5% stake to CPC – with which Qatar has a long-term LNG supply agreement – in RasGas II. “We will be supplying 3.07 million tonnes of LNG to Taiwan annually for the next 25 years. RasGas II has already loaded its first cargo on a free-onboard basis in 2008,” he said.

Al-Attiyah suggested in an interview with Gulf Times that QPI and ExxonMobil would make room for CPC in RasGas-II. He went on to say that it was two years of hard work that had facilitated the equity participation agreement. Both sides had set up teams, which had held a series of negotiation meetings.

QPI’s team leader Mohamed al- Shirrawi, also Director of Finance, said it was formed in February 2006 after CPC had notified its intention to exercise its option of equity participation in the RasGas II project. The framework for the agreement was laid down in June 2006 and CPC carried out due diligence in
Doha during the third quarter of last year.

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