Centrica PLC has just closed on a 3 year deal with Qatargas that will deliver 2.4million tonnes of liquefied natural gas into the UK each year. This amount of gas should provide roughly 10% of the UK’s residential demand/annum.

Qatar are currently supplying the UK with around 15% of their annual LNG (Liquefied Natural Gas) demand, by 2025 this figure is expected to rise to around 50% - the reason being that the North Sea reserves are becoming more sparse.

Prime Minister, David Cameron said: “I welcome today’s announcement by Centrica and Qatargas. This important agreement is good for Britain; good for our energy security, good for jobs, and good for economic growth.”

Sam Laidlaw, Centrica’s Chief Executive concurred by commenting; “The UK is the largest gas consumer in Europe and one of the fastest growing markets for gas imports. This deal is of particular importance and we hope that this will be the start of a longer term working relationship.”