Currently, Qatar has two liquefied Natural Gas (LNG) exporters: Qatar LNG Company (Qatargas); and Ras Laffan LNG Company (Rasgas). The Qatargas downstream consortium comprises Qatar Petroleum (65 percent), Total (10 percent), ExxonMobil (10 percent), Mitsui (7.5 percent), and Marubeni (7.5 percent). In December 1996, the Qatargas venture delivered its first shipment of LNG to Japan. The Qatargas LNG plant consists of three trains, with a total capacity of 9.2 Mmt/y (446 Bcf).  Qatargas signed an agreement in July 2004 with Gas Natural of Spain for the sale of the incremental volume over a period of 20 years, to commence when the capacity expansion is completed. Rasgas is Qatars second LNG project. The two major shareholders in the project are Qatar Petroleum and ExxonMobil. Rasgas consists of four 3.3-Mmt/y (163 Bcf) trains. The first train was completed in early 1999, and loaded its first cargo in August 1999 for South Koreas Kogas, which has a long-term supply contract. The second train came onstream in April 2000. Rasgas contracted with Chiyoda, Mitsui, and Snamprogetti in April 2001 for the construction of the third 4.7-Mmt/y (228-Bcf) train, which was completed in 2004. A fourth train was completed in late 2005, and the fifth scheduled for 2007. Qatargas II reached financial close in December 2004. The project, which also is a joint venture between ExxonMobil and Qatar Petroleum, will involve two 7.8-Mmt/y (378-Bcf) liquefaction trains, with the first completed in 2007 and the second in 2008. The project will supply an import terminal to be built in the United Kingdom. A preliminary agreement also has been signed with ConocoPhillips for Qatargas III, which would involve 7.5 Mmt/y of liquefaction capacity, aimed at the U.S. market, to begin operation in 2009. Shell concluded a preliminary agreement with Qatar Petroleum for the Qatargas IV project in February 2005, which is to start production in 2009 or 2010, and will likely export mainly to the North American market through El Paso Energys terminal at Elba Island.