2 May 2007 - 14:03
  • News Code: 103718

PARIS -- Gaz de France and Cheniere Energy Inc. have signed reciprocal 15-year LNG trade agreements under which GDF may deliver 12 shipments/year of LNG at the Sabine Pass terminal due on stream in second-quarter 2008 in Cameron Parish, La., and Cheniere will have the option to deliver 12 cargos/year to GDF at the Isle of Grain Terminal in the UK.

At the UK terminal, GDF has access to regasification capacity of 2.4 billion tonnes/year starting in 2008-09 for 20 years.

 

The agreement gives GDF long-term access to the US LNG market. "The group is now present in all the major LNG markets, and its fleet enables it to proceed with arbitrages on the final destination of its cargoes," said GDF Chief Executive Jean-Marie Daugier.

 

Cheniere Chairman and Chief Executive Charif Souki said, "The increasing connectivity between the European and North American gas markets will require new business models and creative agreements. Gaz de France"s position in Western Europe perfectly complements Cheniere"s position in the Gulf of Mexico to give both companies increased flexibility and access to premium markets."

 

PIN/OGJ.COM

News Code 103718

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