8 May 2007 - 13:18
  • News Code: 104120

PARIS - Gaz de France (GAZ.PA: Quote, Profile , Research) said it has signed agreements with U.S. company Cheniere Energy Inc. (LNG.A: Quote, Profile , Research) enabling them to have mutual long-term access to the U.S. and European liquefied natural gas (LNG) markets.

Gaz de France (GDF) and Cheniere Energy will both be entitled to deliver 12 shipments of LNG per year, over a 15-year period, at the Sabine Pass LNG terminal in the United States and at the Isle of Grain LNG terminal in Britain.

 

"These agreements will allow both groups to further develop their transatlantic arbitrage capacity," GDF said on Thursday. The agreements will take effect when the Sabine Pass terminal starts up in the second quarter of 2008 and when expansion work on the Isle of Grain terminal ends in 2008-2009, GDF added.

 

"Each company will be able deliver around one billion cubic metres of gas," a GDF spokeswoman said.

 

GDF is the largest European importer of LNG, which accounted for around a third of the group"s long-term supplies in 2006.

 

PIN/REUTERS

News Code 104120

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