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GAZPROM

November 23, 2005

Gazprom and Gaz de France strike first LNG swap deal

Gazprom and Gaz de France have struck the first deal for the swap of pipeline gas for LNG.

The Accord was sealed between Gazprom Marketing & Trading Ltd (Gazprom M&T) and Gaz de France, MED LNG & GAS and Shell.

Under the Accord, Gazprom will supply Gaz de France with extra amount of pipeline gas in exchange for a shipment of LNG from MED LNG & GAS, a joint venture of Gaz de France and Sonatrach.

An LNG tanker will be sold in early December 2005 to Shell Western LNG at the Cove Point regasification terminal (Maryland, USA).

“In an effort to solidify Gazprom’s standing in the conventional European natural gas market, we are striving to enter a global gas market by swapping pipeline gas for LNG. In line with the strategy of converting Gazprom into a world-class energy firm, this move will give us additional opportunities for promoting our business in the LNG supply sector,” said Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee.

Reference:

A Gazprom Great Britain-based subsidiary, Gazprom Marketing & Trading Ltd sealed in August 2005 an agreement on LNG supply to the USA with British Gas Group and Shell Western BV. The first LNG tanker arrived at the Cove Point regasification terminal (Maryland, USA) on 2 September 2005.

Over 2006 through 2009 Gazprom’s LNG supplies are projected in the form of mid-term contracts with US companies. Direct long-term deliveries of Russian LNG to the USA are due after 2010.

The United States of America is one of the most promising global LNG markets. Starting 2002 US LNG imports were on a more than two-fold rise to some 18 bcm in 2004. Under the US Energy Department’s Energy Information Administration’s estimates, said figure might grow several times by 2010. Moreover the domestic gas production rates will be insufficient for the country’s needs and will drive a substantial increase in gas imports.

As of today the USA counts on four LNG-reception terminals with a total capacity of some 45.8 bcm/y. In addition the country intends to construct another ten LNG terminals on the US Eastern and Western Coasts, having roughly 140 bcm/y of potential overall capacity.

Being one of the largest gas firms in Europe, Gaz de France specializes in natural gas exploration, production, marketing and distribution.

Since the beginning of cooperation in the gas supply business back in September 1975, Gazprom has provided Gaz de France with over 250 bcm of gas.

 

 

 

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