The agreement provides GGLNG with another route to supply the US with LNG from its growing portfolio and provides the Cameron LNG terminal with natural gas for the US Gulf Coast and East Coast.
As per the terms of this multi-year agreement, GGLNG will pay Sempra LNG for the right to sell and deliver up to two LNG cargoes per month to the Cameron LNG terminal at a pre-determined price formula. The deal will commence in June 2010.
Frederic Barnaud, president and managing director of GGLNG, said: “We are very excited about the deal, which will help Gazprom group achieve its goal of expanding its LNG portfolio in the Atlantic Basin. This arrangement also provides Sempra LNG with access to additional LNG supplies.”
In April 2009, Gazprom affiliates, under long-term assignment from Royal Dutch Shell, took capacity in Sempra LNG’s Energia Costa Azul LNG terminal in Baja California, Mexico (the first LNG receipt terminal built on the west coast of North America) and downstream gas pipelines. This capacity provides an outlet for Russian LNG to access markets in Mexico and the southwestern US.
