ConocoPhillips has signed an agreement with Suez LNG Trading that provides ConocoPhillips with long-term access to the northwest Europe LNG market through Suez's regasification capacity at the Zeebrugge LNG terminal in Belgium starting in October 2008.
According to ConocoPhillips, this arrangement will diversify its market access position in the Atlantic Basin by adding access in northwest Europe to the company’s expected regasification capacity in the Freeport and Golden Pass terminals in the US Gulf of Mexico.
Under a separate agreement, ConocoPhillips will also provide Suez with market access through ConocoPhillips’s planned regasification capacity in the Freeport liquefied natural gas (LNG) terminal in Texas, US, starting in mid-2010.
Todd Fredin, president of ConocoPhillips’s commercial operations for Europe, Africa and Middle East region, said: ConocoPhillips has provided reliable gas supply to northwest Europe for many years and is pleased to enter into this agreement with Suez to improve opportunities to continue supplying this important gas market in the future.