Gazprom Announces First Pipeline Gas for LNG Swap Deal
Posted on: Wednesday, 23 November 2005, 09:00 CST
LONDON, November 23 /PRNewswire/ -- OAO Gazprom has announced that it has successfully concluded its first pipeline natural gas for LNG swap with Gaz de France.
The agreement was concluded between the Gazprom subsidiary, Gazprom Marketing & Trading, and Gaz de France, Med LNG & Gas and Shell. Under this transaction, Gazprom will deliver additional pipeline gas to Gaz de France in Europe and in return will purchase an LNG cargo from Med LNG & Gas, which is a joint company of Gaz de France and Sonatrach. The LNG cargo is being sold to Shell Western LNG for delivery to the Cove Point import terminal in Maryland, United States, in early December this year.
Alexander Medvedev, Deputy CEO of Gazprom, commented:
"With these agreements, Gazprom has shown that by leveraging our position in pipeline gas in Europe, we are able to access global gas markets with Russian gas by swapping pipeline gas for LNG. This is a unique way of creating LNG out of Russian pipeline gas and moving it to foreign markets. Building new relationships with LNG partners while expanding our existing partnerships in Europe has given us the platform to expand our LNG business in the years to come and will accelerate Gazprom's global growth in new markets such as the United States."
Notes to Editors:
- OAO Gazprom is 38 per cent owned by the Russian Federation and employs 330,000 people across Russia
- For more than 30 years, OAO Gazprom has been supplying gas for mainland European countries including Germany, Austria, Italy and France
- OAO Gazprom provides gas direct to customers in Russia
- Gazprom Marketing & Trading is the UK arm of OAO Gazprom. The company was established in 1999.
Gazprom OAO
CONTACT: For more information regarding this release and GazpromMarketing & Trading, the UK-based subsidiary of Gazprom, which markets andtrades LNG, please contact Trimedia Communications: Jonathan Hart on+44-(0)20-7471-6845 / +44-(0)777-55-66-908, Jonathan.hart@trimediauk.com orColette Flanagan on +44-(0)20-7471-6835 / +44-(0)7976-749180,colette.flanagan@trimediauk.com
Source: PRNewswire
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