BP Signs Agreement to Boost LNG Supplies to Atlantic Markets

Source: www.gulfoilandgas.com 2/9/2006, Location: Africa

BP has signed a memorandum of understanding with Brass LNG in Nigeria to purchase two million tonnes a year of liquefied natural gas (LNG). The deal, which is expected to be concluded later this year, will cover a 20 year period, starting in 2010. The LNG will be delivered by Brass and used by BP to supply multiple markets in the Atlantic basin. Under an innovative flexible contractual arrangement, it will be primarily targeted at the growth markets of the UK and the US but may also be supplied to other existing LNG markets and a number of proposed new terminals which BP and its partners are seeking to develop in New Jersey and Texas, in the US, and at Rosignano in Italy.

Anne Quinn, BP's group vice president, Gas, Power and Renewables, said: "BP is delighted to have reached this understanding with Brass LNG which reflects the attractiveness of our LNG market positions to suppliers. It will enable us to add to our already robust portfolio of both equity and third party LNG supplies, develop our merchant LNG business further and have greater scope and flexibility to respond to market demand. We look forward to working with Brass LNG and to a long-term, productive relationship."

The new LNG supply will complement BP's equity LNG from Trinidad, Australia, Indonesia and Abu Dhabi, which will make up the majority of its portfolio, together with LNG from Egypt and third party purchase agreements with Oman and Qatar.


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