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Gazprom & Yamal Trade Sign Agreement to Supply up to 3m tons of LNG

Source: www.gulfoilandgas.com 5/23/2014, Location: Asia

Heads of Agreement to supply up to 3 million tons of liquefied natural gas (LNG) per year by Yamal Trade to Gazprom Marketing & Trading Singapore (GM&TS) from the Yamal LNG project was signed today by Alexey Miller, Chairman of the Gazprom Management Committee and Leonid Mikhelson, Chairman of the NOVATEK Management Committee within the St. Petersburg International Economic Forum 2014.

The document will be effective for a period of over 20 years. LNG will be supplied under FOB (free on board) terms in a transfer point of Western Europe to be further delivered to Asia-Pacific markets, primarily to India. The price will be determined using the formula with oil indexation.

“This Heads of Agreement will significantly reinforce the long-term LNG portfolio of Gazprom. It is an additional way to expand the global trade and use our own fleet of LNG carriers,” said Alexey Miller.

“It is another crucial step in implementing the Yamal LNG project. As regards LNG contracting, all the necessary conditions are provided for the successful launch of project financing,” said Leonid Mikhelson.

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