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Centrica agrees deal with Repsol for 1 million t of LNG

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LNG Industry,

Centrica Energy and Repsol have announced the signing of a deal that will improve the UK’s energy security in the coming years.

The deal will see Centrica purchase 1 million t of LNG shipments between 2025 – 2027. All of these cargoes are expected to be delivered to the Grain LNG import ter-minal in Kent.

The deal marks an additional move by Centrica to build further resilience in the UK’s energy security. It follows a 15 year, US$8 billion deal with Delfin Midstream in July 2023, a three-year supply agreement with Equinor that will heat 4.5 million UK homes through to 2024, and the reopening and expansion of the Rough gas storage facility in October 2022 and June 2023, respectively. Rough now provides half of the UK’s total gas storage capacity, with the potential to store over 50 billion ft3 of gas, enough to heat almost 10% of UK homes throughout winter.

Cassim Mangerah, MD Centrica Energy, said: “We are delighted to have closed this deal and increased our contractual relationship with Repsol. One of the key pillars of our successful and growing LNG business is our partnership approach. This is yet another great example of colleagues across Centrica Energy working closely with our counterparts at other companies to agree and expand our relationships. Our new deal with Repsol will complement the Atlantic leg of our diversified and flexible portfolio.”

Laura Rejon, Repsol Wholesale Gas & NG Trading SVP said: “Reliable and affordable energy supplies are crucial to maintaining economic and social wellbeing, and we are delighted that our partnership with Centrica contributes to this end.”

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