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LNG agreement signed

LNG Industry,

Gazprom Marketing & Trading Ltd (GM&T) and Gujarat State Petroleum Corporation Ltd (GSPC) have concluded an agreement for the sale and purchase of LNG.

Under the agreement, Gazprom Marketing & Trading Singapore Pte. Ltd (a wholly-owned affiliate of GM&T) will sell to GSPC about 0.3 million t of LNG over a two year period. The LNG will be sourced from GM&T’s diversified portfolio, with the first delivery planned for the second half of 2011. GM&T’s experience and the recent tremendous growth of its LNG portfolio in the developing Asia Pacific basin has enabled this deal, which will further strengthen the company’s position as a world class LNG marketer on both sides of the Suez Canal and active participant in the LNG shipping market.

Tapan Ray, Managing Director of GSPC said: “In order to ensure availability of sufficient quantities of gas, commensurate to India’s growth story, it is becoming important for companies like GSPC to secure LNG. Russia is an important source for import of LNG in the world today and GSPC’s transaction with a global major like Gazprom will help GSPC in meeting the growing demand of gas in the near term. This is a significant step towards strengthening the ties between GSPC and Gazprom and ensuring long term LNG supplies.”

Frédéric Barnaud, Executive Director of Gazprom Marketing & Trading said: “India is a strategic market for us. GSPC has been playing a key role in the Indian natural gas and LNG industry. We believe this transaction will provide further momentum for progressing long-term LNG supplies to India, and very much look forward to building our relationship with Gujarat State Petroleum Corporation.”

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