JSC Yamal LNG and GAS NATURAL FENOSA announced the conclusion of a long-term contract for the supply of 2.5 million tons of liquefied natural gas (LNG) per annum, which is equivalent to 3.2 billion cubic meters of natural gas.
Natural gas will be supplied from the South-Tambeyskoye field located on the Yamal Peninsula in the North-Western part of Siberia, where Yamal LNG is building a liquefaction plant consisting of three production trains with overall capacity of 16.5 million tonnes of LNG per annum. The project envisages year-round supplies of LNG to the international markets.
“Yamal LNG project is progressing in full compliance with the schedule approved by the shareholders. Signing of a binding agreement with GAS NATURAL FENOSA is an important step in the implementation of the project’s marketing strategy and, without any doubts, this contract will facilitate project financing, “ – commented Yamal LNG.
“The contract with Yamal LNG will become one of the most important in the GAS NATURAL FENOSA portfolio, with the 3.2 bcm representing roughly 10% of Spain’s total annual gas consumption. In the absence of access to Russian pipeline gas, Yamal LNG gas supplies are of major importance to us” – noted GAS NATURAL FENOSA, – “The Agreement will contribute to strengthening the Spanish multinational’s position of leadership in Iberian Peninsula and will serve to support the company’s strategy for expanding its business in other markets”.
LNG World News Staff, November 03, 2013