US LNG export terminal developer, Venture Global LNG said on Friday it has entered into a long-term supply deal with Spain’s Repsol for the supply of one million tonnes per annum of the chilled fuel from its export facility currently under development in Cameron Parish, Louisiana.
Under this binding sales and purchase agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the 10 mtpa Calcasieu Pass LNG export facility, the company said in its statement.
The start of the facility is expected in 2022 upon final investment decision and the satisfaction of other customary conditions precedent.
Mike Sabel and Bob Pender, co-CEOs of Venture Global LNG, jointly said in the statement: “Our contract execution with Repsol, an industry leader across the LNG value chain, represents another significant milestone as we accelerate the development of our Calcasieu Pass project.”
“We are delighted that Repsol, supporting the innovative, low-cost approach Venture Global is deploying at both Calcasieu Pass LNG and Plaquemines LNG, will be joining our existing, high quality partners: Shell, Edison SpA, Galp, BP and PGNiG of Poland,” they added.