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News // Transportation and storage

PGNiG and Venture Global LNG signed contract for 2 mln tons LNG supplies annually for 20 years

18 October 2018 , 10:11Neftegaz.RU432

Warsaw, October 18 - Neftegaz.RU. For a 20 year term, the Polish PGNiG will receive LNG from the US Venture Global LNG facility for domestic supply or for resale.


Under the agreements, PGNiG will purchase LNG on a free on board (FOB) basis starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022, and the commercial operation date of the Venture Global Plaquemines LNG export facility, expected in 2023.


«[The] recently signed contracts are a milestone towards building PGNiG's position in the global [LNG] market,» said Piotr Wozniak, CEO of PGNiG. «Thanks to the FOB formula, we will be able to decide, independently and based on our needs at a given time, whether the purchased LNG load should be directed to Poland or be used for further trading through our London office,» added Wozniak.


«The contract conditions in the USA are very attractive. The LNG price is based on the American Henry Hub index along with liquefaction costs,» stated Maciej Wozniak, Vice-President of PGNiG. »These are the 1st long-term contracts for purchase of LNG from the US announced in Central Europe,» he underscored.


The new contracts will provide a total of 2 million tpy of LNG, which is approximately 2.7 billion m³ of natural gas after regasification, and this equals – depending on the vessel capacity – over 25 cargoes a year.


To read the article in Russian.



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