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Shell buys Gazprom’s first LNG to the US Shell buys Gazprom’s first LNG to the US

Friday 2 September 2005

Source : La Société

Actualité du 02/09/05 à 16:36

Gazprom Marketing & Trading Ltd, a marketing company of Russian gas giant Gazprom, and Shell Western LNG BV today announced the first shipment of Gazprom-owned LNG into the US market. This LNG cargo will enter the US market through the Cove Point LNG import terminal, where Shell NA LNG LLC owns 1/3 of the regassification capacity.

The Gazprom cargo will be purchased by Shell and marketed by Shell’s North American Trading organization Coral Energy Holding, L.P. The arrival of this LNG cargo marks a historic first step in Gazprom’s presence in both the US market and the global LNG industry, and further strengthens the growing global cooperation between Gazprom and Shell.

“Today’s event starts a new era in Gazprom’s foreign economic activity. It will go down the pages of history as the beginning of Gazprom LNG sales to the US market. In the near future these sales will be made on a regular basis and, after Gazprom starts its own LNG projects, these sales will be based on the LNG produced in Russia”, said Alexander Medvedev, Deputy Chairman of Gazprom Management Board, CEO of Gazexport.

Linda Cook, Executive Director Shell Gas & Power commented, “We are extremely pleased to partner with Gazprom in the delivery of their first cargo of LNG to the United States. This deal marks another milestone in the strengthening relationship between Gazprom, the world’s largest natural gas company and Shell, the global leader in LNG. It is also evidence of Shell’s continued efforts to strengthen security and diversity of supply to the U.S, the world’s largest natural gas market”.

In light of Gazprom’s goal to be a major provider of LNG in the U.S. and global LNG markets, and Shell’s global leadership in LNG, both companies are keen to build on this successful cooperation. They will continue to actively pursue additional opportunities in order to provide LNG that helps meet growing demand in the U.S. and other major energy markets worldwide.

Source : La Société

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