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Gazprom reacts to Sakhalin-2 postponement of LNG production

AUGUST 09, 2008

Gazprom inks LNG purchase pact with ADGAS

Interfax reported that Gazprom, faced with the need to postpone its own production of liquefied natural gas within the framework of the Sakhalin-2 project for half a year, will buy gas in the United Arab Emirates.

Gazprom’s UK subsidiary Gazprom Marketing & Trading has signed a contract with Abu Dhabi Gas Liquefaction Company Ltd for the purchase of half a million tonnes of LNG from July 2008 till March 2009. The first LNG tanker, Energy Advance, set out from Abu Dhabi to Japan on July 26.

Mr Frederic Barnaud director of Gazprom Marketing & Trading said that it would enable the company to better provide for its clients in Asia this winter, considering insufficient volumes of global LNG production.

Gazprom is the principal shareholder of Sakhalin 2, Russia’s first LNG project. LNG production was initially due to begin in the middle of 2008 but had to be postponed till early 2009.

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