Regional LNG: Gazprom and Yamal sign long-term contract for LNG supply
Tuesday, January 27 2015 - 12:54 AM WIB
Russian firm Gazprom Group announced that its subsidiary Gazprom Marketing & Trading Singapore and Yamal Trade signed a long-term sales and purchase contract for liquefied natural gas (LNG) from the Yamal LNG project.
Gazprom said in a statement obtained Wednesday the contract that will be effective for over 20 years provides for the annual supply of 2.9 million tons of LNG that will be delivered to the Asia-Pacific markets, mostly to India.
The contract price will be determined using the formula with oil indexation.
Yamal LNG is running an LNG plant construction project with an annual capacity of 16.5 million tons, with gas resources to be supplied from the Yuzhno-Tambeyskoye field. The start of LNG production is scheduled for 2017.
Yamal Trade is a wholly-owned subsidiary of Yamal LNG.
Gazprom Marketing & Trading Singapore is engaged in LNG trade, marine transportation and marketing.
Editing by Johannes Simbolon