Regional LNG: GM&TS, Pacific Rubiales sign LNG deal

By Romel S. Gurky

Gazprom Marketing & Trading Singapore (GM&T Singapore), a wholly owned subsidiary of Gazprom Group, announced on Wednesday it has signed a four year LNG Sale and Purchase Agreement with Pacific Rubiales Energy Corp.

?Following the 2013 announcement on Heads of Agreement with Pacific Rubiales Energy Corp. Gazprom Marketing & Trading are very pleased to announce the execution of a four year Sale and Purchase Agreement between Gazprom Marketing & Trading Singapore and Pacific Rubiales Energy Corp,? the company said in a statement.

GM&TS said it will be the offtaker for approximately 0.5 million tons per annum of LNG from an offshore LNG terminal located in Tolu, on the Caribbean coast of Colombia.

Vitaly Vasiliev, CEO of Gaprom Marketing & Trading commented: "We are thrilled to partner with Pacific Rubiales and to bring our technical, commercial and shipping expertise to this exciting project, which remains on track to become the world's first floating gas liquefaction plant in operation."

Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100 percent of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100 percent of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia.

Pacific Rubiales has also previously acquired 100 percent of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100 percent of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100 percent of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.

Editing by Reiner Simanjuntak