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PGNiG and Venture Global LNG announce LNG sales and purchase agreements

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Tanks and Terminals,


For a 20-year term, Polish Oil and Gas Co. (PGNiG) will receive LNG from the USA for domestic customers 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, currently expected in 2023.

The binding contracts were signed between PGNiG and two subsidiaries of Venture Global LNG: Venture Global Calcasieu Pass LLC and Venture Global Plaquemines LNG LLC. Both contracts are the result of an agreement concluded in June 2018 with Venture Global LNG.

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. For a term of 20 years, PGNiG will purchase from each of the companies 1 million tpy of LNG every year on a FOB basis, where the seller will deliver LNG to a tanker ship at the loading port and the purchaser will freely dispose of the load, including deciding on the cargo destination.

Read the article online at: https://www.tanksterminals.com/terminals/17102018/pgnig-and-venture-global-lng-announce-lng-sales-and-purchase-agreements/

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