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Axpo signs term sheet for LNG SPA with Pieridae Energy

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Hydrocarbon Engineering,

Axpo Group’s Trading & Sales business area has entered into a term-sheet with Canadian-based Pieridae Energy Ltd in order to negotiate a binding LNG Sale and Purchase Agreement (SPA) to supply Canadian-sourced LNG from Train 2 of the Goldboro liquefaction facility in Nova Scotia, Eastern Canada, to European markets.

The contract is scheduled to begin from the start of commercial deliveries, currently estimated to be in 3Q23, and last for a 10-year period.

Domenico De Luca, Head of Axpo Trading AG and member of the Management Board of Axpo Holding AG, said: “Long-term contracted LNG in Axpo’s growing natural gas portfolio, which includes long-term natural gas supplies and a 5% share in Trans Adriatic Pipeline (TAP) as well as sales channels in most European countries, is a natural development and a strategic goal for us. With this contract, Axpo further diversifies its supplies and cements its LNG ambitions. It supplements the current shorter-term focussed global LNG portfolio which last year physically supplied 1.2 million tpy.”

Axpo’s services in the LNG area include physical LNG supply, diversion rights, profit sharing, financial hedging structures, cancellation options, as well as access to international gas markets.

Pieridae Energy is a Canadian corporation focused on the development of fully integrated energy activities, from upstream production to the sale of LNG. Pieridae Energy’s main project is the development of the Goldboro LNG terminal at Eastern Canada’s coast.

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