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PGNiG to purchase more LNG from Venture Global LNG

Published by , Senior Editor
Hydrocarbon Engineering,

PGNiG has signed agreements with Venture Global Calcasieu Pass LLC and Venture Global Plaquemines LLC to purchase another 2 million tpy of LNG for 20 years.

As a result, the volume of LNG contracted from Venture Global LNG by PGNiG is to increase to 5.5 million tpy.

“LNG plays a vital role in PGNiG’s strategy. It is a key component of our supply portfolio diversification and the plan to reinforce the energy security of our customers. Moreover, based on LNG, we plan to develop our commercial activity in the global trading market. Expanding our cooperation with Venture Global LNG fits in with both of these goals”, said Pawel Majewski, the Chief Commercial Officer of PGNiG SA.

The agreements signed by PGNiG and Venture Global affiliates is another step to increase the volumes contracted in 2018 and 2019. Instead of 1 million tpy, PGNiG intends to purchase 1.5 million tpy from the under-construction Calcasieu Pass facility, while the Plaquemines contracted volume is to be increased from 2.5 million tpy to 4 million tpy.

When both PGNiG/Venture Global sales and purchase agreements (SPAs) are amended, PGNiG will be purchasing 5.5 million tpy of LNG from Venture Global for 20 years.

The SPAs signed with Venture Global LNG subsidiaries are on a free on board basis (FOB), which means that the seller will deliver LNG to an LNG carrier at the loading port and the buyer can freely dispose of the load.

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