Centrica plc Centrica signs new LNG deal with Qatargas
September 05 2016 - 4:00AM
UK Regulatory
TIDMCNA
5 September 2016
Centrica signs new LNG deal with Qatargas
Centrica plc has entered into a new five-year supply agreement
with Qatargas for the purchase of up to 2 million tonnes per annum
of Liquefied Natural Gas (LNG).
The new LNG contract will start in January 2019, following
expiry of Centrica's existing contract with Qatargas at the end of
December 2018. With the decline in North Sea production and the
recent growth in global LNG supply, the UK is increasingly becoming
an attractive destination for LNG.
Centrica Group Chief Executive, Iain Conn, said:
"I am very pleased to extend our long-standing supply
relationship with the world's biggest LNG producer and our partner,
Qatargas.
"Centrica continues to develop its presence in the global
market. The scale of our gas demand and our strong energy marketing
and trading capabilities mean we are ideally-placed to work with
LNG producers across the world, providing flexibility and a route
to market at a time when secure market access is increasingly
important."
Saad Sherida Al-Kaabi, Qatar Petroleum President and Chief
Executive Officer, and Chairman of Qatargas Board of Directors,
said:
"We are delighted to extend our strong relationship with
Centrica and the United Kingdom. This agreement underscores
Qatargas' reputation as a safe and reliable supplier of LNG.
Furthermore, this agreement has the potential to positively
contribute to the United Kingdom's energy security for years to
come."
Commenting on the newly signed deal, Khalid Bin Khalifa
Al-Thani, Chief Executive Officer, Qatargas, said:
"Qatargas is pleased to lengthen our existing partnership with
Centrica - a partnership which dates back to 2011. This new
agreement reinforces Qatargas' commitment to building a strong
relationship with customers, and our position as the leading
supplier of LNG to the United Kingdom."
Centrica initially entered into a three-year gas supply contract
with Qatargas from June 2011. It then entered into a further
four-and-a-half-year contract, which commenced upon expiry of the
previous contract in June 2014 and runs until December 2018.
Ends
Enquiries:
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)1753 494105
Note for editors
-- The contract will begin upon expiry of an existing contract with
Qatargas at the end of December 2018. Delivery would be to the
Isle of
Grain terminal in the UK, where Centrica holds long-term
capacity.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160905005030/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 05, 2016 04:00 ET (08:00 GMT)
Centrica (LSE:CNA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Centrica (LSE:CNA)
Historical Stock Chart
From Apr 2023 to Apr 2024