Gazprom, Yamal Sign Deal to Sell LNG in Asia

first_imgzoom Gazprom Marketing & Trading Singapore, a wholly-owned trading subsidiary of Russia’s Gazprom Group, and Yamal Trade, a wholly-owned trading subsidiary of Russian gas producer Yamal LNG, have signed a long-term contract for liquefied natural gas (LNG) from the Yamal LNG project to be sold in Asia.The contract that will be effective for over 20 years provides for the annual supply of 2.9 million tons of LNG that will be delivered to the Asia-Pacific markets, mostly to India. The contract price will be determined using the formula with oil indexation.Back in May 2014, the companies signed the Heads of Agreement during the St. Petersburg International Economic Forum, which stated that LNG will be supplied under FOB (free on board) terms in a transfer point of Western Europe to be further delivered to Asia-Pacific markets.The Yamal LNG project envisages the construction of an LNG plant with an annual capacity of 16.5 million tons, with natural gas to be delivered from the Yuzhno-Tambeyskoye field.The field’s proven and probable gas reserves amount to 927 billion cubic meters. LNG production will start in the end of 2017. The project operator is Yamal LNG, with NOVATEK holding 60 per cent, Total – 20 per cent, and CNPC – 20 per cent in the company.last_img read more

Middle East could be explosive Annan warns urging parties to avert escalation

United Nations Secretary-General Kofi Annan today warned that the situation in the Middle East has the potential to become explosive, and urged the parties to avert a further escalation.A spokesman for Mr. Annan, who is traveling in Accra, Ghana, issued a statement once again condemning the firing of rockets from Gaza into Israel, such as the one which struck a school in the town of Ashkelon yesterday.“He also calls again on the Government of Israel to refrain from actions that amount to collective punishment of Palestinian civilians, and to ensure delivery of fuel, commodities and other essentials into Gaza,” the spokesman said. The Secretary-General repeated his reminder to both sides of their obligations under international humanitarian law regarding protection of civilians and civilian infrastructure. He also repeated his call for the immediate release of Corporal Gilad Shalit, who is being held by Palestinian militants in Gaza.“The situation is dangerous and could be explosive,” he warned, urging all concerned to “step back from the brink.” read more