GAZPROM MARKETING & TRADING TO OFF-TAKE LNG FROM TAMAR FLNG PROJECT IN ISRAEL
On 26 February 2013 Gazprom Marketing & Trading (GM&T) Switzerland AG and Levant LNG Marketing Corporation, executed the heads of agreement (HOA), outlining the main terms of an exclusive LNG off-take from Tamar floating LNG project for a 20 years period. The agreement follows an earlier letter of intent signed between the companies in March 2012.
“This is an important milestone for strengthening Gazprom’s global LNG market position. We and our partners are keen on implement the project doing our best to make it a success. We are confident that the deal will both help to strengthen and diversify Gazprom’s LNG portfolio and to reinforce GM&T stand in the Asia-Pacific region, where we have recently closed long and medium-term deals with numerous partners in India and North East Asia”, GM&T Ltd. CEO Vitaly Vasiliev said.
OILMARKET Info
Tamar FLNG project is based on feed gas from Tamar and Dalit gas fields offshore Israel, in the Eastern Mediterranean Sea, being developed by the Tamar upstream consortium (Noble Energy Mediterranean, Delek Drilling, Avner Oil Exploration, Isramco Negev-2 and Dor Gas). In November 2011 Tamar partners signed an agreement with DSME, NextDecade and D&H Solutions to initiate joint development and implementation of a floating LNG facility scheduled for commissioning in 2017 with an estimated annual output of 3mn t. Shortly after the midstream project company, Levant LNG Marketing Corporation, was established to conduct discussions with potential LNG off-takers.
Gazprom Marketing & Trading Limited (GM&T) is wholly-owned subsidiary of Russia’s state-owned natural gas monopoly Gazprom. Since 2005 GM&T has been responsible for marketing, shipping and trading LNG for Gazprom and can now offer 24-hour coverage of the market between London, Houston and Singapore. In 2011 Gazprom Marketing & Trading Switzerland (GM&T’s Swiss affiliate) was established to further develop the Group’s crude oil, LPG and LNG trading.
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