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12

Gazprom’s Rabaska Inv’t

An OAO Gazprom division in the United States has signed a letter of intent to potentially become an equity partner in the proposed Rabaska liquefied natural gas terminal project in Quebec

An OAO Gazprom division in the United States has signed a letter of intent to potentially become an equity partner in the proposed Rabaska liquefied natural gas terminal project in Quebec.

Gazprom Marketing & Trading USA, Inc., Gaz Metro Limited Partnership, Enbridge Inc. and Gaz de France have signed an LOI outlining the major terms under which the subsidiary of the Russian company would become an equity partner in the proposed Rabaska LNG project.

Under the LOI, an agreement on terms would see Gazprom U.S. contract for 100% of the LNG import terminal's capacity.
The parties expect to execute definitive agreements before the end of this year.
Using the Rabaska terminal, Gazprom U.S. expects to import Russian LNG supplied from the Shtokman liquefaction project under development by OAO Gazprom, the parent company.

Under the proposed arrangement, LNG from Shtokman, which is in the central part of the Barents Sea about 450 kilometers northeast of Murmansk, Russia, would be imported to the Rabaska terminal, which is proposed to have a capacity of 500 mmcf per day.

The partners believe the Gazprom addition to the Rabaska LNG project will deliver critical infrastructure needed to bring a new source of gas supply to Ontario and Quebec.
Rabaska has already obtained the key federal and provincial government approvals to allow constructing the terminal at Levis, Quebec.