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Poland´s PGNiG and Venture Global LNG agree new purchase of 1.5 MTPA of LNG

Poland´s PGNiG and Venture Global LNG agree new purchase of 1.5 MTPA of LNG

Washington, June 13 - Neftegaz.RU. In connection with the state visit of the President of Poland, Andrzej Duda to Washington, the PGNiG signed an agreement with Venture Global LNG to purchase an additional 1.5 million tonnes per annum (MTPA) of LNG. United States Secretary of Energy, Rick Perry and Polish Secretary of State for Strategic Energy Infrastructure, Piotr Naimski attended the signing ceremony.

Under this agreement, the volume of LNG from the Plaquemines terminal will increase from 1.0 to 2.5 million tonnes per year (from 1.35 to 3.38 bcm of natural gas after regasification). Deliveries will commence on the commercial operation date, currently expected in 2023. This new amendment raises PGNiG’s total commitment with Venture Global LNG projects to 3.5 MTPA (4.73 bcm), sourced from Calcasieu Pass (1.0 MTPA) and Plaquemines LNG (2.5 MTPA).

“We are increasing our LNG portfolio in terms of volumes, which we will receive from the USA after 2022, i.e. after the expiration of the Yamal contract. Thanks to good relations with our American partners and effective negotiations, we have achieved a highly competitive LNG supply from the Plaquemines terminal,” said Piotr Woźniak, CEO of PGNiG.

“From 2022 and 2023, we will receive a total of 3.5 million tonnes of LNG per year from Venture Global LNG’s export facilities, which equals approximately 4.73 bcm of natural gas per year following regasification. American LNG is becoming more competitive, which is confirmed by consecutive quarters of increased imports by Europe,” added Maciej Woźniak, Vice-President of PGNiG.

PGNiG contracts with Venture Global LNG projects have been concluded in September 2018 for 20 years in the FOB (Free-on-Board) formula. This means that from the moment of loading in the liquefaction facility, the purchaser, in this case PGNiG, controls the LNG on board, including deciding on the cargo’s destination.