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11/11/2013
Centrica Enters LNG Supply Agreement With Quatargas
Centrica, the parent company of British Gas, has announced it has entered into a four-and-a-half LNG supply agreement with Qatargas for the purchase of up to three million tonnes per annum of liquefied natural gas (LNG).
The £4.4 billion deal builds on Centrica’s existing agreement with Qatargas, signed in February 2011, and could provide gas to meet approximately 13% per cent of UK annual residential gas demand, enough to meet the needs of around three million households.
The previous contract Centrica signed with Qatargas comes to an end in June 2014. With increasing global competition from emerging economies for LNG, and declining North Sea production, this transaction secures important gas supplies for Centrica and the UK to December 2018.
Centrica Chief Executive, Sam Laidlaw said: "We are delighted that we continue to deepen our relationship with Qatargas and continue to build our LNG business by integrating our positions along the gas value chain. It is vital that the UK has a diverse range of sources of supply to meet its energy requirements. In a competitive international market, contracts like this underpin the UK's access to global LNG supplies for the benefit of customers."
(CD/IT)
The £4.4 billion deal builds on Centrica’s existing agreement with Qatargas, signed in February 2011, and could provide gas to meet approximately 13% per cent of UK annual residential gas demand, enough to meet the needs of around three million households.
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The previous contract Centrica signed with Qatargas comes to an end in June 2014. With increasing global competition from emerging economies for LNG, and declining North Sea production, this transaction secures important gas supplies for Centrica and the UK to December 2018.
Centrica Chief Executive, Sam Laidlaw said: "We are delighted that we continue to deepen our relationship with Qatargas and continue to build our LNG business by integrating our positions along the gas value chain. It is vital that the UK has a diverse range of sources of supply to meet its energy requirements. In a competitive international market, contracts like this underpin the UK's access to global LNG supplies for the benefit of customers."
(CD/IT)
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