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Gold/Mining/Energy : The New Power
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To: Tom Swift who started this subject9/9/2003 7:42:24 AM
From: Copperfield   of 166
 
Statoil buys Tractebel LNG for U.S. Cove Point

OSLO, Sept 9 - Norway's Statoil ((STL.OL)) said on Tuesday that it will buy a billion cubic metres of gas per year for three years from a U.S. unit of Belgian Tractebel ((LYOE.PA)) as part of a plan to supply the U.S. market with liquified natural gas (LNG).

Statoil is due to supply up to 2.4 billion cubic metres of gas annually to the United States through Cove Point, Maryland from its Snoehvit gas field in the Barents Sea in 2006-2023.

But before the Snoehvit gas comes on stream it will be buying LNG from other producers to supply Cove Point, it said.

"The three-year deal commits the group to buying a billion cubic metres of natural gas per annum between 2003 and 2006 from Tractebel LNG North America," Statoil said in a statement.

Statoil has leased a third of the capacity at the Cove Point terminal, one of four U.S. import terminals for LNG, it said.
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