London and Singapore – 2 June 2011, Gazprom Global LNG (GGLNG), through its Singapore affiliate, Gazprom Marketing and Trading Singapore (GM&TS), a 100% wholly-owned subsidiary of Gazprom Marketing & Trading, is very pleased to announce the signing of three memorandums of understanding paving the way for long term LNG supplies to the major Indian energy users GAIL (India) Limited, (GAIL), Gujarat State Petroleum Company (GSPC) and Petronet LNG Limited (Petronet).
The long-term LNG supply agreement is a natural step for all parties after a number of successful LNG cargo deliveries by Gazprom to its counterparties in India since 2007. Gazprom sees India as one of its key markets for LNG supplies, along with Japan and other North Asian countries, as it continues to strengthen its presence and operations in Asia-Pacific. India is both a key market for LNG sales in its own right, and also provides significant Gas, Power and Downstream opportunities.
GM&TS will provide LNG to its Indian partners from its current and projected Gazprom production, such as Sakhalin, and will be supplemented by its wider Russian and international supply portfolio.
“We are delighted that our successful partnership with GAIL, GSPC and Petronet has laid the foundations for these strategic LNG supply agreements. said Frédéric Barnaud, President & Managing Director of Gazprom Global LNG. “Thanks to our Russian LNG portfolio, we are confident GGLNG will lead the strengthening growth of the LNG markets, in India and across the world.”
“The negotiations are on-going and the Sales and Purchase Agreements (SPAs) are expected to be finalised over the coming months” said Nigel Kuzemko, the company’s Singapore-based Global Director of LNG Development. “Gazprom’s LNG marketing and trading arm has leveraged its integrated Sakhalin asset and its international trading portfolio to develop the capabilities in marketing, shipping and logistics on a global scale.”
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Gazprom Global LNG
GGLNG has extensively developed its commercial activities and portfolio across the world and in particular in Asia, through Gazprom Marketing & Trading Singapore Pte Limited, its Singapore-based affiliate. It now ranks among the most active LNG traders and charterers in the region.
Gazprom Marketing & Trading
Gazprom Marketing & Trading Limited (GM&T) is a UK-registered wholly-owned subsidiary of the Gazprom Group, the world’s largest gas company by asset base, accounting for 17% of the world’s total natural gas reserves and for about 70% of natural gas reserves in Russia. GM&T is headquartered in London and was established in 1999 to manage Gazprom's marketing and trading activities in the liberalised markets of Europe.
GM&T is responsible for the optimisation of Gazprom’s energy commodity assets and downstream expansion through its marketing and trading network. With subsidiaries in Houston, Singapore, Paris, Berlin and Manchester, GM&T trades energy commodities including gas, power, oil and oil products, carbon, LNG and FX. GM&T has been trading financial oil products on a number of exchanges since 2006 and can now offer 24-hour coverage of the market between Singapore, London and Houston.
Gazprom Marketing & Trading Singapore (Pte.) Limited
Gazprom Marketing & Trading Singapore (GM&TS) started operations as a platform for LNG trading, shipping and originating carbon reduction projects in the Asia Pacific markets.
The business has developed a wide range of emission reduction projects in the region under the Clean Development Mechanism of the Kyoto Protocol. GM&TS is helping to build a significant and sustainable carbon business with access to European, Japanese and other emerging markets.
The business has also extended the Group’s commodity reach beyond its core portfolio offering by launching a trading desk specialising in crude, LPG and currency.
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