GAZPROM MIGHT LEASE US LNG TERMINAL
MOSCOW, Russia - 10/08/04 - Russian gas monopoly Gazprom has said it may buy a share in or lease a liquefied natural gas (LNG) terminal on the West Coast of either the US or Canada sometime between 2006 and 2009, according to the Interfax News Agency.
Speaking to reporters following his recent visit to the US, Gazprom CEO Alexei Miller said the step would be part of Gazprom's plans to launch shipments of Russian LNG to the US market from the Arctic Shtokman natural gas field sometime in 2010.
Gazprom, the world's largest gas company, is eager to export to the US with the company recently saying that it was in on-going talks with British oil major BP to swap its pipeline gas in Europe for BP-produced LNG.
According to industry sources, such a deal would give Gazprom super-cooled gas that can be shipped in tankers - a commodity it looks unlikely to be able to produce itself even in the medium term.
Gazprom, which supplies a quarter of Europe's gas, has said it will begin LNG deliveries to the US in 2005 by either buying the product from other firms or swapping it for its own pipeline gas in Europe.
Miller said Gazprom would then buy a stake in an LNG terminal or, preferably, lease one long-term.
There are currently four LNG terminal projects being considered in California, including a facility being considered at the Port of Long Beach.
US consumption of LNG is growing quickly, and, Miller said, Gazprom may participate in a new terminal project.
Gazprom has said the swap operations would allow it to learn more about the industry before it starts producing its own LNG next decade from the giant arctic Shtokman field and clinches long-term supply deals with US customers.
During his US visit, Miller held talks with oil majors ExxonMobil, ConocoPhillips, and California-based ChevronTexaco about their possible involvement in the $10 billion Shtokman project.
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