Repsol and Qatargas have signed a multiyear agreement for Qatargas to supply liquefied natural gas (LNG) to Repsol Energy Canada Ltd. at the Canaport LNG facility in Saint John, NB.
Qatargas will deliver LNG to Canaport LNG using both Q-Flex and Q-Max ships, which are the largest LNG tankers in the world with capacity to carry the equivalent of approximately 5.6 and 4.6 Bcf, respectively.
"The new LNG supply from Qatar strengthens Repsol's position in the Canadian and Northeast U.S. markets as a reliable, diversified, flexible supplier of natural gas," said Benjamin Palomo, Repsol executive director of LNG.
Repsol said it sees the LNG business as a key driver of medium and long-term growth. The company has delivered more than 100 Bcf of natural gas to the northeastern U.S. since Canaport LNG opened. Canaport and Repsol's other natural gas assets are capable of meeting about 20% of the demand in New York and New England, the company said.
Qatar, the world's leading exporter of LNG, has more than 900 Tcf of proven gas reserves.
Repsol partnered with Canada's Irving Oil on Canaport, the first terminal of its kind to be built on the East Coast of North America in 30 years and the first ever to be built in Canada. Its official opening last year marked Repsol's entry into the North American gas market (see Daily GPI, Sept. 28, 2009; June 19, 2009).
©Copyright 2010 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.