Cheniere LNG Marketing and Scottish Power PLC subsidiary PPM Energy Inc., made a 10-year purchase and sale agreement, giving Cheniere the ability to sell to PPM up to 600,000 MMBtu/d of gas at a Henry Hub-related index price and calling for Cheniere to allocate to PPM a portion of the liquefied natural gas (LNG) that it procures under certain long-term supply agreements.
“PPM Energy is delighted to have been selected by Cheniere to purchase long-term LNG supply into the U.S. Gulf Coast market,” said PPM CEO Terry Hudgens. “PPM considers this an important strategic relationship that links its growing gas storage supply and marketing business to Cheniere’s leading LNG terminal business. LNG will become a vital part of U.S. natural gas supply over the next several years, and PPM will be well positioned to offer LNG along with domestic supply and storage services to its growing gas customer base.”
Cheniere LNG Marketing President Keith Meyer credited PPM for helping to pull long-term LNG supply into North America. “PPM’s network of storage capacity and its natural gas marketing platform are assets that complement Cheniere’s LNG receiving network and Cheniere LNG Marketing’s LNG procurement business.”
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