NGI The Weekly Gas Market Report
Tractebel of Belgium yesterday completed the purchase of CabotLNG, the largest U.S. importer of liquefied natural gas, from CabotCorp., in a deal worth $680 million.
The agreement to purchase was originally signed by the twocompanies on July 13 (see Daily GPI, July 14). Cabot LNG is theonly active importer and distributor of LNG on the East Coast,supplying 20% of the annual New England gas demand.
The deal gives Tractebel a firm foothold in the physical gasmarkets in the north east market area, and complements theactivities of its trading arm TEMI. Tractebel intends to double theCabot LNG terminal’s capacity in the near future, with half of theexpanded capacity already committed to long-term sales contracts.(see Daily GPI, Sept. 11).
The deal will give Tractebel the LNG terminal in Everett, MA,operated by subsidiary Distrigas of Massachusetts, along with a 10%interest in a liquefaction facility in Trinidad and Tobago and theLNG tanker, Matthew.
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