Centrica (LSE: CNA.L - news) signs £4.4bn, four-and-a-half year deal to import liquefied natural gas to the UK from Qatar.
British Gas owner Centrica has signed a £4.4bn deal four-and-a-half year deal to bring Qatari gas to the UK, importing enough gas to supply up to 3m households.
The deal will see Centrica buy up to 3m tonnes of liquefied natural gas (LNG) per year from June 2014, when an existing import deal with the Gulf state expires.
Britain is increasingly reliant on imports of LNG gas cooled to minus 162 degrees for transport by tanker as North Sea reserves dwindle.
Qatar currently supplies about 15pc of Britain's gas and was the source of 98pc of Britain's LNG cargoes last year..
The existing Centrica-Qatar deal, brokered by David Cameron in 2011, was for 2.4m tonnes per year.
Centrica later signed a strategic partnership with Qatargas and has made joint acquisitions in the US. Centrica chief executive, Sam Laidlaw said: "We are delighted that we continue to deepen our relationship with Qatargas and continue to build our LNG business by integrating our positions along the gas value chain.
"It is vital that the UK has a diverse range of sources of supply to meet its energy requirements. In a competitive international market, contracts like this underpin the UK's access to global LNG supplies for the benefit of customers."
yahoo.com
British Gas owner Centrica has signed a £4.4bn deal four-and-a-half year deal to bring Qatari gas to the UK, importing enough gas to supply up to 3m households.
The deal will see Centrica buy up to 3m tonnes of liquefied natural gas (LNG) per year from June 2014, when an existing import deal with the Gulf state expires.
Britain is increasingly reliant on imports of LNG gas cooled to minus 162 degrees for transport by tanker as North Sea reserves dwindle.
Qatar currently supplies about 15pc of Britain's gas and was the source of 98pc of Britain's LNG cargoes last year..
The existing Centrica-Qatar deal, brokered by David Cameron in 2011, was for 2.4m tonnes per year.
Centrica later signed a strategic partnership with Qatargas and has made joint acquisitions in the US. Centrica chief executive, Sam Laidlaw said: "We are delighted that we continue to deepen our relationship with Qatargas and continue to build our LNG business by integrating our positions along the gas value chain.
"It is vital that the UK has a diverse range of sources of supply to meet its energy requirements. In a competitive international market, contracts like this underpin the UK's access to global LNG supplies for the benefit of customers."
yahoo.com
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