Tamar partners to sell gas to Gazprom unit

Gazprom will buy liquefied gas from the floating production storage units being built by Daewoo for the Tamar field.

The Tamar partners last night reported that they have signed a non-binding letter of intent to sell liquefied gas to Russian giant Gazprom (RTS: GAZP; LSE: OGZD; DAX: GAZ) unit Gazprom Marketing and Trading Switzerland AG (GM&T).

Both sides agreed to conduct non-exclusive talks for the sale of natural gas from a floating liquefied natural gas buoy (FLNG) that will begin to produce 2-3 million MTPA of gas annually from 2017 over a period of 15-20 years. Under the agreement, the price of gas will be set according to the price of natural gas in Asia.

The Tamar partners had previously signed an agreement with Korea's Daewoo Shipbuilding & Marine Engineering Co. (KSX: 42660) to build LNG-floating production storage and offloading units.

The Tamar partners stressed that the agreement with Gazprom will not harm their ability to meet their commitments to provide natural gas to the Israeli market.

The Tamar partners are Noble Energy Inc. (NYSE: NBL) 36%), Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L) (15.625% each), Isramco Ltd. (Nasdaq: ISRL; TASE: ISRA.L) (28.7%) and Dor-Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Alon Natural Gas Exploration Ltd. (TASE: ALGS) (4%).

Published by Globes, Israel business news - www.globes-online.com - on March 22, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס