Eni Inks Deal with Sempra to Acquire Stake in Louisiana LNG Terminal
Eni has signed an agreement with Sempra to buy a share in the Cameron liquefied natural gas (LNG) terminal which Sempra LNG is building along the Calcasieu River, some 15 miles south of Lake Charles, Louisiana. The contract is for 20 years and follows a preliminary agreement signed on March 8, 2005.
Eni will acquire regasification capacity of 6 billion cubic meters per year, 40% of the overall capacity of the terminal. The LNG plant will start by the end of 2008 and have a processing capacity of some 15.5 billion cubic meters per year.
The agreement is in line with Eni's strategy to reinforce its LNG business and particularly its regasification activities in key areas. The strategic positioning of the Cameron plant will ensure access to the most important US consumption areas. This operation will also allow Eni to deliver natural gas reserves the Company is developing in North Africa and Nigeria to the fast-growing North American market.
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Company: Sempra Energy more info
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