EDF, Gazprom Agree to Swap Natural Gas Between Markets
Gazprom Marketing & Trading Limited and EDF Trading have agreed to swap natural gas between the U.S. and European markets. Under this agreement, EDF Trading will deliver to Gazprom in the U.S. a quantity of 0.5 billion cubic meters of natural gas per year (about 50 million cubic feet per day) for the next five years. Gazprom will deliver to EDF Trading the same quantity of natural gas per year in the UK within the same time period.
On October 1, 2009, Gazprom Marketing & Trading announced the launch of its North American natural gas business. The gas swap transaction with EDF Trading announced today will further strengthen Gazprom Marketing & Trading's supply foundation to build its marketing and trading operations in the U.S.
"This agreement enables us to ramp up our U.S. operation and provides us with gas supplies in areas of strategic importance," said Vitaly Vasiliev, CEO of Gazprom Marketing & Trading Limited. "We are very pleased with the relationship we are developing with EDF Trading and look forward to additional business opportunities in the future."
John Rittenhouse, CEO of EDF Trading said, "We are looking forward to expanding our relationship with Gazprom. This agreement will help to extend the coverage of our gas business beyond Europe as we continue to diversify the sourcing of gas for the EDF Group. This deal has been possible through the outstanding collaboration between the teams in the U.S. and the UK."
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