Edison: Agreement With Venture Global For The Purchase Of 1 Million Tons Per Year Of LNG Produced In USA
MILAN, Sept. 27, 2017 /PRNewswire/ — Edison and Venture Global Calcasieu Pass, LLC (Venture Global) have entered into a Liquefied Natural Gas (LNG) Sales and Purchase Agreement (SPA), concerning the purchase by Edison of 1 million tons per annum of LNG (equivalent to approximately 1.4 billion cubic meters of natural gas per year) from the Calcasieu Pass LNG export facility, currently being developed by Venture Global in Cameron Parish, Louisiana, USA.
Under this SPA, Edison will purchase the gas on a free on board basis (FOB) for a 20 year term starting from the commercial operation date of the Calcasieu Pass facility, currently expected in 2021.
This agreement will contribute to Edison’s gas supply portfolio competitiveness and diversification, further enhancing Edison’s ability to meet the Group’s customers’ requirements.
Edison is a leading player in Italy and Europe in the procurement, production and sale of electricity, in the provision of energy and environmental services thanks also to its subsidiary Fenice and in the E&P sector. Founded over 130 years ago, Edison has contributed to the electrification and development of Italy. It now operates in Italy, Europe and in the Mediterranean Basin, employing 5,000 people. In the power generation sector, Edison has plants with total capacity of 6.5 GW. www.edison.it
Edison covers about 20% of Italy’s gas imports thorough long term agreements for the purchase of 14.4 billion cubic meters of gas per year (2 billion from Algeria, 4 billion from Libya, 6.4 billion from Qatar and 2 billion from Russia).
Venture Global LNG
Venture Global LNG plans to be a long-term, low-cost, producer of LNG from natural gas production basins within the U.S.A. Venture Global is developing LNG export terminals at both Calcasieu Pass and Plaquemines, totaling 30 MTPA of anticipated nameplate capacity. More can be found at www.venturegloballng.com.