BP, PTT sign LNG sale and purchase agreement

LONDON — BP and PTT Public Limited Company (PTT) have entered into a sales and purchase agreement for liquefied natural gas.

Under the agreement, BP will provide PTT with approximately 1 million tonnes of LNG per annum.  The term of the agreement is 20 years.  LNG supply will commence in 2017 and will be sourced from BP’s diverse portfolio of LNG, including the Freeport LNG project in the U.S.

Paul Reed, chief executive of BP Integrated Supply and Trading, said, “BP is pleased to conclude this LNG sale and purchase agreement with PTT, with whom we have a longstanding relationship. Thailand has become a significant LNG market and this agreement with PTT further demonstrates our LNG supply capability in the region.”

Commercial terms of the agreement were not disclosed.

Source: www.worldoil.com