Polish gas giant signs agreement for LNG deliveries from US

Polish Oil & Gas Company (PGNiG) and Port Arthur LNG, a subsidiary of Sempra LNG & Midstream, have entered into a long-term agreement for the supply of liquefied natural gas from the United States. "Under the terms of the agreement, the parties will negotiate binding provisions for a 20-year contract for the purchase of 2 million tonnes of LNG per year, which amounts to a total volume of nearly 2.7 billion cubic meters of natural gas after regasification. Potential supplies may be subject to further trading by the company on international markets in the 'free-on-board' formula, meaning the buyer is responsible for the shipping from the port of loading," according to a statement issued by the companies.