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MENAFN - 12/02/2013

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(MENAFN) US Freeport LNG CEO, Michael Smith, announced that the company inked a contract with BP allowing the latter to acquire liquefied natural gas (LNG) from Freeport's Texas terminal, reported Xinhua News.

The 20-year contract will see Europe's second-biggest energy company export 4.4 million tons of LNG, bought from the US facility, annually.

The amount from the US facility will be loaded onto BP tankers and shipped abroad.

In 2012, flourishing natural gas production in the US sent natural gas prices to their lowest level in 10 years, prompting firms to seek permission to export US fuel.

According to media reports, Freeport is one of over 20 proposed LNG export terminals in the US seeking permits to process nearly 31 billion cubic feet per day.

It is worth noting that BP is joining Shell, Exxon Mobil and Total SA to ship North American production abroad.

 






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