BP, Brass Sign LNG Agreement

BP signed a memorandum of understanding with Brass LNG in Nigeria to purchase two million tons a year of liquefied natural gas (LNG). The deal, which is expected to be concluded later this year, will cover a 20 year period, starting in 2010. The LNG will be delivered by Brass and used by BP to supply multiple markets in the Atlantic basin. It will be primarily targeted at the growth markets of the UK and the US but may also be supplied to other existing LNG markets and a number of proposed new terminals which BP and its partners are seeking to develop in New Jersey and Texas, in the US, and at Rosignano in Italy. (Source: WEBBOLT)