Gazprom and Enagas: Baltic LNG to Europe and Latin America

The parties considered the possibilities of cooperation in liquefied natural gas supplies, particularly from the Baltic LNG project to the European and Latin American markets. The meeting noted that Spain had a potential to become one of the major consumers of LNG from the project.

Gazprom successfully develops the LNG sales and transportation segments. At present, Gazprom supplies LNG to more than ten countries. The Company's goal is to build up its presence in the promising markets, to be achieved, at first place, through increasing its own production. The Vladivostok-LNG project, which has an annual production capacity of 10 million tons with the potential for further expansion, entered the investment stage in February 2013. The project Investment Rationale will be completed in the first half of 2014. The plant with the capacity of up to 10 million tons a year will start commercial production in 2018.

Enagas is the main gas transmission company in Spain. In addition to managing gas transmission systems, the company deals with LNG regasification.

The company's assets include four LNG regasification terminals as well as a 40 per cent stake in three regasification terminals in Spain, Mexico and Chile. Enagas also operates three underground gas storage facilities with an aggregate capacity of 5.8 billion cubic meters. In addition, the company owns a gas network connecting Spain with France, Portugal and North African counties.