Spain: Iberdola Unloads LNG Cargo at Bilbao Under BP Deal

Iberdola has unloaded its first cargo of liquefied natural gas (LNG) that it has sold to BP, at the Bilbao regasification terminal. The gas was sold as part of the agreement signed between the two parties in May last year.

The methane tanker, Artic Lady, arriving from the Snohvit liquefaction plant in Noray, has unloaded 900 million kWh of natural gas, the first delivery under the contract signed between Iberdola and BP for an annual volume of 0.5bcm (billions of cubic metres) of natural gas for 10 years.

The next delivery (of gas from Nigeria) is due at the terminal in Huelva. Through this operation, the company continues to further the possibilities of optimising its gas supply portfolio, against the fall in consumption in Spain.

Iberdola will supply the gas for this contract from its long-term holdings. The company has various LNG agreements in place with companies like Sonatrach (Algeria), Nigeria LNG (Nigeria) and Statoil (Norway).

This diverse and flexible portfolio allowed Iberdola to close another important gas supply contract in 2010 with the Danish company, Dong. Iberdola will deliver 1 bcm a year of LNG to the regasification plant in Rotterdam for at least a decade.

Iberdola also imports gas into the United Kingdom via a reserved capacity facility at the Isle of Grain, near London, linking up with its subsidiary ScottishPower at the UK gas trading centre, the NBP (National Balancing Point).

Iberdola also contributes to the safety of supply of gas in the European Union through its 20% stake in the international Medgaz pipeline between Algeria and Spain.

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LNG World News Staff, January 11, 2011