VNG, EconGas Ink LNG Deal (Austria)

Verbundnetz Gas Aktiengesellschaft (VNG) of Leipzig has purchased liquefied natural gas (LNG) for the first time.

Friday in Vienna, Michael Ludwig, member of the VNG Executive Board responsible for gas procurement and Robert Teml, Managing Director of EconGas GmbH, signed an agreement concerning spot LNG deliveries. The LNG will be part of deliveries received by EconGas, a company in which OMV Gas & Power GmbH holds a 50 % stake, at the recently opened Gate LNG Terminal in Rotterdam.

“The signature of this agreement is the first step towards implementing VNG’s LNG purchasing plans. The spot quantities will lead to further diversification of our procurement portfolio in Western Europe and offer attractive marketing possibilities,” Michael Ludwig underlined. “In the long term, we plan to integrate LNG as a fixed element in our procurement portfolio,” he added.

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Source: Verbundnetz Gas Aktiengesellschaft, October 23, 2011; Image: EconGas