By OGJ editors
HOUSTON, May 17 -- Repsol YPF and Grupo Gas Natural SDG, both of Spain, have signed an agreement to participate jointly in integrated LNG projects that include exploration, production, liquefaction, transportation, and marketing of natural gas.
Repsol will serve as operator in upstream and liquefaction projects, where it will hold a 60% interest.
LNG marketing and transportation ventures will be held 50-50 by the companies, and regasification rights will apply to the new JV. Gas Natural will operate developed regasification facilities. In this JV, the chairman will be rotated, and Gas Natural will name the chief executive officer.
The JV will be the third largest LNG company in the world in terms of sales volume, behind Korea Gas Corp. and Tokyo Electric Power Co. Inc. The JV will market LNG from integrated projects developed by both companies and will assure its supply to Gas Natural's retail markets.
The JV will transport LNG via a fleet of 12 ships.