Petro-Canada, Gazprom Sign MOU for Russian LNG project

Calgary-based Petro-Canada and OAO Gazprom Tuesday signed a memorandum of understanding (MOU) to investigate a joint project to ship Russian LNG to North American markets by 2009.

Oct. 12, 2004

By OGJ editors

HOUSTON, Oct. 12 -- Calgary-based Petro-Canada and OAO Gazprom Tuesday signed a memorandum of understanding (MOU) to investigate a joint project to ship Russian LNG to North American markets by 2009.

The MOU covers options for a joint liquefaction plant development near St. Petersburg, gas supplies for the plant, and regasification in North America.

The companies would study exploration and production, liquefaction, regasification, and supply-demand fundamentals and the potential for further cooperation both in Russia and North America.

Petro-Canada recently announced its intention to develop the Cacouna Energy regasification facility in Quebec. The proposed facility would provide 500 MMcfd of natural gas to Canada and the US.