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Thursday, March 16, 2006

Petro-Canada, Gazprom sign agreement on LNG plant in Russia

QUEBEC, March 15 (RIA Novosti) - Canadian energy major Petro-Canada has signed an agreement with Russian energy giant Gazprom on initial engineering design of a liquefied natural gas plant in St. Petersburg, the Canadian company said in a press release. Under the agreement the companies will conduct preliminary engineering studies to provide cost and schedule estimates for the LNG plant on the Baltic Sea near Russia's second city. LNG from the plant would be supplied to Petro-Canada's proposed LNG re-gasification facility in Gros-Cacouna, Quebec. Gas from this terminal would be trans-shipped to markets in Quebec and Ontario. "LNG is going to be a big part of the future of the gas market in North America," said Ron Brenneman, president and chief executive officer of Petro-Canada. "We see this agreement as an important part of our overall growth strategy."

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