BP Amoco agrees to LNG sale to AES for Dominican Republic

Jul 12, 2000 02:00 AM

BP Amoco announced that it had agreed to terms to provide a subsidiary of The AES Corporation with approximately 100 mm cfpd of LNG for its Dominican Republic power projects.
This represents the first time BP Amoco has sold LNG under the BP Amoco brand where gas reserves have not been assigned. Richard Flury, CEO of BP Amoco's Gas & Power division said, "This is an important step in our new approach to LNG. It provides a long term outlet for our equity gas. But just as importantly, it allows us considerable flexibility in the way we source and deliver gas to the customer while providing security of supply." Flury went on to say, "Such flexibility allows us to optimise supply by product swaps with fuel oil, create value from supply and transportation optimisation in the Atlantic Basin and to secure rights to access the LNG receiving terminal in the Dominican Republic for additional volumes." The AES LNG receiving terminal is planned to be in operation year-end 2002 at which point first deliveries are expected be made.

AES is a leading global power company comprised of competitive generation and retail supply businesses in the Americas, Asia, Australia and Europe. The company's generating assets include interests in one hundred and twenty-five facilities totalling over 44 GigaWatts of capacity. AES' electricity distribution network has over 954,000 km of conductor and associated rights of way and sells over 114,000 GigaWatt hours per year to over 15 mm end-use customers.

BP Amoco is a leading natural gas producer, and energy and electricity marketer in North America. World-wide it is the second largest non-state producer of natural gas, with reserves of 43 tcf. BP Amoco has natural gas revenues exceeding $ 6 bn per year.

Source: BP Amoco
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