Excelerate extends LNG deal at Argentina terminal

Excelerate Energy has agreed a two-year extension of its regasification agreement with Repsol YPF (REP.MC) at the Bahia Blanca LNG terminal in Argentina, it said Thursday in a statement.

Excelerate will continue to regasify the LNG that comes to the terminal, using its specially designed Excelsior vessel, which will arrive at the terminal in May, the company said.

The 138,000-cubic-meter Excelsior will dock at the terminal all winter and regasify LNG brought to the terminal by other tankers.

A company source earlier this week said the first import cargo was expected at the beginning of May.

The terminal, 400 miles south of Buenos Aires, has the capacity to import 0.29 billion cubic feet per day, but it has not received a cargo since August last year.

It received its first-ever cargo in June 2008.

The LNG for the terminal will be sourced by Stream LNG, a joint venture of Repsol YPF (REP.MC) and Gas Natural (GAS.MC).

[Source: Reuters, NY, 02Apr09]

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