EconGas: Gate LNG Terminal Opens
Today’s inauguration of the Gate liquefied natural gas (LNG) terminal in Rotterdam is a further milestone in moves to increase European gas supply security.
Gate terminal is one of Europe’s largest LNG terminals, with an annual regasification capacity of 12 billion cubic metres – equal to around 180 tanker cargoes per year and almost one-and-a-half times Austria’s annual natural gas consumption. The terminal’s location in the midst of large European natural gas markets and close to major trading points will make it a particularly important supply channel.
The facility commenced operations at the beginning of September, a few weeks before the official opening ceremony. EconGas was one of the first companies to land a tanker at the Gate terminal, on 5 September. This marked a big step forward for EconGas’ international LNG trading operations and a significant advance towards improved supply security for Austria and Europe as a whole.
EconGas – a European natural gas company with Austrian roots – was one of the first signatories of long-term contracts for capacity at the Gate terminal, towards the end of 2007. Thanks to the terminal, EconGas now has access to up to three billion cubic metres of natural gas.
Explaining the importance to EconGas of owning capacity at one of Europe’s key LNG terminals, Managing Director Jesco von Kistowski said: “The partnership with Gate represents a strategic breakthrough for our LNG strategy, and a lasting improvement to our procurement portfolio. It will result in major benefits for EconGas and its customers. It will not only link our sales markets with the main trading hubs in Northwestern Europe, but will also give our customers still greater security of supply.”
EconGas is maximising its customers’ supply security by steadily diversifying its procurement portfolio. The company has been widening its supply sources for several years, in order to keep pace with future demand growth. It is investing in LNG whilst retaining its long-term supply contracts with large producers.
“EconGas has gained a firm foothold on the international natural gas market in the past few years, and last year exports accounted for 53.1 percent of total sales. Sales abroad has risen almost tenfold since the company’s formation,” commented EconGas Managing Director Robert Teml.
Source: EconGas, September 23, 2011;