BP Amoco Agrees To $2.5 Billion Sale Of Gas To AES For Dominican Republic

abarrelfullabarrelfull wrote on 09 Aug 2012 09:09

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12 July 2000

BP Amoco announced today that it had agreed to terms to provide a subsidiary of The AES Corporation, a global power generation, distribution and retail supply company, with approximately 100 million cubic feet per day of Liquefied Natural Gas (LNG) for its Dominican Republic power projects. The deal is valued at some $2.5 billion at today's prices.

This represents the first time BP Amoco has sold LNG under the BP Amoco brand where gas reserves have not been assigned.

Richard Flury, Chief Executive of BP Amoco's Gas and 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 optimize supply by product swaps with fuel oil, create value from supply and transportation optimization 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.

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