Angola LNG resumes sale of liquefied natural gas

7 June 2016

Angola LNG has launched a tender for the sale of the first shipment of liquefied natural gas (LNG) since the Soyo unit closed unexpectedly in April 2014, the company said in a statement published in Luanda.

The gas was loaded onto the Sambizanga, a tanker owned by the company, between 3 and 5 June, with Angola LNG now waiting for proposals to purchase the shipment until 13 June.

Traders cited by Reuters said that since the Soyo unit closed, the price of natural gas had fallen by about two-thirds to less than US$5 per million BTU (“British Thermal Units”).

The chief executive of Angola LNG, Artur Pereira, recognised that the natural gas market has changed profoundly since April 2014 but stressed the satisfaction of the board of directors at returning to the market as “safe and reliable supplier of liquefied natural gas.”

Launched in 2007 to take advantage of the natural gas resulting from oil exploration, the project brings together, in addition to Chevron (36.4 percent), Angola’s Sonangol (22.8 percent), BP Exploration (13.6 percent), Italy’s ENI (13.6 percent) and France’s Total (13.6 percent). (macauhub/AO)