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Spain's Repsol secures two 174,000 cu m LNG carriers from Hyundai

Highlights

Vessels to be delivered 2023, 2024 on 10-year deals

Company eyes import of US LNG volumes on FOB basis

Spain's Repsol has secured two 174,000 cu m LNG carriers on time charter deals with Hyundai LNG Shipping for a period of 10 years plus options, it said Aug. 3, as it prepares for more US LNG purchases.

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The two vessels will be for delivery in 2023 and 2024, Repsol said, without disclosing financial details.

The tankers will be used to transport FOB volumes from US LNG producer Venture Global that the company is set to receive starting in 2022 and then to carry volumes the company has contracted from fellow Spanish group Naturgy on an FOB basis from Sabine Pass, starting in 2025, it said.

The two carriers will ensure the company is able to meet its supply commitments, Repsol said, while also providing flexibility to allow it to continue developing and expanding its LNG trading activities.

Repsol signed a 20-year supply deal with Venture Global LNG in 2018 for 1 million mt/year from the Calcasieu Pass LNG export facility in Louisiana.

Naturgy has an offtake deal with Cheniere for 4.8 Bcm/year from Sabine Pass, which lasts until 2037. Repsol did not say what volumes it has contracted to purchase from Naturgy.

Repsol said in 2018 it would aim to expand its presence in Spain's wholesale gas business to a 25% market share by 2025, bringing it into competition with Naturgy, which has a 36% market share of Spain's gas market by sales volume, and Endesa with 18%.

Repsol sold a 20% stake it held in Naturgy in 2018 to CVC Capital Partners for Eur3.8 billion ($4.5 billion).