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StatoilHydro, Sonatrach Sign HOA for Supply/Access to Cove Point

Norway’s StatoilHydro ASA announced on March 1 that it has signed a binding Heads of Agreement (HOA) to provide Algeria’s Sonatrach with long-term access to the Cove Point LNG terminal expansion. According to the press release, under the terms of the HOA
March 2, 2008

Norway’s StatoilHydro ASA announced on March 1 that it has signed a binding Heads of Agreement (HOA) to provide Algeria’s Sonatrach with long-term access to the Cove Point LNG terminal expansion. According to the press release, under the terms of the HOA, Sonatrach will receive access to 2 Bcm/y of regasification capacity at Cove Point for 15 years beginning in 2009. In addition, StatoilHydro will purchase 1 Bcm/y of LNG from Sonatrach to import at Cove Point from 2009 to 2014. StatoilHydro Executive Vice President for Natural Gas, Rune Bjørnson, called the agreement “an important step in ensuring supply for the Cove Point Expansion project while expanding StatoilHydro’s presence in the U.S.”

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