August 25, 2014
Koch Supply & Trading Sàrl (KS&T) and Statoil ASA have entered into a natural gas supply agreement for two billion cubic meters per year for two gas years. The gas is to be delivered to various European gas hubs and supports the rise of KS&T’s gas position in Europe.
“This agreement demonstrates KS&T’s continuous diversification of its sourcing portfolio to meet the needs of the European gas market.” said Stephen Cornish, director of KS&T’s global gas and LNG business. “As a strong credit counterparty, we are particularly interested in building scale into our portfolio optimization activities by working with excellent major counterparties such as Statoil ASA.”
Petter Amundsen facilitated the agreement and is responsible for KS&T’s North Sea source origination from Amsterdam.
In 2012, KS&T and its affiliates began a drive to broaden their involvement in global natural gas markets by launching a Europe, Middle East and Africa (EMEA) natural gas business, as well as a liquefied natural gas (LNG) trading arm. Since then the LNG business – based in London with offices in Dubai, Houston, Rio de Janeiro and Singapore – has taken delivery of and supplied its first cargoes across both the Atlantic and Pacific. The Geneva-based EMEA gas business is now active across Europe and recently earned the 2014 Natural Gas House of the Year award from Energy Risk magazine.
“In a changing European gas market, Statoil ASA is continuously seeking new partners. We are excited to partner with Koch Supply & Trading, a strong midstream player in the European natural gas market with a diverse industrial portfolio and extensive physical trading experience,” said William Brendeford, Head of Gas Sales to Germany in Statoil ASA.