LNG

French energy major Total announced the formation of a new company called Adria LNG to study the construction of a regasification terminal on an island off the Adriatic coast of Croatia.

Papua New Guinea LNG, whose shareholders include US investment bank Merrill Lynch and Canadian company InterOil, said the sourced gas figures for the planned liquefaction facilities have been revised and are more than previously estimated as the venture looks at building two Trains.

Gazprom, the Russian natural gas giant, and Ukraine have reached an agreement on gas supplies payment arrears, according to Alexei Miller, Chairman of Gazprom.

Gazprom has warned the European Union of more possible cuts of pipeline gas to the West in a fresh dispute with Ukraine over debts and recent elections, sending prices higher and making Europe the preferred target for divertible LNG cargoes.