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Argent LNG, Naftogaz Sign Framework for Long-Term US LNG Cooperation

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Argent LNG and Naftogaz signed a memorandum of understanding to explore cooperation related to Argent LNG's planned 25 million metric tons per annum export terminal, Naftogaz said Wednesday.

The framework outlines plans for a long-term US liquefied natural gas sale and purchase agreement serving Ukraine and Central, Eastern and Southern Europe through multiple delivery and distribution routes.

The framework includes evaluating free-on-board cargoes from Port Fourchon, delivered ex-ship supplies into European import terminals and deliveries through Naftogaz's underground gas storage system to Ukraine and neighboring markets.

Argent LNG and Naftogaz also plan to engage US financing agencies and European energy security partners to support the project and strengthen transatlantic energy cooperation.

The companies said the partnership aims to strengthen regional energy security by expanding access to long-term US LNG supplies as Ukraine and other European countries diversify away from single-source and single-route energy imports.

"It is an important part of Naftogaz's strategy to diversify natural gas supplies to Ukraine and strengthen the country's energy security," said Sergii Koretskyi, CEO of Naftogaz Group.

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