Gazprom to buy all LNG from Golar LNG's Cameroon export plant

• Gazprom (OTCPK:OGZPY) has agreed to buy all of the liquefied natural gas from the Perenco export plant in Cameroon being developed by Golar LNG (NASDAQ:GLNG) and due to start operating in 2017.
• Gazprom will take 1.2M metric tons/year of LNG from the project, as it aims to boost its portfolio in LNG as supply grows and the fuel takes an increasing role in global gas trade.
• Wells Fargo estimates the contract could result in natural gas delivered at $7-$8/MMBtu, which would be more than 3x the current U.S. price near $2.21/MMBtu.