FERC Outlines Policy for Granting Waivers under its Capacity Release Rules as it Facilitates a Long-Term Flexible Arrangement Allowing Shell North America and Gazprom to Wheel LNG Using the Costa Azul LNG Facility

摘要

FERC expressed some reservations, but granted part of a June 25 petition filed by North Baja Pipeline, LLC (RP09-779) jointly with Shell Energy North America (US) LP and Gazprom Marketing & Trading USA, Inc. for limited case-specific waiver of the Commission's capacity release regulations and policies and of North Baja's tariff in order to allow a permanent release of a portion of Shell North America's firm capacity on North Baja to Gazprom USA at Shell North America's negotiated rate. The parties also had sought, but FERC rejected, a long-term, temporary release of the balance of Shell North America's firm transportation capacity to Gazprom USA at the same rate. The releases that the parties have in mind, from Shell North America to Gazprom USA, are portrayed as part of a complex, multi-party, multi-national arrangement whereby affiliates of both Shell North America and Gazprom USA will buy liquefied natural gas (LNG) from the Sakhalin II project in eastern Russia over 20 years for redelivery to markets in the U.S., Asia and Europe. The Commission was told that various subsidiaries of Royal Dutch Shell and OAO Gazprom have executed agreements giving OAO Gazprom subsidiaries access to the U.S. market through the Energia Costa Azul LNG import terminal in Baja California, Mexico and the Gasoducto Bajanorte Pipeline to the U.S. border and the interconnection with North Baja. The petitioners said they need confirmation that the economic underpinnings for their long-term relationships will not be changed and that North Baja's capacity will be awarded to the entity committing to the entire chain of supply and transportation, including commitments to the liquefaction and regasification terminals. The Commission granted in part and denied in part the requested waivers.