UPDATE 1-Sempra signs LNG supply deal with RasGas

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NEW YORK, June 8 | Mon Jun 8, 2009 10:35am EDT

NEW YORK, June 8 (Reuters) - Sempra Energy (SRE.N) has signed an agreement to import liquefied natural gas from Qatar to the Cameron LNG terminal in Louisiana, beginning in August, the company said on Monday.

Under the deal, signed with Qatar LNG producer RasGas Company Limited, RasGas will be able to supply up to 50 cargoes of super-cooled gas to the Cameron terminal on a flexible basis to the end of 2010. Each cargo could contain up to 4.8 billion cubic feet of gas.

The newly completed terminal, with the capacity to import 1.5 billion cubic feet per day of LNG, is expected to receive its first cargo on June 11 loaded in BP's (BP.L) British Diamond tanker, according to AISLive ship tracking data on Reuters.

It will receive an estimated two commissioning cargoes before commercial deliveries begin. According to Waterborne Energy consultants, a second cargo will be delivered before the end of June from Trinidad.

"This short-term agreement allows us to utilize the remaining capacity at our new Louisiana terminal more fully, while expanding our gas marketing opportunities," said Darcel Hulse, president and chief executive officer of Sempra LNG.

Sempra signed an agreement with Italy's Eni SpA (ENI.MI) in 2005 under which Eni will supply 40 percent of Cameron's capacity for 20 years. How much RasGas takes of the remaining capacity is unclear, given the flexibility of the contract, a Sempra spokesman said. (Reporting by Edward McAllister; Editing by Lisa Shumaker)

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