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Centrica agrees £2bn Qatar gas supply deal | Centrica agrees £2bn Qatar gas supply deal |
(40 minutes later) | |
Centrica has signed a major new gas supply deal with Qatargas worth £2bn. | Centrica has signed a major new gas supply deal with Qatargas worth £2bn. |
The three-year deal will secure a supply of liquefied natural gas (LNG) equivalent to 10% of the UK households' annual gas demand, Centrica said. | The three-year deal will secure a supply of liquefied natural gas (LNG) equivalent to 10% of the UK households' annual gas demand, Centrica said. |
The parent company of British Gas said the deal was strategically important as competition for LNG was intensifying from emerging economies. | The parent company of British Gas said the deal was strategically important as competition for LNG was intensifying from emerging economies. |
It was signed as Prime Minister David Cameron toured the Middle East with a group of business leaders. | It was signed as Prime Minister David Cameron toured the Middle East with a group of business leaders. |
Qatar, which has the world's third largest gas reserves, already supplies the UK with 15% of its gas. | Qatar, which has the world's third largest gas reserves, already supplies the UK with 15% of its gas. |
Centrica chief executive Sam Laidlaw said he hoped the deal would be the start of a longer term working relationship. | Centrica chief executive Sam Laidlaw said he hoped the deal would be the start of a longer term working relationship. |
Mr Cameron stressed the importance of the deal for the UK. | Mr Cameron stressed the importance of the deal for the UK. |
"This important agreement is good for Britain; good for our energy security, good for jobs, and good for economic growth," he said. | "This important agreement is good for Britain; good for our energy security, good for jobs, and good for economic growth," he said. |
Bank interest | |
After meeting Mr Cameron, the Qatari prime minister expressed interest in doing more deals with UK companies. | |
Asked if he wanted to buy a stake in partially government-owned Royal Bank of Scotland or Lloyds Banking Group, Sheikh Hamad bin Jassim said: "About any investment in the state or partially-state owned banks, we are very open for any investment in the UK. | |
"In fact we discussed some ideas with the prime minister. Our team has been engaged and we will continue to discuss investment in the UK," he said. | |
The Centrica deal involves the delivery of 2.4 million tonnes of LNG a year to the UK's Isle of Grain facility. | |
The UK already imports more than half of its gas. This is expected to rise to 83% by 2025, Centrica said. | |
Centrica, which supplies about a quarter of UK households with gas, will announce its full-year profit figures on Thursday. |
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