Sempra Teams With Gazprom

San Diego-based Sempra Energy, owner of the largest U.S. natural gas utility, said Monday that it signed a memorandum of understanding with Russia’s OAO Gazprom, the world’s biggest gas producer, to cooperate in bringing liquefied natural gas to North America.

The nonbinding agreement calls for Gazprom to ship natural gas from Russia to receiving terminals that Sempra is developing, said Sempra, parent of Southern California Gas Co. and San Diego Gas & Electric Co. Sempra would market the fuel in North America.

Sempra is among dozens of companies that are developing terminals to import liquefied natural gas to capitalize on rising fuel demand as North American production slides.

The company plans to build LNG terminals in Baja California, Texas and Louisiana and expects to start receiving shipments in 2008.

Gazprom, based in Moscow, pumps 90% of the natural gas in Russia and accounts for about 40% of gas imports into Western Europe.

Shares of Sempra rose 16 cents to $40 on the New York Stock Exchange. The stock has climbed 26% in the last year.