Italian energy concern Eni SpA agreed to annually purchase the two billion cubic meters of LNG from the Nigeria LNG Ltd. for resale to the United States. The gas is to be produced at the bonny facility in Africa and delivered to the Cameron import terminal in Louisiana. It is expected that deliveries will start in 2012 and last for 20 years at a price of $0.25 per cubic meter. Determine the present value of the contract? Suppose an annual interest rate of 13.575% and the end of year cash flows.