Connect with us


China signs huge LNG deals with US supplier Venture Global




A man takes photos of models on display at Sinopec’s booth during the 2021 China International Trade in Services Fair (CIFTIS) in Beijing, China on September 4, 2021. REUTERS / Florence Lo

Double annual LNG import volumes from China from China’s largest LNG trade agreement between two source companies. The FID of the Plaquemines plant should take one more step this year FACTBOX-LNG export projects in North America [USN:L1N2RA29R]

SINGAPORE, Oct.20 (Reuters) – China has struck three massive liquefied natural gas (LNG) deals with US exporter Venture Global LNG, the world’s second-largest economy seeking to secure long-term supplies amid soaring prices gas and national electricity shortage.

According to documents posted on the US Department of Energy’s website, the deals with Chinese state-owned oil giant Sinopec include two 20-year deals totaling 4 million tonnes of LNG per year.

These agreements bring Venture Global’s Plaquemines, Louisiana plant closer to an export capacity of up to 20 million tonnes per year (mtpa), one step closer to a final investment decision that is expected from here the end of this year.

For China – which overtook Japan as the world’s largest LNG buyer this year – the deals will be its largest non-equity LNG trade deal in terms of volumes, a leading gas industry source said. in Beijing.

They will also double the volumes imported by China from the United States, its sixth supplier last year with volumes of 3.1 million tonnes.

The two 20-year agreements are sale and purchase agreements, according to the notice, which did not say when supplies would begin, but added that they were signed last month.

One concerns 2.8 mtpa of LNG sold on a free on board (FOB) basis and the other for 1.2 mtpa sold on a delivered on site unloaded (DPU) basis.

LNG imports into China from major suppliers

Venture Global also signed a third agreement with Unipec, the commercial arm of Sinopec, to supply 1 mtpa of LNG from its Calcasieu Pass facility for three years from March 1, 2023, according to a separate document posted on the website from the US government.

Sinopec and Venture Global declined to comment.

A second Beijing-based industry executive said the deals would likely be announced at the Annual China Import Expo in Shanghai next month.

Reuters reported last week that large Chinese companies were in advanced talks with U.S. exporters to secure long-term LNG supplies, as soaring gas prices and domestic electricity shortages compound concerns about the safety of the U.S. fuel of the country. Read more

In addition, the prices linked to the US Henry Hub futures contracts provide hedge for Chinese buyers who are heavily exposed to benchmark Brent-based oil prices.

Venture Global’s deals with Sinopec follow an earlier announcement by Chinese private company ENN Natural Gas Co (600803.SS) for a 13-year deal with US LNG exporter Cheniere Energy (LNG.A), which was the first major agreement between the United States and China since 2018. Read more

Venture Global is building or developing more than 50 mtpa of LNG production capacity in Louisiana, including two 10 mtpa phases at Plaquemines, the first phase to enter commercial service in 2024.

In a letter dated October 1, the company said it had increased annual volumes of Polish PGNiG as part of a long-term deal to around 4 tonnes mpta from around 2.5 mtpa from the Plaquemines plant. .

Its 10 mtpa facility at Calcasieu Pass, which is expected to cost around $ 4.5 billion and start producing LNG in test mode at the end of 2021, has 20-year LNG sale and purchase agreements with Shell, BP , Edison SpA, Galp, Repsol and PGNiG.

Reporting by Jessica Jaganathan and Chen Aizhu Editing by Stephen Coates and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]