Gunvor, Energy Transfer Sign 20-Year LNG Deal for U.S. Project
(Bloomberg) -- Energy Transfer LP signed a 20-year agreement to supply liquefied natural gas to commodity trader Gunvor Group Ltd., another step forward for the pipeline operator's long-stalled Lake Charles LNG project in Louisiana.
Energy Transfer, co-founded by billionaire Kelcy Warren, agreed to provide 2 million metric tons of LNG per year to Gunvor Singapore Pte Ltd from the proposed facility on a free-on-board basis, Energy Transfer said in a statement. The deliveries, expected to start in 2026, will have prices indexed to the U.S. Henry Hub benchmark, plus a liquefaction charge.
An energy crunch in Europe and Asia has sent gas prices skyrocketing globally, with buyers now rushing to secure supplies of U.S. gas under long-term deals. Energy Transfer's announcement comes only a few weeks after the company agreed to sell 2.7 million metric tons a year of the super-chilled fuel to China's ENN Energy Holdings Ltd., also under a 20-year pact.Â
Read: NextDecade Gains as Engie Agrees to Buy Once-Snubbed U.S. LNG
Energy Transfer's proposed Lake Charles LNG export terminal has been delayed since receiving a federal permit in December 2015. Shell Plc backed out of the project in 2020. Energy Transfer said it should take a final investment decision on the project by year-end.Â
©2022 Bloomberg L.P.
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