KUALA LUMPUR, Nov 26 -- Gunvor and Commonwealth LNG have entered into a Strategic LNG Marketing & Gas Supply Agreement, in relation to Commonwealth’s LNG export project in Cameron Parish, Louisiana.
Under the agreement, Gunvor will support Commonwealth in securing binding LNG offtake and gas supply agreements for the full capacity of the facility.
Gunvor, one of the world’s largest independent commodities trading houses by turnover, will also commit to take up to three million tonnes per annum of LNG offtake from the facility.
“In this highly competitive market, it is critical for companies – particularly ones pursuing an LNG greenfield project – to recognise their core competencies and strengths,” said Gunvor Co-Head of LNG Trading, Kalpesh Patel.
“With the comprehensive support of Gunvor’s LNG and US Gas marketing team, Commonwealth LNG will excel not only at controlling costs and project execution, but also at commercialising their project and creating the lowest cost offering on the US Gulf Coast.”
Commonwealth LNG expects to take a final investment decision in the first quarter of 2021 and deliver its first shipments of LNG in second quarter of 2024.