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Commonwealth LNG has entered right into a Heads of Settlement (HOA) with MET Group, an built-in European vitality firm headquartered in Switzerland, for the sale and buy of 1 million tpy of LNG for 20 years from the Commonwealth LNG facility at present below growth in Cameron, Louisiana.
Commonwealth LNG Founder and Government Chairman Paul Varello mentioned: “This settlement recognises that US LNG can and can play a seamless position in Europe’s vitality transition by offering dependable and reasonably priced pure fuel to the area,” mentioned commonwealth LNG founder and Government Chairman Paul Varello. “We’re excited to work with MET Group to ship LNG on a long-term foundation to contribute to the safety of pure fuel sup-ply of their prospects.”
“LNG provide into Europe is a major contributor to fuel provide diversification and an vital contributor to European vitality safety. LNG can be changing into an vital a part of MET Group’s technique going ahead,” commented MET Group Chairman and CEO Benjamin Lakatos.
MET Group is actively growing its participation within the LNG market. In 2022 alone, MET has imported greater than 30TWh of LNG cargoes to international locations together with Croatia, Greece, Spain, Belgium, and the UK. This yr, the corporate additionally secured long-term LNG capacities in Germany and expanded its spot capability attain to Finland.
The phrases anticipated below the non-binding HoA would begin initially of economic operation of the ability in 2027. Remaining phrases stay topic to negotiation of a definitive Sale and Buy Settlement (SPA) between the events.
Commonwealth is targeted on finishing the remaining steps needed to attain its purpose of creating a ultimate funding resolution on the challenge within the first quarter of 2024, with first cargo deliveries anticipated in 2027. An accelerated development schedule will enable the challenge to be inbuilt three years utilizing a modular strategy with main parts being fabricated offsite.
The Commonwealth LNG challenge is permitted and can embrace 6 pure fuel liquefaction trains and related amenities able to producing roughly 9.3 million tpy of LNG.
Learn the article on-line at: https://www.lngindustry.com/liquid-natural-gas/04092023/commonwealth-lng-signs-heads-of-agreement-with-met-group/
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