Latest News (16365)
Children categories
Japan’s largest power generator JERA has signed an LNG sales and purchase agreement with Malaysia’s Petronas to secure up to 2 mtpa of supply over 20 years starting in 2028.
A fifth Qatari LNG cargo, aboard the Al Daayen, has transited the Strait of Hormuz bound for China where it is expected to arrive on July 6, ship tracking data shows. Yet the cargo could change destination last minute, mirroring four China-bound US LNG cargoes that were diverted to South Korea and Japan instead.
Japan’s Inpex is seeking urgent orders from Australia’s Fair Work Commission to block a strike at its Ichthys LNG facilities. The move follows unions' threats to escalate strike actions starting Thursday after wage negotiations failed, raising the risk of disruptions to roughly 10% of Australia’s LNG exports in an already tight market.
German utility Uniper has signed a preliminary LNG offtake agreement for 2 mtpa from Canada’s proposed Ksi Lisims project, as developers target an FID on the 12 mtpa floating liquefaction facility by the end of this year.
Technip Energies has been awarded an Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) contract for Eni’s Coral Norte floating LNG project offshore Mozambique. Announced as a “major” contract win, the deal is expected to generate more than €1 billion in revenue.
India’s power-sector LNG buying stays high into June as utilities scramble to offset missing term cargoes. None of India’s 16 GW gas-grid connected powergen capacity received contracted Qatari LNG cargoes in April and May, amid widespread heatwaves. Provisional June data indicate the shortfall persisted, keeping spot procurement at unusually high levels.
Suspension of nearly 10.2 mtpa of Qatari LNG supply to Asia is forcing utility buyers to switch to coal, with an additional 150 million tonnes (Mt) of consumption projected through 2030, roughly half of which in 2026 alone. A supply gap, not green policies, is driving demand, with RystadEnergy anticipating an LNG shortfall of 35 million tons this year.
Workers at Ichthys LNG have threatened to escalate strikes starting Thursday after wage negotiations with Inpex failed, raising the concerns over disruptions to roughly 10% of Australia's LNG exports.
Closure of the Strait of Hormuz has done something more than move prices: it has removed any shared sense of where the market is heading. For three years the industry's working assumption was that a wave of new LNG capacity would tip the market into oversupply by the late 2020s – but that assumption has now vanished.
Reopening of the Strait of Hormuz will result in a “quick drop in prices,” though Fitch Rating assumes a five-month closure of the critical waterway through July. Oil markets began to balance in the interim thanks to pipelines, but LNG cargoes stay largely trapped.
