Commonwealth LNG project founder Paul Varello retires and sells company to US asset management firm Kimmeridge
The founder and executive Chairman of the Commonwealth LNG project in Louisiana, Paul Varello, has announced his retirement while also selling control of his company to the New York-based Kimmeridge asset management firm.
US shale gas producer EQT signs second LNG deal in Louisiana with Commonwealth project tolling accord
EQT Corp., the leading US natural gas producer in the Appalachia Shale Basin of the northeast US, said it was seeking overseas LNG customers after signing a second accord with a US Gulf Coast project and this time with the proposed Commonwealth LNG venture in Louisiana.
US LNG offered
Jan 19 ((LNGJ) - Commonwealth LNG, the US company with plans to develop an export plant on the Calcasieu River near Cameron in Louisiana, is soliciting bids to reserve offtake from its planned 8.4 million tonnes per annum of output. Commonwealth said it was acting in association with global commodities firm Gunvor.
“It is the first ever tender process in which prospective LNG customers can secure future term supply at volumes, pricing and durations of their choosing through competitive bidding,” said Commonwealth. “LNG will be made available under tolling, free on board (FOB) or delivered at place (DAP) agreements,’ it said. Commonwealth executives said a different approach was warranted following changes in the energy market resulting from the Covid-19 pandemic.
US Commonwealth LNG project linked to Gunvor has permit process temporarily suspended
The Commonwealth LNG project in the US, a liquefaction and export plant proposed for the west side of the Calcasieu Ship Channel near Johnson Bayou in Louisiana, has had its revue schedule suspended by regulators to let the company catch up with the process.
Commonwealth LNG of US and Gunvor sign firm LNG marketing and supply agreement
The Commonwealth LNG project in the US, a liquefaction and exports plant proposed for the west side of the Calcasieu Ship Channel near Johnson Bayou in Louisiana, has widened its LNG cooperation agreement with global commodities firm Gunvor.
US LNG project planned for Johnson Bayou in Louisiana signs supply deal with Singapore firm
The Commonwealth LNG project in the US, a liquefaction and exports plant proposed for the west side of the Calcasieu Ship Channel near Johnson Bayou in Louisiana, has signed a preliminary supply deal with Singapore-based commodities trading firm Gunvor.
Commonwealth said it signed a heads of agreement with Gunvor Singapore outlining the principal details of a future firm accord for the supply of 1.5 million tonnes per annum of LNG for a term of 15 years.
The project has a schedule to make a final investment decision in 2020 and to start commercial operations by 2024.
Its plant will have a total liquefaction capacity of 8.4 MTPA and LNG storage capacity volumes of 240,000 cubic metres and has chosen a modular construction format, according to filings with the Federal Energy Regulatory Commission.
A total of eight liquefaction Trains are planned with each having production capacity of just over 1 MTPA.
There would additionally be six LNG storage tanks, each with a capacity of 40,000 cubic metres.
An adjacent electric plant would be powered by an 80-megawatt gas turbine and there would be boil-off gas handling systems, utilities, and communications system.
A 3.7-mile natural gas receiving pipeline for feed-gas is also proposed, extending from existing pipelines operated by Kinetica Partners and Bridgeline Holdings.
The marine berth would have the size to accommodate LNG carriers with capacity up to 215,000 cubic metres.
“The agreement with Commonwealth LNG is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost resources and seamlessly delivering them to high value markets,” said Kalpesh Patel, Gunvor Co-Head of LNG Trading.
“We look forward to working with the Commonwealth team as they continue to progress their project,” added Patel.
Paul Varello, Commonwealth’s President and Chief Executive, said he was delighted at securing the first step towards a firm supply deal.
“We are proud to be entering into an agreement for a portion of our LNG offtake with the Gunvor Group, one of the world’s premier commodities trading houses,” explained Varello.
“Our mantra is to develop LNG solutions for the next generation and in Gunvor we have found a commercial partner who not only shares that vision, but through its creativity and innovation exemplifies it,” stated the CEO.
