LNG

July 11 (LNGJ) - Two LNG and natural gas market players, the French energy company Engie and the Australian bank Macquarie, have signed a joint venture deal to expand a Mexican gas pipeline system. The partnership involves Macquarie acquiring a 50 percent stake to help finance the construction of a 700-kilometres (435-mile) natural gas pipeline.

   The enterprise value of the Mayakan project will be around $3 billion. The new pipeline will double the natural gas transportation capacity for the Yucatán Peninsula and when completed will pass through the states of Chiapas, Tabasco, Campeche and Yucatán.

Engie, the France-based European utility company, reported an annual profit of €3.7 billion ($4.2Bln) compared with a loss of €1.5Bln in 2020 as the natural gas and power network businesses improved and nuclear turned a profit while renewables were disappointing given the amount of investment and promotion.

Engie, the French energy company and utility with LNG interests and with growing renewable assets in Europe, said it would become a retail natural gas supplier for three markets in the northeast US state of Massachusetts after last year selling its LNG import terminal near Boston.