LNG

Major US LNG exporter, Venture Global has signed an engineering, procurement and construction (EPC) contract with Australian engineering company, Worley for the second phase of its Calcasieu Pass 2 (CP2) LNG export project.

Venture Global’s filing to the US Securities and Exchange Commission (SEC) did not reveal the contract’s value, although the company said it will submit a full version of the contract with its first quarter report.

CP2 has been under construction since June last year. The project was granted a full export authorisation from the US Department of Energy (DoE) in October and the company is targeting a final investment decision (FID) for the second phase by the middle of this year.

Venture Global reached a $15.1 bill financial close in July for the first phase of CP2, which will have a nameplate capacity of 14.4 mill tonnes per annum of LNG, while the capacity for phase two will be 5.6 mill tonnes, according to the SEC filings.

The entire project’s costs could reach at least $28 bill, according to Venture Global’s latest estimate.

Türkiye is to double the LNG regasification capacity at its southern Dortyol terminal.

Asian spot LNG prices rose for a third week in a row last Friday to a nine-week high, as colder temperatures lifted heating demand in the Northern Hemisphere and the number of US exports fell earlier in the week.

China Merchants Capital Management (CMC) and China Great Bay Area Fund Management (GBAFM) are completing a series of joint ventures with a global financial institution.

Atlantic LNGC rates continued their fall last Friday to $11,250 per day, while Pacific rates declined to $30,500 per day, Spark Commodities analyst, Qasim Afghan, advised.

The US front-month arbitrage to northeast Asia via the Cape of Good Hope closed out further last week, driven by continuing falls in the JKM/TTF spread, he added.

This year, India's LNG imports could rise to 28 mill-29 mill tonnes, due to strong demand, Petronet LNG’s (PLL) Managing Director and CEO, Akshay Kumar Singh, said at a briefing during India Energy Week (IEW).

Zeeland Energy Terminal (ZET) developers,VTTI and Höegh Evi have launched an open season.

India’s Bharat Petroleum Corp (BPCL) is to open a trading office in Singapore next month.

The Energy Information Administration’s (EIA) figures for the week ending 28^th January showed that 31 LNGCs left US ports, a drop of six from the previous week.

They amounted to 118 bill cu ft total LNG-carrying capacity.

Five terminals reported fewer vessel departures, compared with last week, while one terminal reported more departures.

In addition, three LNGCs with a combined 11 bill cu ft LNG-carrying capacity, arrived at US ports, compared with no vessels during the previous week.

The European Union (EU) is to increase its efforts to move away from US LNG imports, following President Donald Trump’s threats to take control of Greenland, EU energy head, Dan Jørgensen, warned.