HOUSTON & GENEVA & SINGAPORE & STAMFORD, Conn. — November 25, 2019
Gunvor and Commonwealth LNG have entered into a Strategic LNG Marketing & Gas Supply Agreement in relation to Commonwealth’s LNG export project in Cameron Parish, Louisiana. Under the agreement, Gunvor will support Commonwealth in securing binding LNG offtake and gas supply agreements for the full capacity of the facility. In addition, Gunvor will commit to take up to 3 million tonnes per annum (MTPA) of LNG offtake from the facility.
“In this highly competitive market, it is critical for companies – particularly ones pursuing an LNG greenfield project – to recognize their core competencies and strengths,” said Kalpesh Patel, Gunvor Co-Head of LNG Trading. “Commonwealth LNG’s engineering and procurement team is best in class. And, now, with the comprehensive support of Gunvor’s LNG and US Gas marketing team, Commonwealth LNG will excel not only at controlling costs and project execution, but also at commercializing their project and creating the lowest cost offering on the US Gulf Coast.
“We are very pleased to announce this strategic partnership with Gunvor, the most active LNG trader in the world,” said Paul Varello, Commonwealth’s President and CEO. “We believe Gunvor’s substantial capabilities in LNG marketing and overall market presence, coupled with Commonwealth’s strengths in engineering, construction and project execution create a dynamic combination that ultimately differentiates Commonwealth from every other US LNG project currently chasing FID.”
Commonwealth LNG expects to take a final investment decision in Q1 of 2021 and deliver its first shipments of LNG in Q2 of 2024.
About Commonwealth LNG
Commonwealth LNG is an 8.4 MTPA liquefied natural gas (LNG) export terminal project on the Calcasieu River at the U.S. Gulf Coast near Cameron, Louisiana. The Commonwealth team is committed to developing and operating a world-class LNG facility by staying relentlessly focused on managing risk and lowering capital cost. This is achieved by employing a fully modular design and construction approach for its liquefaction trains and auxiliary equipment as well as its LNG storage tanks. This approach results in a platform that enables the competitive delivery of LNG to any market under more flexible contract terms. https://commonwealthlng.com/
About Gunvor Group Ltd
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. The company is the leading independent global trader of Liquefied National Gas (LNG). With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.GunvorGroup.com