US-based Commonwealth LNG has signed an agreement to supply liquefied natural gas (LNG) to Switzerland-based energy trader MET Group from the Commonwealth LNG export terminal project on the Calcasieu River at the Gulf of Mexico, near Cameron, Louisiana.
Under the heads of agreement, Commonwealth LNG will supply one million tonnes per annum (mtpa) of LNG for a period of 20 years.
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Commonwealth LNG founder and executive chairman Paul Varello said: “This agreement recognises that US LNG can and will play a continuing role in Europe’s energy transition by providing reliable and affordable natural gas to the region.
“We are excited to work with MET Group to deliver LNG on a long-term basis to contribute to the security of natural gas supply to their customers.”
Commonwealth LNG will commence LNG shipping from 2027 from the Commonwealth LNG project, which is currently under development in Cameron.
With production capacity of approximately 9.3mtpa of LNG, the Commonwealth LNG project will comprise six natural gas liquefaction trains and associated facilities.
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By GlobalDataThe liquefaction and export facility on the west bank of the Calcasieu Ship Channel at the mouth of the Gulf of Mexico will also comprise six 50,000 M3 modular storage tanks.
MET Group chairman and CEO Benjamin Lakatos said: “LNG supply into Europe is a significant contributor to gas supply diversification and an important contributor to European energy security. LNG is also becoming an important part of MET Group’s strategy going forward.”
In an effort to increase participation in the LNG market, MET Group has also secured long-term LNG capacities in Germany. The company also expanded its spot capacity reach to Finland.
