Get 40% Off
☕ Buy the dip? After losing 17%, Starbucks sees an estimated 20% upside. See the top Undervalued stocks!Unlock list

NextDecade increases LNG supply volume in deal with China's ENN

Published 12/27/2022, 10:27 PM
Updated 12/27/2022, 10:30 PM
© Reuters. FILE PHOTO: Liquefied natural gas (LNG) storage tanks are seen at ENN's LNG import terminal in Zhoushan, Zhejiang province, China October 19, 2018. REUTERS/Meng Meng

SINGAPORE (Reuters) - U.S. liquefied natural gas (LNG) developer NextDecade (NASDAQ:NEXT) Corp announced it will increase the volume of LNG supplies in a sales and purchase agreement signed with China's ENN Natural Gas Co. Ltd..

Under the agreement, ENN via a wholly-owned subsidiary ENN LNG (Singapore) Pte Ltd, will now purchase 2 million tonnes per annum (mtpa) of LNG, up 0.5 mtpa from the original agreement, according to a statement by NextDecade dated Tuesday.

All supply volumes will come from the first three trains at NextDecade's Rio Grande LNG export project (RGLNG) in Brownsville, Texas on a free-on-board basis, and will be indexed to the Henry Hub.

Earlier in April, NextDecade announced it would supply 1.5 mtpa of LNG to a unit of China's ENN for a 20-year term.

The U.S. company added in its Tuesday statement that it is targeting a final investment decision (FID) on the first three trains of the RGLNG export project in the first quarter of 2023, followed by FIDs of its remaining trains.

China was the world's top importer of LNG in 2021, shipping in 78.8 million tonnes of the chilled fuel that year. Of its total imports, nearly 9 million tonnes or 11% were from the United States, according to China's customs data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.