Commonwealth LNG lines up offtake deal with Gunvor

Commonwealth LNG lines up offtake deal with Gunvor
Illustration purposes only (Image courtesy of Commonwealth LNG)

Commonwealth Projects and Gunvor Group, through respective units, have signed a heads of agreement (HOA) for a 15-year LNG sale and purchase deal from the Commonwealth LNG export project under development in Cameron Parish, Louisiana.

The HOA anticipates the negotiation and finalization of a deal for 1.5 million tonnes per annum (Mtpa) of LNG offtake from the project, Commonwealth said in its statement on Wednesday.

Kalpesh Patel, Gunvor Co-Head of LNG Trading said, “The agreement with Commonwealth LNG is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost resources and seamlessly delivering them to high-value markets.”

Paul Varello, Commonwealth’s president and CEO noted the deal with Gunvor covers a portion of the production capacity at the facility for which it expects to take a final investment decision later next year.

The project would have a production capacity of 8.4 million tons per annum of liquefied natural gas.

Commonwealth LNG expects to start operations at the plant in the first quarter of 2024.

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