Gunvor in Strategic Deal with Commonwealth LNG

Singapore trading house Gunvor said November 25 it had entered into a strategic LNG marketing and gas supply agreement with Commonwealth LNG that will see Gunvor commit to up to 3mn mt/yr of offtake from the 8.4mn mt/yr facility in Louisiana and help Commonwealth secure binding offtake agreements for the rest of the capacity.

“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 CEO Paul Varello said.

Commonwealth applied to the US Federal Energy Regulatory Commission (Ferc) in August, and expects to make a final investment decision (FID), pending Ferc approval, in early 2021. First shipments are expected in 2Q 2024.