Page 11 - GLNG Week 37

GLNG
NEWS IN BRIEF
GLNG
AFRICA
Vitol and ENH announce
the launch of ENH Energy
Trading
Vitol and ENH, the National Oil Company of Mozambique, today announced the launch
of ENH Energy Trading, a joint venture commodity trading company. ENH Energy Trading will initially be owned 51% by ENH and 49% by Vitol. It is anticipated ENH’s share will increase over time.
ENH Energy Trading will focus on energy commodities, in particular LNG, LPG
and condensate, enabling ENH to create additional value and develop expertise in trading energy commodities. Mozambique has an estimated 125 tcf of technically recoverable gas resources. In addition to
using these resources to fuel domestic energy demand, the first phase of developments will produce significant quantities of gas, LPG
and condensate, plus over 30mn tonnes of LNG annually, making Mozambique a leading exporter of LNG.
As part of the agreement, Vitol and ENH are committed to developing an independent and leading marketing and trading team for ENH Energy Trading, leveraging the parent companies’ knowledge and expertise.
The company will be incorporated and based in Singapore, to facilitate liaison with customers across the region, in which LNG demand is expected to grow significantly.
Dr. Omar Mithá, chairman, ENH said: “Our expectation for this JV is to embark on a path into international commodity trading markets to support our growth. As the national oil company of Mozambique operating actively in the upstream, we
are confidently expanding our operations overseas, and building a reputable asset for
future generations.”
Russell Hardy, Vitol CEO said: “We are
delighted to be forming this partnership and be part of Mozambique’s growth story. We very much look forward to replicating our previous experience of partnering with an NOC and working with ENH to build ENH Energy Trading into a successful trading company with the expertise to serve Mozambique’s energy needs.”
VITOL AND ENH, September 17, 2019
AMERICAS
NextDecade and Enbridge
announce strategic MoU
for the development of Rio
Bravo pipeline for the Rio
Grande LNG project
NextDecade and Enbridge announced today
a memorandum of understanding (MoU)
to jointly pursue the development of the Rio Bravo pipeline and other natural gas pipelines in South Texas to transport natural gas to NextDecade’s Rio Grande LNG project located in Brownsville, Texas. Rio Bravo is designed to transport 4.5bn cubic feet per day of natural gas from the Agua Dulce area to Rio Grande LNG.
Matt Schatzman, NextDecade’s chairman and chief executive officer said: “Enbridge
is one of North America’s leading energy infrastructure companies and we look forward to exploring a strong partnership in South Texas. With its Texas Eastern Pipeline and recently completed Valley Crossing Pipeline, Enbridge has extensive permitting, construction, and operating experience in the State of Texas, especially in South Texas.”
Bill Yardley, Enbridge’s president of gas transmission and midstream said: “We are excited to be working with NextDecade for pipeline solutions to the Rio Grande LNG facility. Our existing infrastructure fits very well with the Brownsville location. This is
a continuation of our strategy to bring our major projects execution and permitting capability to the expanding LNG export efforts in North America.”
The companies anticipate finalising definitive documentation reflecting the terms of the MOU in the fourth quarter of 2019. NEXTDECADE AND ENBRIDGE, September 18, 2019
Freeport LNG launches
private cargo trading
storefront
Freeport LNG and Redwood Markets are pleased to announce the launching of a virtual private storefront for selling liquefied natural gas cargoes inside the Redwood Marketplace. The Redwood Marketplace is
an online commodity trading platform that enables buyers and sellers of physical liquefied natural gas (LNG) to negotiate and confirm commercial terms while offering efficiency, standardization and price discovery to the global community of LNG stakeholders.
The Freeport Private Storefront enables Freeport LNG, as the host, to negotiate and match physical, bilateral LNG transactions with potential LNG off-takers in a variety
of online trading formats with multiple options for transparency. The advantage of
the private storefront is to bring efficiency
of online trading to the buyer or seller LNG requirements without losing the direct, private connection between the respective parties.
“The number of participants in the global LNG market place has increased substantially over the last decade. The Freeport LNG storefront will streamline interactions. It will also allow us to efficiently and transparently provide counterparties direct access to Freeport LNG’s spot cargoes,” said Hugh Urbantke, Executive Vice President and
Chief Commercial Officer at Freeport LNG. “Freeport LNG is an innovative operator
that embraces new technology and business systems. The U.S. shale gas revolution brought about massive changes for Freeport LNG and now, today, we see online commodity trading platforms exclusively tailored for LNG as another disruptive technology that needs to be adopted early on.”
“Private storefronts are a new addition to the Redwood Marketplace designed to address
Week 37 19•September•2019
w w w . N E W S B A S E . c o m
P11