Spot prices for Asian LNG rose 30 cents from the week of Nov. 21 to about $7.40 per million British thermal units (MMBtu), trading sources said.
High oil prices hit buyers hard, particularly in Japan after the Fukushima nuclear disaster of 2011 shut down reactors and forced them to switch to LNG to produce electricity.
CB&I wins $275 million contract to build LNG facility at Port of Tacoma.
Indonesia's Tangguh LNG project has invited market participants to bid for 2017-2019 cargoes, Reuters reported.
Houston-based Tellurian Investments Inc. announced Nov. 28 that GE Oil & Gas made a $25 million preferred equity investment in the company, which has an implied Tellurian common stock value of $5.94 per share.
Tellurian Investments Inc., a private company founded by Charif Souki and Martin Houston, said Nov. 28 it received $25 million in preferred equity from GE Oil & Gas, with an implied Tellurian common stock value of $5.94 per share.
Royal Dutch Shell Plc (NYSE: RDS.A) will hold a 13% stake, while Houston-based Endeavor Energy and Golar LNG will have minority stakes, Reuters reported.
Thailand is increasing its planned long-term imports of LNG to meet rising demand after delays to the construction of coal-fired power plants, a senior official at the energy ministry said on Nov. 23.
With the two now cooperating, concerns of Singapore lacking adequate consumer base to be a real trading hub and of Japan being too importer-biased regarding LNG could be addressed, Reuters reported.
Japanese gas supplier Tokyo Gas Co. said on Nov. 21 that it signed a memorandum of understanding with British utility Centrica for a location swap of LNG to cut transportation costs, Reuters reported.
The evolving global market will create openings for smaller LNG companies.
Houston-based ConocoPhillips is in the “initial stages” of putting up its Kenai LNG plant for sale, the company recently announced.