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Commonwealth LNG and Gunvor Singapore Pte Ltd sign HOA

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LNG Industry,

Commonwealth Projects, LLC has announced that its subsidiary Commonwealth LNG, LLC has signed a heads of agreement with Gunvor Singapore Pte Ltd, a subsidiary of Gunvor Group Ltd.

The HOA anticipates the negotiation and finalisation of a definitive 15-year LNG sale and purchase agreement (SPA) for 1.5 million tpy of LNG offtake from the Commonwealth LNG export project under development in Cameron Parish, Louisiana, US.

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. We look forward to working with the Commonwealth team as they continue to progress their project.”

Paul Varello, Commonwealth’s President and CEO, “We are proud to be entering into an agreement for a portion of our LNG offtake with the Gunvor Group – one of the world’s premier commodities trading houses.

“Our mantra is to develop LNG solutions for the next generation; in Gunvor, we have found a commercial partner who not only shares that vision, but through its creativity and innovation exemplifies it.”

According to the statement, Commonwealth LNG is expecting to take a final investment decision (FID) on the project later next year.

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LNG project news US LNG news Gulf coast LNG news LNG export news