Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Natural gas powerhouse Venture Global signs largest-ever supply deal by an American company

by
November 4, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

U.S.-based Venture Global LNG announced on Thursday a 20-year supply agreement with China’s Sinopec, the largest long-term liquefied natural gas supply deal ever signed by an American company.

“Over the term of the contract, it is going to aggregate more than 80 million tons,” Venture Global CEO Mike Sabel told CNBC’s “Worldwide Exchange.” “On a dollar basis, that will eventually end up being over $30 billion for the life of the contract.”

RELATED POSTS

Gasoline futures are dropping, which could mean more relief at the pump

Kellogg will find it difficult to pass through inflation from here, UBS says

The deal also makes Venture Global the top American LNG exporter to China. The company will deliver the product from its plant in Plaquemines, Louisiana.

“We’ve relentlessly focused on delivering the lowest possible delivered clean LNG to the market,” Sabel added. “That’s what our good friends and our customers at Sinopec in China were looking for.”

“[The deal] reflects the shared mission of Sinopec and Venture Global in promoting the global energy transition,” Sinopec President Ma Yongsheng said in a statement, stressing it’s a significant step in achieving carbon emission and neutrality goals.

The new Venture Global-Sinopec contract will double imports of U.S. liquefied natural gas to China — and at 4 million metric tons each year, it’s twice the size of a deal that Sinopec reached with Qatar earlier this year.

One of Venture Global’s priorities has been to try to control production efficiencies, Sabel said, adding it was a factor in making the Sinopec deal happen. “We think overall, relative to U.S. producers traditionally, we’ve probably shaved 30% off the cost,” he said. “Relative to some of the international projects, more than 50%.”

Sabel also said that given China’s current demand for alternative energy, deals such as this one serve a long-term purpose to reduce the impact of global climate change and carbon emissions. China is currently undergoing an energy crunch, with some analysts saying that shortages could lead the country to have to build more coal plants.

“The biggest impact you could have today in direct reduction in CO2 emissions is abatement of coal,” Sabel told CNBC. “This gigantic deal we announced, in addition to energy security for China and diversification of supply and great price, was also about directly reducing emissions.” He emphasized that investment in current energy infrastructure is critical to lowering global carbon dioxide emissions.

“It’s greater than any other thing that’s going on in the world today, in terms of investments in future potential reduction based on new technologies,” Sabel said. “We have it today, that we can make these reductions, because the developing world is still bringing into service large amounts of coal plants.” He added, “The larger that gas deals are, with anybody, the more you are directly reducing future potential CO2 emissions.”

ShareTweetPin

Related Posts

Gasoline futures are dropping, which could mean more relief at the pump

by
July 7, 2022
0

In this article @LCO.1 @CL.1 Brie Olootu pumps gas at an Exxon Mobil gas station on June 09, 2022 in...

Kellogg will find it difficult to pass through inflation from here, UBS says

by
July 7, 2022
0

Shares of Kellogg may come under pressure as the company finds it difficult to pass on rising prices from here,...

5 things to know before the stock market opens Thursday

by
July 7, 2022
0

British Prime Minister Boris Johnson listens to Qatar's Emir Sheikh Tamim bin Hamad al Thani (not pictured) at the start...

Weekly Initial Unemployment Claims Increase to 235,000

by
July 7, 2022
0

by Calculated Risk on 7/07/2022 08:34:00 AM The DOL reported: In the week ending July 2, the advance figure for...

Trade Deficit decreased to $85.5 Billion in May

by
July 7, 2022
0

by Calculated Risk on 7/07/2022 08:46:00 AM From the Department of Commerce reported: The U.S. Census Bureau and the U.S....

Next Post

Goldman October Payrolls Preview

November 4th COVID-19: Over 70,000 New Cases per Day

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Allbirds stock has plunged 50% in two months, now one top analyst says buy it

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com