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Reuters
29-04-2025
- Business
- Reuters
Exclusive: Malaysia's Petronas and Commonwealth LNG in talks for term supply, say sources
April 29 (Reuters) - Malaysian state-owned oil and gas firm Petroliam Nasional, or Petronas, is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company's facility in Cameron, Louisiana, according to four trading and industry sources with knowledge of the matter. Petronas is in talks to buy at least one million metric tons per annum (mtpa) of LNG from Commonwealth LNG, said two of the four sources, who declined to be identified as they were not authorised to speak to the media. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "Talks are at an advanced stage for at least 1 mtpa," said one of the sources. Several Asian countries plan to increase their contractual purchases of U.S. LNG to reduce the trade imbalance with the United States and escape high reciprocal tariffs. Petronas has previously mentioned its key focus area of expanding its global LNG portfolio to meet growing demand, and that its supply from some U.S. contracts could be sold in the spot market to Europe or Asia. Commonwealth LNG and Petronas did not respond to a Reuters request for comment. Commonwealth LNG is developing a 9.5 mtpa LNG plant in Cameron, Louisiana. It received its export license from the U.S. Department of Energy in February having waited almost two years for it under the Biden administration. Commonwealth said it has seen an increase in interest from prospective buyers since securing its export license. The project currently has almost 8 mtpa of its supply either under contract or under consideration, including 2.5 mtpa with Woodside Energy and 2 mtpa with Private equity firm Kimmeridge, which acquired a 90% stake in Commonwealth LNG. Petronas has 20-year deals for 1 mtpa of LNG from Venture Global's (VG.N), opens new tab Plaquemines facility and 1.1 mtpa with Cheniere Energy (LNG.N), opens new tab. In December, Petronas had also signed a 15-year deal with ADNOC for 1 mtpa of LNG, with deliveries expected to start in 2028. Marwa Rashad Thomson Reuters Marwa Rashad covers LNG and natural gas out of London, with a focus on Europe. She was part of a team awarded "Reuters Journalist of the Year" in 2022 for the coverage of the European Energy Crisis. Previously, She spent a decade in Saudi Arabia, the Middle East's largest economy and the world's top oil exporter, covering a broad range of topics including the impact of the 2011 oil boom, the 2015 oil slump, the Kingdom's economic transformation and its efforts to diversify away from hydrocarbons, Saudi Aramco IPO and provided an in-depth understanding of the kingdom's young crown prince's ambitious reform agenda. She was part of Reuters team awarded 2018 'scoop of the year' for coverage of the murder of Saudi journalist Jamal Khashoggi. Marwa joined Reuters in 2009 in Cairo, Egypt.
Reuters
25-02-2025
- Business
- Reuters
Shell expects 60% rise in global LNG demand by 2040
LONDON/SINGAPORE, Feb 25 (Reuters) - Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation, Shell said in an annual report on Tuesday. Demand for natural gas continues to rise globally as the world transitions to cleaner fuels. Industry forecasts LNG demand to reach between 630 million and 718 million metric tons a year by 2040, Shell said in its 2025 annual LNG outlook. The latest view from the world's largest LNG trader is higher than last year's forecast, which pegged global LNG demand in 2040 at 625 million to 685 million tons per year. "Upgraded forecasts show that the world will need more gas for power generation, heating and cooling, industry and transport to meet development and decarbonisation goals," said Tom Summers, Shell's senior vice president for LNG marketing and trading. China, the world's top LNG importer, and India are increasing LNG import capacity and gas related infrastructure to meet rising demand, Shell added. Natural gas imports into China are forecast to rise this year as economic stimulus plans lift industrial demand, although trade tensions with the U.S. may cap growth. In India, the International Energy Agency expects natural gas consumption to jump 60% between 2023 and 2030, doubling the country's need for LNG imports, as domestic output is expected to grow much more slowly than demand. To meet rising demand, particularly in Asia, more than 170 million tonnes of new LNG supply is set to be available by 2030, said Shell. The start-up timings of new LNG projects, however, are uncertain. Significant growth in LNG supply will come from top exporter the United States, potentially reaching 180 million tons a year by 2030 and accounting for a third of global supply, the report said. In 2024, global LNG trading rose by only 2 million tons to 407 million tons due to constraints on development of new supply, marking the smallest annual increase in the past decade, the report said. While Asian LNG demand strengthened in the first half of last year with lower prices and hotter weather spurring power generation needs, Europe's imports fell in the first three quarters of 2024 before demand picked up as cold weather led to faster depletion of storage inventories. Europe's LNG demand is expected to grow in 2025 and beyond. "Europe will continue to need LNG into the 2030s to balance the growing share of intermittent renewables in its power sector. In the longer term, existing natural gas infrastructure could be used to import bio-LNG or synthetic LNG and be repurposed for the import of green hydrogen," Shell's report said. Marwa Rashad Thomson Reuters Marwa Rashad covers LNG and natural gas out of London, with a focus on Europe. She was part of a team awarded "Reuters Journalist of the Year" in 2022 for the coverage of the European Energy Crisis. Previously, She spent a decade in Saudi Arabia, the Middle East's largest economy and the world's top oil exporter, covering a broad range of topics including the impact of the 2011 oil boom, the 2015 oil slump, the Kingdom's economic transformation and its efforts to diversify away from hydrocarbons, Saudi Aramco IPO and provided an in-depth understanding of the kingdom's young crown prince's ambitious reform agenda. She was part of Reuters team awarded 2018 'scoop of the year' for coverage of the murder of Saudi journalist Jamal Khashoggi. Marwa joined Reuters in 2009 in Cairo, Egypt.
Reuters
24-02-2025
- Politics
- Reuters
ＥＵ、3月6日に臨時首脳会議開催 防衛強化やウクライナ巡り
[ブリュッセル ２３日 ロイター] - 欧州連合（ＥＵ）は３月６日に臨時の首脳会議を開き、ウクライナへの追加支援、欧州の安全保障や防衛強化策について協議する。ＥＵ当局者が２３日に明らかにした。 ＥＵのコスタ大統領は「われわれはウクライナと欧州の安全保障にとって決定的な局面を迎えている。欧州の防衛強化や、大陸の平和とウクライナの長期的な安全保障への断固とした貢献といった課題にＥＵレベルで取り組むという共通の決意が欧州首脳との協議で聞かれている」とＸに投稿した。 欧州委員会の概算ではＥＵの防衛投資には今後１０年間で５０００億ユーロが必要になる見通しで、ＥＵ首脳は財源について協議する。 当局者らによると、共同借り入れが検討される可能性は低く、すでに利用可能なＥＵ資金を軍事目的に使うか、ＥＵ規則の制約なしに各国の資金を利用しやすくすることに焦点を当てる見通しだ。 あるＥＵ外交官は「何が可能かをより明確に把握し、近く発表される国防白書に反映させることが目的だ」と語った。 トランプ米大統領は、ウクライナやＥＵを招かずにウクライナ戦争の終結に向けたロシアとの協議を開始した。 トランプ政権はまた、欧州諸国に防衛への投資を拡大するよう求めている。 Jan Strupczewski トムソン・ロイター Jan is the Deputy Bureau Chief for France and Benelux, running the Reuters office in Brussels. He has been covering European Union policy, focusing on economics, since 2005 after a five year assignment in Stockholm where he covered tech and telecoms stocks, the central bank and general news. Jan joined Reuters in 1993 in Warsaw from the main Polish TV news programme "Wiadomosci", where he was a reporter and anchor for the morning news edition. Jan won the Reuters Journalist of the Year award in 2007 in the Scoop of the Year category, a second time in 2010 for his coverage of the euro zone sovereign debt crisis and for the third time in 2011, this time as part of the Brussels team, for the Story of the Year. A Polish national, Jan graduated from Warsaw University with a Master's in English literature. He is a keen sailor, photographer and bushcraft enthusiast.
Reuters
06-02-2025
- Business
- Reuters
Exclusive: Egypt secures LNG deals with Shell and TotalEnergies for 2025
LONDON, Feb 6 (Reuters) - Egypt has signed deals worth around $3 billion with Shell (SHEL.L), opens new tab and TotalEnergies ( opens new tab to secure 60 cargoes of liquefied natural gas (LNG) to cover demand for 2025, three trading sources told Reuters. The most populous Arab country last year returned to being a net importer, opens new tab of natural gas, buying dozens of cargoes and abandoning plans to become a supplier to Europe amid a steep decline in domestic output. Egypt's domestic supplies fell to a seven-year low in September 2024, according to data from the Joint Organizations Data Initiative, mainly due to declining production from Zohr gas field and higher power consumption. "The deals shall cover most of the country's demand in 2025," the sources said. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Marwa Rashad Thomson Reuters Marwa Rashad covers LNG and natural gas out of London, with a focus on Europe. She was part of a team awarded "Reuters Journalist of the Year" in 2022 for the coverage of the European Energy Crisis. Previously, She spent a decade in Saudi Arabia, the Middle East's largest economy and the world's top oil exporter, covering a broad range of topics including the impact of the 2011 oil boom, the 2015 oil slump, the Kingdom's economic transformation and its efforts to diversify away from hydrocarbons, Saudi Aramco IPO and provided an in-depth understanding of the kingdom's young crown prince's ambitious reform agenda. She was part of Reuters team awarded 2018 'scoop of the year' for coverage of the murder of Saudi journalist Jamal Khashoggi. Marwa joined Reuters in 2009 in Cairo, Egypt.
