Latest news with #energycontract
Reuters
7 days ago
- Business
- Reuters
Puerto Rico ends $20 billion LNG contract talks with New Fortress Energy, Bloomberg News says
July 23 (Reuters) - Puerto Rico is ending talks to negotiate a $20 billion liquefied natural gas contract with New Fortress Energy (NFE.O), opens new tab, Bloomberg News reported on Wednesday, citing a negotiator. New Fortress was unwilling to discuss changes to the contract and missed a key deadline, the report said, citing Osvaldo Linares, president of Recoms Group, the island's third-party procurement office. Shares of New Fortress fell more than 3% in afternoon trading. The stock has declined more than 75% in the past six months. The U.S. energy firm has been struggling to secure LNG for its power-generation operations on long-term agreements. The company is trying to raise cash and improve its finances by taking on partners for its primary businesses and selling some assets following its deferral of a shareholder dividend last year. Linares and New Fortress Energy did not immediately respond to Reuters requests for comment. Earlier this month, Bloomberg News reported Puerto Rico's financial watchdog had halted the supply deal over monopoly concerns. As a result of the talks ending, Puerto Rico's government is now in discussions with four other companies to provide LNG to the island under 30-day emergency contracts, Bloomberg's report said on Wednesday. Linares told Bloomberg that his agency has sent a formal communication to Puerto Rico's oversight board that negotiations had ended. The Financial Oversight and Management Board of Puerto Rico did not immediately respond to a Reuters request for comment.
Bloomberg
22-07-2025
- Business
- Bloomberg
Puerto Rico Board Cites Deep Concerns Over New Fortress LNG Deal
Puerto Rico's federal watchdog reiterated deep concerns about a contract that would give New Fortress Energy almost complete control of the island's liquefied natural gas deliveries for more than a decade, and said it has serious questions about how the deal was hammered out. 'There appears to be no entity that is accountable to explain the negotiations or the rationale behind the proposed terms and conditions, its impact on ratepayers, and the future of Puerto Rico's energy system,' the Financial Oversight and Management Board wrote in a letter to Josue Colon, the energy czar and the executive director of the Puerto Rico Public-Private Partnership Authority.
Yahoo
17-07-2025
- Business
- Yahoo
Venture Global signs 20-year LNG agreement with Eni
Venture Global has entered a 20-year sales and purchase agreement (SPA) with Eni, the Italian energy company's first long-term contract with a US liquefied natural gas (LNG) producer. The agreement entails the purchase of two million tonnes per annum (mtpa) of LNG from Venture Global's CP2 LNG project. The CP2 LNG facility, with a nameplate capacity of 20mtpa, is being developed adjacent to Venture Global's Calcasieu Pass LNG facility in Cameron Parish, Louisiana. The deal will bolster Eni's goal to expand its LNG portfolio to around 20mtpa of contracted volumes by 2030, while growing its trading business and addressing the changing demands of customers in key global markets. Eni said in a statement: 'The agreement is Eni's first long-term LNG supply from the United States and represents a significant milestone in Eni's strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility. Part of these volumes will contribute to the diversification of Europe's gas supplies.' The deal with Eni contributes to the 13.5mtpa of CP2 phase one already sold, bringing Venture Global's total contracted capacity to 43.5mtpa. Venture Global's portfolio of LNG customers continues to expand across Europe, Asia and other regions. Venture Global CEO Mike Sabel said: 'We are honoured that Eni, a leading innovator and global gas player, has chosen Venture Global as their first American LNG supplier. Italy is an important ally and trading partner to the United States, and we are grateful for the trust of Eni as our newest customer. "This deal marks a significant milestone for the company and is further recognition of our growing global energy leadership and strong record of execution.' In addition to the Eni agreement, Venture Global has signed a deal with a Securing Energy for Europe subsidiary to purchase an additional 750,000 tonnes per annum of LNG from the CP2 LNG project for 20 years. "Venture Global signs 20-year LNG agreement with Eni" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
