Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
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

Biden and McCarthy clash ahead of White House debt ceiling meeting

Meta set to report fourth-quarter earnings after the bell

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

Biden and McCarthy clash ahead of White House debt ceiling meeting

by
February 1, 2023
0

House Republican leader Kevin McCarthy speaks to reporters following a meeting with U.S. President Joe Biden and other congressional leaders...

Meta set to report fourth-quarter earnings after the bell

by
February 1, 2023
0

In this article META Follow your favorite stocksCREATE FREE ACCOUNT Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left,...

Stocks making the biggest moves midday: Peloton, AMD, Snap and more

by
February 1, 2023
0

In this article EATPTONEAMOSMGSYKMTCHSNAPAMDFL Follow your favorite stocksCREATE FREE ACCOUNT A sign hangs above the entrance of a Foot Locker...

Electric truck maker Rivian to lay off 6% of its workforce as EV price war concerns grow

by
February 1, 2023
0

In this article RIVN Follow your favorite stocksCREATE FREE ACCOUNT Workers inspect a Rivian R1T electric vehicle (EV) pickup truck...

FedEx is laying off 10% of its officers and directors amid cooling demand

by
February 1, 2023
0

In this article FDX Follow your favorite stocksCREATE FREE ACCOUNT Raj Subramaniam, FedEx Corporation, speaks at the U.S. Chamber of...

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

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net