Commonwealth LNG’s project is one of more than 10 export terminal being developed/constructed along the Gulf Coast of the US.
The CEO of Commonwealth LNG, Paul Varello, told Reuters that the company is currently “exchanging documents with counterparties”, which will account for 3 – 4 million t of export capacity. Varello added that he expects a heads of agreement (HoA) to be signed in the near future.
The European buyers all reportedly have their own importing terminals, and Varello has pledged a processing rate of “well below US$2.50 per million Btu for buyers signing 20-year supply contracts.”
A final investment decision (FID) on the project is expected in 3Q/4Q 2020, with the aim to begin LNG shipping operations in 2024.
