The German economy ministry is considering expropriating the German portion of the Nord Stream 2 pipeline system, built by Russian gas giant Gazprom, and cutting it off from the rest of the pipeline.
“The primary rating concern for Freeport LNG is that the sole source of revenue is dividends from the three liquefaction plants, owned by three operating companies,” Fitch said in a rating action commentary.
In what has already been a volatile year of trade, the June 23 price drop was only the biggest one-day decline since mid-June. So far in 2022, U.S. natural gas futures have lost over 10% in five sessions.
Separately, Cheniere announced two LNG supply deals with Chevron, one of which is conditional on a positive FID of a new Corpus Christi liquefaction project, meaning the next leg of Cheniere’s expansion is in the works.
Canada's parliamentary budget officer recently reported that the government-owned Trans Mountain pipeline has a net present value of negative C$600 million, making it no longer profitable.
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The loss of Freeport LNG has European LNG buyers and some U.S. shale producers reeling, while rivals Cheniere Energy and Sempra LNG rush to produce more LNG to offset the losses.
Chevron U.S.A. entered separate sale and purchase agreements with two of Cheniere Energy's subsidiaries, Sabine Pass Liquefaction LLC and Cheniere Marketing LLC, for the combined supply of 2 million tonnes per annum of LNG.
Cheniere Energy reached final investment decision on its Corpus Christi Stage 3 liquefication project after beginning construction on the project earlier in 2022.
INEOS Energy has signed with Sempra Infrastructure for 1.4 million tonnes per annum of LNG for 20 years, marking INEOS' entry into the global LNG market.