Credit Agricole announced its decision to abstain from providing financing to two significant LNG projects. This move reflects the bank’s dedication to refraining from supporting new fossil fuel developments. Pressure from environmental organizations has spurred banks to redirect investment away from oil and gas projects that contribute to climate change.
Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, a leading Korean shipbuilder, has clinched a contract worth approximately $1.8 billion on March 24, 2024. Under this agreement, the company will construct eight LNG vessels, with deliveries scheduled until January 31, 2028.
Gazprom shipped its first LNG cargo to Spain. The vessel named Cool Rover, which underwent ship-to-ship LNG loading from the floating storage and regasification unit (FSRU) known as the Marshal Vasilevskiy, completed its discharge at the Enagas LNG terminal located in the Spanish port of Huelva.
PetroVietnam has signed a deal with QatarEnergy LNG to purchase 70,000 metric tons of liquefied natural gas, with the first shipment expected in April.
West Med LNG prices have surged to their highest levels against the Dutch TTF gas hub price in several months, driven by robust demand. On March 26, Platts assessed the Mediterranean LNG marker at a 27.5 cents/MMBtu discount to the Dutch TTF gas price, marking the narrowest spread since October 3 when it hit 18 cents/MMBtu.
Sixteen states, among them Texas, Louisiana, and Florida, are contesting the US federal government’s prohibition on approving LNG export applications. They argue that the government oversteps its authority by broadly denying these permits.
Amid the Russia-Ukraine conflict, a Russian firm intends to construct an LNG plant with a capacity of up to 525kmtpa in the East of the country. This move signals Russia’s shift towards exporting LNG to China, diverting away from its traditional focus on the European gas market.
Morocco is advancing its LNG infrastructure with plans for a terminal at Nador West Med and a new pipeline. Five governmental bodies signed a Memorandum of Understanding (MoU) in Rabat for the Sustainable Gas Infrastructure Development Program, aiming to bolster LNG capabilities and enhance natural gas storage and transportation.
Montenegro’s Energy Minister stated that approval for a new LNG terminal in Bar port hinges on an environmental assessment. A prior agreement with a US consortium awaits this evaluation. The project, backed by the US and EU to reduce reliance on Russian gas, faces opposition from environmental groups concerned about Montenegro’s decarbonization goals.
