LNG News Summary for September 26, 2024

LNG News Summary for September 26, 2024:

1. GTT Receives Order for LNG Carrier Tank Design
   GTT has secured an order from HD Hyundai Samho Co. to design tanks for four new LNG carriers, on behalf of a European ship-owner. This highlights GTT's continued involvement in advancing LNG shipping technologies .

2. Belgium Pushes for EU Ban on Russian LNG Imports
   Belgium has called for the European Union to implement a ban on Russian LNG imports, stating that current sanctions are insufficient in reducing Russian LNG entering Europe .

3. TotalEnergies Secures LNG Supply Deal with South Korea
   TotalEnergies has signed a long-term LNG supply deal with HD Hyundai Chemical, which will ensure the delivery of 200,000 tonnes of LNG annually from 2027 until 2033 .

4. Vietnam's First LNG Power Plant Delayed
   Vietnam’s first LNG power plant, initially scheduled for commercial operations in 2023, is now expected to start in April 2024. This delay comes amid logistical and operational challenges .

5. LNG Contracting Booms Despite U.S. License Freeze
   Even as the U.S. pauses new LNG export permits, demand for long-term LNG contracts remains strong. Global buyers are pushing for future LNG supplies in anticipation of continued high demand .

6. Mexico's Natural Gas Pipeline Expansion Underway
   With rising demand from the electricity and LNG sectors, Mexico is expanding its natural gas pipeline network. This expansion aligns with President-elect Claudia Sheinbaum’s administration's focus on energy infrastructure .

7. Technip Energies and JGC Win Mozambique LNG Contract
   Technip Energies and JGC have secured the front-end engineering and design (FEED) contract for the Rovuma LNG project in Mozambique. The project aims to boost LNG production to 18 million tonnes annually .

8. Brazil’s LNG Demand Rises Amid Low Hydroelectric Reservoirs
   Due to ongoing heatwaves, Brazil's hydroelectric reservoirs are at low levels, pushing the country to increase LNG imports to meet electricity demand during the upcoming winter .

9. TotalEnergies Extends LNG SPA with CNOOC
   TotalEnergies has extended its sales and purchase agreement with China's CNOOC for five more years, securing the delivery of 1.25 million tonnes per year of LNG until 2034 .

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Analysis: The LNG industry continues to be marked by strategic partnerships and a growing focus on LNG as a key energy source. Belgium’s call for an EU-wide ban on Russian LNG highlights the political dynamics that influence European energy security. Meanwhile, strong contracting activity, especially between companies like TotalEnergies and Asian partners, shows the enduring global demand for LNG. Mexico's infrastructure growth and the expansion of projects in Mozambique and Brazil also reflect the ongoing shifts in global energy strategies as countries adapt to changes in supply chains, climate challenges, and geopolitical pressures.