Commonwealth files show that EQT and Glencore have committed to buying more LNG from Commonwealth.

A regulatory filing obtained by revealed that EQT Corp and Glencore had each 'agreed' to buy 1 million metric tonnes per year of liquefied gas from Commonwealth LNG, under 20-year agreements. This brings the U.S. Exporter closer towards a final investment. Commonwealth LNG said that it had sold enough export capacity of its 9.5 mtpa Louisiana Project to seek financing, but didn't disclose who the buyers were.

Commonwealth said that the finance process will begin once commercialization is 'finalized. The company will then move the project towards a final investment decision, which should be made in the next few weeks. Commonwealth filed a filing with the U.S. Department of Energy on March 26, indicating that it had signed an additional agreement for Glencore to purchase up to 1 million tons of LNG per year for a period of 20 years. Glencore has agreed to purchase 2 mtpa of LNG from Commonwealth by March 2025. The new deal brings the total contracted volumes of Commonwealth to 3 mtpa or almost one-third its total export capacity. The filing shows that EQT signed a 20-year agreement for 1 mtpa back in September. On March 3, it agreed to 'purchase an additional 1 mtpa', bringing the total contracted volumes to 2 mtpa. According to the filing, the additional EQT volume replaced a?1mtpa contract that Japan's JERA terminated.

EQT refused to comment and Glencore didn't immediately respond to comments.

Commonwealth has now sold 8 mtpa out of its planned 9.5 mtpa and continues to look for long-term purchasers, although it had previously stated that it intended to retain approximately 1 mtpa to trade. Curtis Williams, Houston Reporter; Nathan Crooks, Cynthia Osterman and Cynthia Osterman Editing

(source: Reuters)