Kimmeridge, Commonwealth to Supply Glencore with Gas, LNG [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
Kimmeridge Texas Gas (KTG) and Commonwealth LNG are teaming up with diversified natural resource company Glencore LTD for a strategic natural gas and liquefied natural gas (LNG) partnership. The three companies have entered into a heads of terms agreement, Kimmeridge said in a news release. Under the terms of the agreement, Glencore will purchase 2 million metric tons per annum (mtpa) of LNG for 20 years from Commonwealth, as well as equivalent natural gas supply from KTG under a netback agreement at international prices. The agreement accelerates KTG's objective of becoming a “fully integrated provider of natural gas from wellhead to water,” Kimmeridge remarked. The definitive agreements are expected to be finalized between the parties in the fourth quarter. Commonwealth anticipates a final investment decision on its LNG export facility in Cameron, Louisiana, in the first half of next year, while first LNG production is expected in 2028, according to the release. KTG CEO a
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