INEOS Energy has entered the global LNG market, having today (22nd June) inked an agreement for the potential purchase of 1.4 million tonnes per annum from the US.
Under terms of a heads-of-agreement, Sempra Infrastructure could supply INEOS with the natural gas from either its proposed Port Arthur LNG Phase 1 project, located in the Gulf of Mexico, or the Cameron LNG Phase 2 project in Louisiana.
The deal comes as more countries are boycotting the supply of one of Russia’s biggest exports by increasing energy independence, as a result of the invasion of Ukraine. With 40% of gas consumed in the EU supplied by Russia, the EU’s nation states have been and – in certain cases – continue to be heavily reliant upon Russian gas.
Commenting on the deal, Brian Gilvary, Chairman INEOS Energy said, “This agreement represents a major step forward in the INEOS Energy journey, at a time of significant transformation in the energy industry.”
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