NextDecade to supply LNG to China's ENN
U.S. LNG developer NextDecade Corp said it had agreed to supply 1.5 MMmtpy of LNG to a unit of China's ENN Natural Gas Co Ltd.
Shares of NextDecade rose 2.5% to $6.13.
Gas companies have rushed to cash in on higher natural gas prices as sanctions on Russian fuel have shocked an already tight supply.
The agreement is for a term of 20 years and supply will be from the first two trains at NextDecade's Rio Grande LNG export project in Brownsville, Texas, with the first train expected to start commercial operations as early as 2026.
NextDecade said it expects to make a final investment decision (FID) on a minimum of two trains of the Rio Grande in the second half of 2022, with FIDs of its remaining three trains to follow thereafter.
Last week, Energy Transfer LP had entered agreements to supply a total of 2.7 MMt of LNG to ENN Natural.
(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)
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