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Glencore inks 20-year non-binding deal with Commonwealth LNG, Kimmeridge

Commodities huge Glencore has signed a nonbinding arrangement to buy 2 million tonnes per annum of liquefied gas from Commonwealth LNG along with comparable natural gas supply from Kimmeridge Texas Gas, the business stated on Thursday.

The 20-year supply agreement is anticipated to be finalized among all parties by the 4th quarter.

In June, private equity company Kimmeridge increased its stake in Commonwealth LNG to over 90% through its unit KTG.

The U.S. LNG market is experiencing a boom, with the country exceeding Qatar as the world's top exporter, as new innovation allows shale manufacturers to tap enormous reserves and assist wean Europe off Russian gas while offering Asian buyers with a. greener alternative for power generation.

Glencore has formerly signed LNG handle other U.S. energy firms, including

Marathon Oil

and

Cheniere

Energy, as part of its method to broaden its. existence in the

LNG market

.

Commonwealth prepares to thumbs-up its LNG export center in. Cameron, Louisiana, by the very first half of 2025, with commercial. operations expected to begin in 2028.

Nevertheless, a U.S. court ordered federal regulators in July to. reassess the impact of greenhouse gas emissions from the job. after environmental groups submitted a suit declaring the problem. was not effectively resolved.

(source: Reuters)