• 2018 December 7 17:38

    Tellurian and Vitol sign MOU for 15-year LNG sale on JKM

    Tellurian Inc. announced yesterday that its subsidiary, Tellurian Trading UK Ltd., has entered into a Memorandum of Understanding (MOU) with Vitol Inc. (Vitol) to supply 1.5 million tonnes per annum of liquefied natural gas (LNG) from Tellurian Trading’s LNG offtake capacity at the proposed Driftwood LNG export terminal. The transaction price is based on the Platts Japan Korea Marker (JKM) and is for a minimum term of 15 years.

    Under the MOU, Tellurian and Vitol have agreed to negotiate a LNG Sale and Purchase Agreement (SPA) under which Vitol will purchase LNG free on board (FOB). The SPA will contain certain conditions precedent, including Tellurian’s receipt of regulatory approvals and a final investment decision to construct the Driftwood LNG export terminal.

    In addition, Vitol is evaluating a potential equity investment in the Driftwood Holdings partnership.

    President and CEO Meg Gentle said, “The LNG business is evolving into a true commodity market, which includes LNG purchases and sales based on actual LNG prices rather than indexing to other energy products. JKM has emerged as the most liquid and transparent pricing mechanism for LNG. Tellurian is proud to work with Vitol, who has long been known for its innovation and creativity in the energy commodity markets, to lead LNG market transformation with a long-term LNG sale at the market index.”

    Pablo Galante Escobar, Head of LNG, Vitol added, “We are very pleased to have concluded this agreement with Tellurian, which is at the forefront of LNG in the U.S. Tellurian’s integrated Driftwood project offers a unique value proposition, which we are pleased to participate in as off takers and potential equity investors.”

    Tellurian was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.




2019 June 27

15:54 Damen signs contract with Baleària for Eco-efficient tug in Port of Ciutadella
15:47 Murmansk Commercial Seaport increased daily unloading by 12% to 858 railcars
15:19 Gasum partners with new customer in LNG deliveries from Manga LNG Terminal in Tornio, Finland
14:53 Shanghai, China to host Intermodal Asia 2020 on March 17-19
14:28 Hamburg Messe to host Intermodal Europe 2019 on November 5-7
14:05 CMA CGM announces FAK rates from the Mediterranean to Mexico East Coast
13:51 GTT receives an order from Jiangnan Shipyard for the design of 5 container ships’ LNG fuel tanks
13:16 Sovcomflot participates in Marine Money Week 2019
12:44 Mediation starts at National Mediator’s office between Norwegian Shipowners’ Association, Industri Energi and SAFE
12:22 WMU-Koji Sekimizu PhD Fellowship on Maritime Governance launched officially
12:00 CMA CGM announces FAK rates from the Mediterranean to USEC and USGULF
11:38 Equinor and OMV sign two MoU to cooperate in the Barents Sea and in the Norwegian Sea
11:17 Singapore to host International Chemical and Oil Pollution Conference and Exhibition (ICOPCE) on 21-24 October 2019
10:56 Vympel Shipyard launched hydrographic survey vessel of Project 19910, Nikolay Skosyrev, built for RF Navy
10:35 Equinor signs sand screen services contracts with Tendeka AS and Baker Hughes Norge AS
10:13 Gasum’s Coralius reaches bunkering milestone in Rotterdam bunkering ship-to-ship
09:51 Brent Crude futures price is down 0.46% to $65.39, Light Sweet Crude – fell by 0.49% to $59.09
09:35 MABUX: Bunker Market this morning, June 27
09:32 Neptune Energy confirmes its development plans for the Duva and Gjøa P1 projects in the North Sea
09:17 Baltic Dry Index is up to 1,317 points
08:22 Colombo Dockyard delivers cable laying vessel built for Kokusai Cable Ship

2019 June 26

18:31 Dolphin Drilling business completes financial restructuring and appoints new management team
18:11 Jacobs wins contract to help build the largest shipyard in the Arabian Gulf
18:09 Senior officials from Kenya Coast Guard Services are undergoing training at national workshop in Mombasa
17:52 LUKOIL commissions two wells at V. Filanovsky field
17:30 Term of office of Sergey Baryshnikov, Rector of Makarov University, extended for 5 years
17:06 Saudi Aramco signs 12 agreements with South Korean partners worth billions of dollars
16:41 Damen Shiprepair Amsterdam completes major maintenance programme on OSV Deep Arctic
16:23 Nordic Engineering wins competition on development of technical design for 6-8 MW icebreaker
15:49 50 Let Pobedy icebreaker returned to Murmansk after its 50th voyage to North Pole
15:35 OOCL chooses Navis Stowage Planning Software StowMan for its container ship fleet
14:52 MacGregor works together with MSC to maximise performance and reduce emissions
14:50 IMO celebrates 30 years of outstanding legal training
14:26 North Sea Port conducts quay-inspection test using underwater robot from Asset.Insight.
14:03 Damen Shiprepair & Conversion signs contract on the conversion of a dredger ‘Samuel de Champlain’
13:52 EU NAVFOR Somalia takes part in Ministerial Conference on Maritime Security in Western Indian Ocean and Plenary Session of CGPCS
13:24 Sergey Larionov elected as General Director of Lena United River Shipping Company
12:51 Igor Tonkovidov elected as Chairman of Novoship BoD
12:27 Port of Rotterdam Authority to invest over 3.5 million euros to optimise the Wilhelminahaven
12:00 Nevsky Shipyard certified in “Military Register” Voluntary Certification System
11:58 Closing of MacGregor's TTS acquisition postponed to Q3 2019
11:35 Russia's Main Department of State Expertise approved project on development of bunkering base at commercial seaport of Murmansk
10:57 Yamal LNG shipped first LNG cargo to Japan
10:18 Brent Crude futures price is up 1.42% to $65.19, Light Sweet Crude – up 1.94% to $58.95
09:59 IAPH South East Asia and Oceania Region meets in Kuala Lumpur in August
09:44 MABUX: Bunker Market this morning June, 26
09:33 Bunker prices increase at the port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index is up to 1,280 points

2019 June 25

18:06 VARD orders seawater cooling for newbuild cable layer
17:34 ABP Humber Estuary Services (HES) purchased new £600,000 survey vessel
17:06 Q-Flex vessel sets delivery benchmark in Turkey
16:28 Awilco LNG posts vessel and contract update
16:22 Zhatai Shipyard to be provided with RUB 4.1 billion of budget investments in 2019–2021
15:59 Maersk introduces Maersk Spot, a new fully online product that simplifies the buying process for customers
15:15 NCSP Group announced decisions made at annual general shareholders' meeting
14:51 IMO: committed to implementation
14:20 ABP King’s Lynn investment attracts new construction industry customer
13:37 MAN B&W dual-fuel engines pass half-million hour milestone
12:59 ECSA celebrates the Day of the Seafarer
12:47 Bunker market sees mixed price movements at the Far East ports of Russia (graph)