NFE inks two new LNG supply deals

New Fortress Energy has boosted its liquefied natural gas (LNG) volumes with two additional long-term supply agreements.

The company said the new deals will support its natural gas and electricity businesses in Puerto Rico, Mexico, and Nicaragua.

With these purchases and the previous purchases of LNG for the company’s Jamaican operations, NFE has purchased LNG volumes equal to about 80 per cent of its expected needs across its current portfolio of terminals and assets.

“As a company, our goal is to match our LNG purchases as much as possible with our customer volumes, thus reducing our exposure to changes in the market price for LNG across our portfolio,” said New Fortress Chairman and CEO Wes Edens.

“Approximately 70 per cent of our gas contracts with our customers are indexed to Henry Hub and with the contracts signed today, we will match most of those volumes with these commitments that are also indexed to Henry Hub,” he added