New Fortress Energy inks LNG supply deals

US-based New Fortress Energy on Monday revealed two new long-term LNG supply deals to support its gas and power business in Puerto Rico, Mexico, and Nicaragua.

NFE said in a statement it has now purchased volumes equal to about 80% of its expected needs across its current portfolio of terminals and assets.

Additionally, this includes previous purchases of LNG for the company’s Jamaican operations.

NFE did not provide any additional information regarding the LNG supply deals.

“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,” chief executive Wes Edens said.

Edens said that with the new contracts, the firm would match most of those volumes with these commitments.

Furthermore, NFE mainly uses the US Henry Hub as the price benchmark for the firm’s contracts with customers.

According to Edens, about 70% of NFE’s contracts include Henry Hub pricing and the new deals also entail this benchmark.

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