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Equinor Expands LNG Reach in Asia With PTT Trading Supply Agreement
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Key Takeaways
Equinor signed a long-term LNG supply deal with PTT Trading, strengthening a long-standing relationship.
Equinor aims to grow its global LNG portfolio to 10-15 million tons a year by the early 2030s.
EQNR sees U.S. LNG supply as crucial to meeting growing demand from Europe and Asia.
Equinor ASA (EQNR - Free Report) , a Norwegian majority state-owned energy firm, has signed a long-term agreement with Thailand’s PTT Trading for the supply of liquefied natural gas (LNG). The company has not provided details on the volume of the LNG supply contract. Equinor has an established relationship with PTT Trading, supplying the company with crude and refined products on a regular basis. The new LNG agreement seeks to further strengthen its long-standing relationship with PTT Trading.
Equinor has recently announced its plans to expand its global LNG portfolio to nearly 10-15 million tons per year by the early 2030s. The company also mentioned that it intends to expand its presence as an LNG supplier, particularly in Europe and Asia. EQNR produces LNG at the Hammerfest LNG plant located in northern Norway. It also purchases LNG under long-term contracts with Cheniere Energy.
In fact, EQNR lifted its first cargo from Cheniere Energy’s Sabine Pass facility in August. The agreements with Cheniere are part of a broader strategy to develop a diversified LNG business backed by long-term supply contracts. These supply deals should support the Norwegian energy company’s ambition to expand its LNG portfolio by 2030. Equinor is among the leading suppliers of natural gas in Europe. The company believes the United States will play a crucial role in its LNG business, enhancing its supply position to meet the growing demand for the commodity from Europe and Asia.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.
View the Zacks #1 Rank List
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Equinor Expands LNG Reach in Asia With PTT Trading Supply Agreement
Key Takeaways
Equinor ASA (EQNR - Free Report) , a Norwegian majority state-owned energy firm, has signed a long-term agreement with Thailand’s PTT Trading for the supply of liquefied natural gas (LNG). The company has not provided details on the volume of the LNG supply contract. Equinor has an established relationship with PTT Trading, supplying the company with crude and refined products on a regular basis. The new LNG agreement seeks to further strengthen its long-standing relationship with PTT Trading.
Equinor has recently announced its plans to expand its global LNG portfolio to nearly 10-15 million tons per year by the early 2030s. The company also mentioned that it intends to expand its presence as an LNG supplier, particularly in Europe and Asia. EQNR produces LNG at the Hammerfest LNG plant located in northern Norway. It also purchases LNG under long-term contracts with Cheniere Energy.
In fact, EQNR lifted its first cargo from Cheniere Energy’s Sabine Pass facility in August. The agreements with Cheniere are part of a broader strategy to develop a diversified LNG business backed by long-term supply contracts. These supply deals should support the Norwegian energy company’s ambition to expand its LNG portfolio by 2030. Equinor is among the leading suppliers of natural gas in Europe. The company believes the United States will play a crucial role in its LNG business, enhancing its supply position to meet the growing demand for the commodity from Europe and Asia.
EQNR’s Zacks Rank & Key Picks
EQNR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Par Pacific and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in the refining and marketing of oil products and gas, as well as marketing and sales.