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Investing.com -- Energy Transfer LP is close to finalizing an agreement to sell liquefied natural gas from its planned Lake Charles export terminal in Louisiana to MidOcean Energy, a unit of EIG Global Energy Partners, Bloomberg reports, citing sources familiar with the matter.
The deal would formalize a heads of agreement announced in April between the two companies. Under that preliminary arrangement, MidOcean committed to fund 30% of the Lake Charles construction costs in exchange for rights to 30% of the LNG production, equivalent to approximately 5 million metric tons annually.
Sources familiar with the negotiations indicate the transaction has not yet been fully completed.
This potential agreement follows MidOcean’s announcement last month about acquiring a stake in LNG Canada, an export terminal located in British Columbia, through Malaysia’s Petroliam Nasional Bhd (Petronas). MidOcean has been expanding its LNG portfolio, which already includes interests in Peru LNG and several Australian LNG projects.
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