Citigroup Exports LNG Cargo From Freeport Terminal to Asia
Citigroup Inc. has loaded a previously imported liquefied-natural-gas cargo at the Freeport LNG terminal in Texas for export to Asia, according to a shipping tracking firm.
The tanker carrying the cargo, Excalibur, left the port on Sept. 3, Mark Mallett, a Freeport LNG spokesman, said in a phone interview, without disclosing the name of the exporter and the destination port.
The Citigroup-chartered tanker is “en route to Asia,” according to Steve Johnson, an analyst at Waterborne Energy Inc., a Houston-based provider of LNG shipping data. Citigroup declined to comment about the cargo.
Higher gas prices in Asia and Europe have attracted LNG away from the U.S., with banks such as Citigroup, JPMorgan Chase & Co. and Barclays Plc increasingly involved in global trading.
JPMorgan on June 21 exported a cargo of LNG to South Korea from Cheniere Energy Inc.’s Sabine Pass terminal in Louisiana, according to the Energy Department.
Citigroup shipped another cargo to Spain in February from Sabine Pass, department data showed. In December 2009 it brought a cargo to South Korea from Freeport.
The cargo exported on Sept. 3 was brought in to Freeport last month from Peru, according to vessel tracking data compiled by Bloomberg. The terminal received another cargo on Sept. 6 and is scheduled to receive a third on Sept. 10, the data showed.
Vessel Capacity
The Excalibur can carry 135,273 cubic meters of LNG, or about 2.91 billion cubic feet when converted to a gas, according to data compiled by Bloomberg.
LNG is gas that is cooled to a liquid for transport by ship to markets not connected by pipelines. The fuel is received at import terminals and converted back to a gaseous form.
Natural gas for October delivery fell 1 cent, or 0.3 percent, to $3.842 per million British thermal units at 8:43 a.m. on the New York Mercantile Exchange. The futures have declined 31 percent this year.
Gas for next-month delivery in the U.K. traded at 42 pence a therm, according to broker data compiled by Bloomberg. That’s equal to about $6.49 per million British thermal units. A therm is 100,000 Btu.
To contact the reporter on this story: Moming Zhou in New York at Mzhou29@bloomberg.net
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