LNG
Overview
LNG's role as a key feedstock is well established as it helps manage both input costs and carbon emissions. Heavy industrial users' drive to achieve net zero targets has added a new dimension to how and where it is being deployed. Overall, its use is expected to increase and is tipped to become the strongest-growing fossil fuel.
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Oil, gas backer set to win Colombia's presidency
Oil, gas backer set to win Colombia's presidency
Bogota, 21 June (Argus) — Trump-backed right-wing candidate Abelardo de la Espriella won Colombia's run-off presidential election on Sunday based on an initial tally, vowing to revive hydrocarbon production and continue expanding renewable power. De la Espriella secured 49.66pc of votes compared with Ivan Cepeda, who received 48.7pc, according to results released by the national civil registry. Cepeda was aligned with incumbent leftist President Gustavo Petro. De la Espriella will mark a significant shift from Petro's energy policies, as he has pledged to revive the hydrocarbons sector with new exploration and production contracts and move into commercial production of projects using hydraulic fracturing. Cepeda recognized the preliminary election results, but also alleged irregularities in the count and called for a review. The next president will be sworn in on 7 August and will serve until 2030. US president Donald Trump had clashed with Petro, accusing him of being a drug trafficker. Their relationship thawed slightly after Petro visited Washington, DC, in the wake of the US seizure of Petro's ally former Venezuelan president Nicolas Maduro. US secretary of state Marco Rubio said he spoke with De la Espriella on Sunday to congratulate him on the results and looks forward to working with him "to advance regional security cooperation, end illegal immigration to the United States, and strengthen our economic ties". Energy shock De la Espriella, a 47-year-old lawyer and businessman, has vowed to reactivate Colombia's oil and natural gas sectors immediately upon taking office. He has also promised to provide a stable regulatory environment. He has promised to convoke a new firm electricity supply auction open for all types of technologies to expand generation capacity as Colombia has shifted from having a 3pc firm energy surplus in 2023-24 to a 2.4pc deficit this year, according to grid operator XM. De la Espriella has proposed a shock plan to reactivate state-controlled oil company Ecopetrol, where the board recently temporarily removed chief executive Ricardo Roa following formal accusations of influence peddling. He has also promised to reduce taxes on the coal sector and highlighted projects to explore for rare earths. De la Espriella has pledged to strengthen Colombia's security forces and build 10 large-scale prisons modeled on the system implemented by El Salvador's president Nayib Bukele. "There will be no no-go zones, no unpunished criminals," De la Espriella said after the results were released. Colombian petroleum association ACP, the association of public utilities Andesco and thermal power association Andeg hope to work together with the new government to avoid energy shortages, overhaul regulations and increase investment, the groups said individually. De La Espriella rose to prominence as a criminal lawyer but later branched into multiple businesses including liquors, real estate and menswear. Supporters unusually took to the streets to cheer the apparent victory of De la Espriella with vuvuzelas, whistles and chants, as if Colombia had won a soccer match. By Diana Delgado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says Hormuz closed; US says flows intact
Iran says Hormuz closed; US says flows intact
London, 20 June (Argus) — The US and Iran issued conflicting accounts of conditions in the strait of Hormuz on 20 June, with Tehran saying it has closed the waterway, while Washington said commercial shipping continues to transit. Iran's claim — carried by the IRGC-affiliated Tasnim news agency and citing the Khatam al-Anbia Central Headquarters — said the strait had been closed to vessel traffic in response to continued Israeli strikes in southern Lebanon following a ceasefire with Lebanese militia group Hezbollah, which it said breached commitments under the recent memorandum of understanding with the US. The headquarters characterised the move as a "first step" and warned further measures could follow if hostilities persist. But US Central Command (Centcom) indicated no disruption to flows, saying 55 merchant vessels transited the strait during the day, carrying more than 17mn bl of oil to global markets. Safe passage through the waterway "remained intact", it said, with US forces operating in the area to support freedom of navigation. No shipping incidents were reported in the region on 20 June. Ship-tracking data also show vessel traffic via the strait of Hormuz continues. The 26,361dwt LPG tanker Pacific Star I continued its passage, and no U-turns were detected as of 23:00 BST (22:00 GMT) on 20 June. Some vessels may have switched off their Automatic Identification System (AIS) signals, while others may have stopped. The 56,880dwt bulk carrier KSL Qingyang halted earlier on 20 June after almost crossing the strait eastwards, Kpler data show. Some tankers appear to be favouring a southern route closer to Omani shores. The VLCC Angola B , sailing from Zirku Island in the UAE, crossed the strait near Omani waters earlier, but may have switched AIS off afterwards. The ballast VLCC Bahrain Prosperity passed westwards through the strait near Omani shores into the Mideast Gulf on 20 June, according to Kpler data. Two more VLCCs, Monaco Loyalty and Gulf Sunrise , were approaching the entrance to the strait near Oman but may have switched AIS off around the time Tasnim reported the closure, Kpler data suggest. US president Donald Trump has not commented directly on the reported closure of the strait but addressed the issue of tolls in a post on the Truth Social platform, saying there would be no charges during the 60-day negotiating period and none afterwards unless the US chose to impose them if no final deal with Iran is reached. Iranian state media reported that a delegation had arrived in Switzerland ahead of talks with US negotiators, led by vice-president JD Vance. "I think we're going to hopefully make progress on the nuclear issue, make progress on the Lebanon ceasefire issue," Vance said before boarding his flight. Israel carried out a strike on Hezbollah on 19 June despite the ceasefire, prime minister Benjamin Netanyahu said. Israel's foreign ministry accused Hezbollah of "violating the ceasefire and attacking Israeli civilians". By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan's Cosmo Energy mulls LNG-fired power plant
Japan's Cosmo Energy mulls LNG-fired power plant
Osaka, 19 June (Argus) — Japanese energy firm Cosmo Energy is considering building a gas-fired power plant, given that domestic electricity demand is projected to continue rising. No details of the project framework have been decided. The company unveiled the considerations in its business plan to 2035, which was released on 18 June. The firm is mulling a gas-fired power plant while aiming to develop its renewable energy capacity, including wind and solar. LNG-fired generation can counter imbalances in renewables output. The firm aims to raise renewable capacity to 490MW by the April 2028-March 2029 fiscal year, up from 364MW in 2025-26. It also plans to increase power sales by 35pc to 3.1TWh over the same period. But power sources need to balance economic viability with decarbonisation, without being limited to green energy, the company said. Cosmo is also looking to expand its upstream exposure to natural gas beyond its traditional crude oil business. Details, such as location and timeline, have yet to be decided as the plan remains under consideration. The company may explore such opportunities in the UAE, where it plans to expand oil production . It remains unclear whether Cosmo will also move into liquefaction and LNG trading, even if it expands into upstream gas production and gas-fired generation. Fellow energy firm Idemitsu decided in March to invest in MidOcean Energy, an LNG company backed by US investment firm EIG, with the possibility of engaging in LNG trading. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
S Korea’s Hanwha to build FLNG project in Canada
S Korea’s Hanwha to build FLNG project in Canada
Singapore, 17 June (Argus) — South Korean shipbuilder Hanwha Ocean has signed a Memorandum of Understanding (MoU) with developer Kanata Clean to develop a floating LNG (FLNG) export project near the port city of Prince Rupert in British Columbia on 16 June. The project in its entirety is expected to have a capacity of up to 12mn t/yr, and will cost about $15.7bn. But it is still subject to final engineering and regulatory approvals. Under the MoU, both firms will co-operate across several areas including engineering and construction of the FLNG and related facilities, long-term LNG purchase agreements and other solutions such as LNG carriers and LNG bunkering vessels (LNGBVs), among others. This project will add to a growing list of Canadian LNG export projects already in the pipeline. Germany utility Uniper has signed a letter of intent with Canada's proposed 12mn t/yr Ksi Lisims LNG earlier this month, which could be converted into a binding sales and purchase agreement (Spa) for 2mn t/yr of LNG, the utility said. The 12mn t/yr Ksi Lisims LNG also signed an agreement with Germany's Sefe back in late-May, to sell 1mn t/yr of LNG for up to 20 years from the early 2030s. Securing LNG from Canada has increasingly emerged as an important step for importers to diversify their supplies. This is especially after the start of the US-Iran war in end-February and resultant Iranian missile attacks which wiped out about 12.8mn t/yr of Qatar's original 77mn t/yr of nameplate capacity. But Asian importers may be wary of too much exposure to Canadian exports, given the country's reputation for over-regulation, India's top envoy to Canada said last week. By Rou Urn Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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