UK's Giant New LNG Tank Clears Way for More Qatari Supply [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
Some 37 miles east of London on the Isle of Grain, a giant cylinder is being constructed at Europe's largest liquefied natural gas terminal and will be ready to handle imports starting mid-2025. More capacity to stockpile fuel is welcome news for a region that is once again struggling with gas price volatility. Qatar, meanwhile, has rushed to meet Europe's booming demand for LNG, set in motion by curbed pipeline flows from Russia. The Middle Eastern nation is setting itself up to control about a quarter of all LNG by the end of the decade, and needs reliable avenues to sell its large fossil fuel volumes at a time when many of its trade partners are looking to decarbonize. “For the Qataris, having easy, guaranteed access to the European market is important,” said Jason Feer, global head of business intelligence at consulting firm Poten & Partners. The new tank is part of the terminal expansion to accommodate a 25-year contract with state-owned QatarEnergy. The company in 2020 re
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