December 2, 2009 / 5:43 PM / 10 years ago

Barclays Capital launches LNG services division

NEW YORK, Dec 2 (Reuters) - Barclays Capital (BARC.L) launched a liquefied natural gas services division on Wednesday, geared towards providing solutions such as hedging services and risk management for players in the LNG market.

In its first deal, with LNG terminal operator Excelerate Energy, Barclays will market LNG arriving into Excelerate’s Northeast Gateway U.S. terminal offshore Boston, Barclays said in a statement.

“Barclays Capital LNG Services aims to bring risk management expertise in liquid wholesale energy markets to our clients in the LNG business,” said Jonathan Whitehead, Managing Director and head of Commodity Sales & Structuring in Europe, Middle East & Africa.

Other deals are in the works, with one or two close to being finalised, Henry Weitzner, head of U.S. natural gas and power trading at Barclays Capital told Reuters.

The services will involve Barclays Capital buying and selling LNG cargoes to meet the needs of its clients.

The LNG trading market is currently dominated by a few large players, but as the market grows access will become easier, Weitzner said.

“The market is growing on the liquefaction side and as the market becomes more global and more open, access to cargoes will become easier,” he said. (Reporting by Edward McAllister; Editing by Marguerita Choy) ((Edward.mcallister@thomsonreuters.com; +1 646 223 6221; Reuters Messaging:edward.mcallister.reuters.com@reuters.net))

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