LONDON (Reuters) - Commodities trading house Gunvor will deliver 45% more liquefied natural gas (LNG) this year than in 2018, remaining the largest independent LNG trader, it said on Wednesday.
It will supply a total of 16 million tonnes of LNG by the end of 2019, up from 11 million tonnes delivered last year.
Major trading houses have been expanding their presence in the LNG market, helping make it more liquid amid a global drive for cleaner energy.
“Our considerable presence in the LNG market is the result of consistent and reliable performance and strong partnerships along the value chain. Despite the near-term bearish sentiment in the LNG and natural gas markets, Gunvor remains positive on growth of natural gas within the energy mix for (the) future,” Kalpesh Patel, Gunvor’s co-head of LNG, said in a statement.
Last year more than 60% of Gunvor’s volumes delivered were under mid- or long-term contracts but that percentage will be increasing as the company is pursuing a number of long-term initiatives globally, Patel said.
Gunvor said that its largest market this year was India where it had delivered 75 cargoes.
Earlier this month, Gunvor’s rival trading houses Trafigura and Glencore, also said they had increased their LNG volumes.
Trafigura’s volumes rose to 12.6 million metric tonnes equivalent this year.
Glencore said it would trade almost 11 million tonnes of LNG by the end of 2019.
Reporting by Ekaterina Kravtsova; Editing by Susan Fenton