EQT, Glencore Boost LNG Deals as Commonwealth Nears FID

EQT and Glencore have expanded long-term LNG purchase agreements with Commonwealth LNG, pushing the Louisiana export project closer to a final investment decision.

(Reuters) — EQT Corp. and Glencore have each agreed to buy an additional 1 million metric tons per year of liquefied natural gas from Commonwealth LNG under 20‑year contracts, a regulatory filing seen by Reuters showed, moving the U.S. exporter closer to a final investment decision.

Commonwealth said on April 8 it had sold enough of the export capacity from its 9.5 MMtpy Louisiana project to seek financing but did not disclose the buyers of the final volumes.

“With commercialization finalized, the launch of the financing process with lenders is set to begin as the company advances the project toward a final investment decision anticipated in the coming weeks,” Commonwealth said.

The filing to the U.S. Department of Energy shows Commonwealth on March 26 signed an additional sale and purchase agreement with Glencore for up to 1 MMtpy of LNG for 20 years. Glencore agreed in March 2025 to buy 2 MMtpy from Commonwealth.

The latest deal raises its total contracted volumes to 3 MMtpy, or nearly one‑third of the project’s total export capacity. EQT agreed on March 3 to purchase an additional 1 MMtpy, bringing its total contracted volumes to 2 MMtpy, after signing a 20‑year contract for 1 MMtpy in September, the filing showed. The additional EQT volumes replaced 1 MMtpy that Japan’s JERA had terminated, according to the filing.

EQT declined to comment, and Glencore did not immediately respond to requests for comment.

Commonwealth has now sold 8 MMtpy of its planned 9.5 MMtpy capacity and continues to seek long‑term buyers, though it has previously said it intends to retain about 1 MMtpy for trading.