Peru LNG ships more cargoes in H1, cuts losses on higher prices

Peru’s only liquefaction facility at Pampa Melchorita shipped one more cargo of liquefied natural gas (LNG) in the first half of this year as compared to the same period before also reducing losses on the back of higher prices.

The 4.45 million tonnes per year plant, operated by Hunt Oil that owns a 50 percent stake in the facility, shipped 32 cargoes in the January-June period as compared to 31 cargoes the year before.

Most of the LNG cargoes shipped from the $4 billion liquefaction plant in the period under review landed in Spain. Peru LNG shipped 20 cargoes to Spain, 3 to Mexico while 2 landed in France and Japan, each. The UK, Taiwan and South Korea received one Peru LNG cargo each in the first half of this year.

Peru LNG reduced its losses to $4.9 million in the first half compared with a $56.9 million loss a year earlier, according to the company’s half-year report filed to Peruvian securities regulator, SMV.

The company’s revenue doubled to $303.8 million from $151.4 million a year earlier as Henry Hub, NBP and Asian LNG spot prices rose.

Peru LNG gets natural gas via a 408 kilometer gas pipeline from the country’s abundant Camisea gas fields. The pipeline runs across the Peruvian Andes to the central coast of Peru.

Besides Hunt Oil, Shell holds a 20 percent stake in the liquefaction plant and takes most of the LNG volumes. SK Group also owns a 20 percent share in Peru LNG while Marubeni holds a 10 percent stake.

LNG World News Staff